Columbus paid $205M to enter the National Women's Soccer League, a figure that now sits above the $150M–$200M range Major League Soccer has commanded for recent expansion slots. Toronto and Portland joined the WNBA this weekend at previously disclosed fees near $165M each, marking the third and fourth teams awarded since the league reopened expansion in 2023.
The NWSL fee represents a 68% increase over the league's prior record, set by Boston's BOS Nation FC at $122M in 2023. Columbus ownership includes the Haslam family, which also controls the NFL's Cleveland Browns and a 24% stake in the Milwaukee Bucks. The group bid against three other finalists; the league received 14 formal applications when it opened the process in October 2024. Start date is 2026, with a temporary venue arrangement while a soccer-specific stadium clears municipal review.
The pricing gap between women's and men's leagues has inverted in soccer. MLS collected $200M from San Diego in 2023 and $150M from Las Vegas in 2024, both for teams launching in 2025 or later. The NWSL figure sits 2.5% above San Diego's and 37% above Las Vegas's, despite the men's league carrying a 50% larger media-rights contract in absolute dollars. The women's league's growth rate—340% increase in average franchise value since 2021, per Sportico—outpaces MLS's 87% over the same window.
Institutional appetite explains the premium. The WNBA's Toronto group includes Kilmer Sports Ventures, which also owns the Toronto Argonauts and holds real estate adjacent to the proposed WNBA arena site. Portland's ownership features the Bhathal family, which acquired the Sacramento Kings' arena naming rights in 2022. Both groups paid $165M per team; the league had collected $50M from Golden State in 2023 and $115M from the Toronto bid's predecessor in early 2024 before ownership restructured. Commissioner Cathy Engelbert has said the league will announce two more teams by September, with fees expected to exceed $180M.
The pricing reflects media math. WNBA viewership grew 170% year-over-year in 2024, driven by the Caitlin Clark draft cohort. NWSL averaged 920,000 viewers per match in its CBS Sunday window last season, up from 480,000 in 2023. Sponsors are paying accordingly: the WNBA's aggregate sponsorship revenue increased 93% in 2024, per league disclosure. The NWSL signed a $240M media deal with ESPN, CBS, and Amazon in 2023, a 300% increase over its prior contract.
Family offices and private equity are underwriting the bids. The NWSL allows institutional investors to hold up to 20% of a team; the WNBA permits 49% in passive stakes. Both leagues require controlling owners to demonstrate liquid net worth above $300M. Columbus's ownership structure includes four family offices and one institutional fund; none are disclosed by name in league filings. The group committed to a 15,000-seat stadium with a $350M construction budget, due for completion in 2028.
MLS, by contrast, is now competing for the same capital. The league's Las Vegas expansion fee dropped 25% from San Diego's after three of six bidders withdrew, citing cost overruns on stadium land acquisition. The league has two remaining expansion slots and has said it will not announce further awards until 2026. Detroit, Phoenix, and Tampa remain in contention; all three have proposed stadium plans but none have secured final municipal approval.
Columbus begins NWSL play in April 2026. The team will share Lower.com Field with MLS's Columbus Crew for two seasons while its permanent venue clears zoning review. The league has scheduled 16 home matches in the temporary facility, with ticket deposits already exceeding 12,000 accounts. The WNBA's Toronto and Portland teams tipped off last Friday; Toronto drew 14,538 to its opener, Portland 11,240. Both figures rank in the top five WNBA attendance records set in the past 12 months.
The next pricing test arrives in June, when the WNBA is expected to announce its next two expansion markets. Miami, Nashville, and Denver remain finalists. The league has told bidders to prepare fees in the $185M–$200M range, per two people familiar with the process. The NWSL's next expansion window opens in 2027; Philadelphia and Austin have begun preliminary talks with league officials. Both markets have committed to stadium feasibility studies funded by ownership groups that also hold MLS stakes.
The takeaway
Women's leagues now command per-team prices above men's equivalents in soccer, reflecting faster media growth and institutional conviction on demographic tailwinds.
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