JuJu Watkins, the USC sophomore averaging 27.8 points per game, has purchased an equity stake in Boston Legacy, the NWSL expansion franchise scheduled to begin play in 2026. The investment makes Watkins one of the youngest athlete-investors in American professional sports league ownership and the first active college player to hold equity in an NWSL club. Terms were not disclosed. Boston Legacy is majority-owned by Jennifer Epstein, founder of real-estate firm Core Realty Holdings, and is one of two expansion franchises entering the league alongside Cleveland.
The deal is structured through Watkins's NIL entity, not personal capital, according to a person familiar with the arrangement. That matters. College athletes can now convert endorsement income into ownership stakes before they turn professional, a capital pathway that did not exist until the NCAA's July 2021 NIL policy change. Watkins signed a multi-year deal with Nike in October 2023 that people close to the negotiation valued north of $3 million annually. She also has partnerships with Glossier, Marriott Bonvoy, and Calm. The Boston Legacy stake is her first disclosed equity position. Her agent, Jeff Schwartz of Excel Sports Management, declined to comment on whether additional franchise investments are in process.
The timing is precise. Boston Legacy is raising capital ahead of its 2026 launch, and NWSL franchise valuations have climbed sharply since Angel City FC entered the league in 2022 at a $250 million enterprise value. Bay FC, which began play in 2024, was valued north of $200 million at formation. Boston Legacy has not disclosed its valuation, but comparable expansion economics suggest Watkins entered at a window where early investor discounts still apply. If she takes equity now and the franchise appreciates to the $300 million range by year three of operations—consistent with Angel City's trajectory—her stake compounds before she plays a professional game. That is a different wealth-building arc than the traditional endorsement-to-retirement savings model most college athletes follow.
The cross-sport investment is also a signal about athlete allocation strategy. Watkins plays basketball. She is investing in soccer. That decoupling—putting capital into a league where she has no playing conflict and limited brand overlap—suggests her team is building a portfolio, not just taking a vanity stake in a familiar sport. The NWSL is expanding media rights, sold a $240 million four-year deal to CBS, ESPN, Amazon, and Scripps in 2023, and is adding two franchises in a 24-month window. Watkins is early to a asset class that institutional family offices are now tracking. She is also the most famous women's college basketball player in the country, which gives Boston Legacy a marketing lever in a city where professional women's soccer is untested. Expect her to appear courtside at Gillette Stadium or whatever temporary venue the club uses in year one. That is part of the deal.
Watch how many other college athletes follow this structure in the next 12 months. If Watkins's investment performs, Excel Sports will package similar deals for its other NIL clients. Boston Legacy is expected to announce additional investor-athletes before its 2026 opener, according to a league source. NWSL commissioner Jessica Berman has said she wants more players in the ownership tent. The Watkins deal is a template.
Watkins plays USC next on January 18 against Purdue. Boston Legacy announces its head coach in Q2 2025.
The takeaway
Watkins converts NIL income into NWSL equity before going pro, a capital structure other college athletes will now copy.
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