Haslam Sports Group paid $205 million for an NWSL expansion franchise in Columbus that will begin play in 2028. The price is 24% higher than the $165 million Atlanta committed in December, but the structure of the Columbus deal guarantees the league will collect Atlanta's full fee regardless of on-field performance or attendance milestones that could have reduced it.
The mechanism works like this: Atlanta's original agreement included contingencies that could have lowered the final payment. Columbus's deal removes those variables. By accepting a higher absolute number from the Haslams—who already own the NFL's Cleveland Browns and significant stakes in the Milwaukee Bucks and Columbus Crew—the league agreed to waive Atlanta's downside provisions. Both checks clear at par. The league takes in $370 million across two franchises over four years, with Boston and Denver having entered at $108 million and $92 million respectively in late 2024.
The math matters because NWSL is now a 16-team league expanding to 17 with Columbus. Median franchise valuations stood near $80 million eighteen months ago; the Georgia deal reset the floor at more than double. The Haslam premium establishes a new ceiling and creates pricing tension for the next bid cycle. The league has informal interest from Cincinnati, Philadelphia, and a second Bay Area group. None will pay less than $165 million after this sequence.
Columbus arrives with infrastructure already in place. The Crew's Lower.com Field seats 20,000 and hosts MLS matches on grass installed in 2021. Haslam Sports Group controls stadium operations, sponsorship inventory, and ticketing. The NWSL team will play there, eliminating the lease negotiations and retrofit costs that delayed other launches. The Crew averaged 20,389 fans per match in 2024, third in MLS. Women's soccer attendance in shared markets typically runs 60-75% of the men's figures in year one, depending on schedule overlap and marketing spend.
The economic logic for the Haslams is portfolio leverage. The Browns generate more than $600 million in annual revenue but carry stadium debt and NFL revenue-sharing constraints. The Bucks, acquired at a minority stake, have appreciated but offer limited operating control. The Crew, purchased for $150 million in 2018, is now worth an estimated $680 million per Forbes. MLS teams have compounded at 18% annually since 2015; NWSL's rate is higher off a smaller base but with a narrower margin for error. The NWSL franchise adds a third Columbus property and a fourth women's sports asset after the Bucks' WNBA affiliate talks stalled.
Atlanta, meanwhile, locks in certainty. Its ownership group, led by private equity and real estate principals, secured Piedmont Park's 8,000-capacity site and hired a front office, but construction bids came in 12-15% above initial estimates. The contingency clauses in the original term sheet allowed Atlanta to renegotiate if costs exceeded projections or if inaugural-season ticket deposits fell below 6,500. Deposits currently sit near 7,200, but the Haslam deal removes the renegotiation window entirely. Atlanta pays $165 million in three installments through 2027; Columbus pays $205 million in four installments through 2028. Both amounts are guaranteed.
The league's advisory board met for the first time this month with Grant Hill, Kevin Durant's Boardroom partner Rich Kleiman, and five other investor-operators in attendance. The session focused on governance structure as the league approaches $1 billion in combined franchise valuations and prepares for its next media-rights cycle in 2026. CBS, ESPN, and Prime Video hold current rights at approximately $35 million annually; internal projections model the next deal at $80-100 million if the league reaches 18 teams by 2028 and holds ratings flat. Columbus and Atlanta add two top-15 media markets and push total coverage to 68% of U.S. households.
The expansion fees flow into league escrow and are distributed to existing owners over five years. Each of the 15 current franchises receives roughly $24.7 million from the combined Columbus and Atlanta payments, or $4.9 million annually through 2029. That amount covers approximately 40% of a mid-market team's annual operating budget, reducing the per-team cash call that has historically fallen to ownership groups each winter.
Columbus begins play in August 2028. Atlanta kicks off in April 2027. The league will announce a 17th market before the 2026 season ends, per comments from commissioner Jessica Berman in January. Cincinnati and Philadelphia have conducted feasibility studies; both markets have ownership groups that include former NWSL players and institutional capital. The floor is now $205 million. The ceiling is whatever the next bidder believes eighteen teams are worth in a league that did not exist in its current form five years ago.
The takeaway
Columbus's $205M locks Atlanta's $165M at par, guarantees league $370M, and sets new floor for next expansion bid at $205M minimum.
nwslexpansionhaslamatlantacolumbusvaluation
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