Haslam Sports Group paid $205 million for the NWSL's 18th franchise in Columbus, beginning play in 2028. The fee is 24% higher than the $165 million Atlanta committed three months ago and 168% above the $53 million Boston paid in 2023. The Cleveland Browns owners did not negotiate a discount.
The number matters because NWSL expansion fees now exceed the $200 million threshold MLS routinely clears but do so in a league with a $82,500 salary cap per roster and broadcast deals worth a fraction of men's soccer. The Columbus ownership group includes Haslam Sports Group, Blue Hen Capital's Whitney Davis, and Dee and Jimmy Haslam III. The franchise will play at a renovated Historic Crew Stadium, capacity 20,000, after the MLS Crew moved to Lower.com Field in 2021. The NWSL now has 18 teams committed through 2028, with two more markets under discussion for 2029.
The fee structure creates a ratchet effect for existing ownership. Portland Thorns owner Merritt Paulson paid effectively zero dollars when the NWSL launched in 2013, inheriting assets from the defunct WPS. Utah Royals owner David Blitzer paid $2 million to revive that brand in 2024. Angel City's $100 million fee in 2020 seemed aggressive; it now sits 51% below market. The Columbus number tells a family office considering a 10% stake in an existing club that the implied floor is $185 million per team before accounting for scarcity, market size, or stadium control. The valuation math has moved faster than the business fundamentals.
The league's advisory board met for the first time this month, pulling in operational voices from Arsenal's ownership, Excel Sports Management, and several current NWSL team presidents. The timing is not coincidental. The NWSL does not yet have a naming-rights partner for its championship match, does not have a second national broadcast window beyond CBS's Friday slot, and saw seven head coaches change jobs in the past 18 months. The advisory board's private brief was to identify how the league can build infrastructure that justifies the asset prices investors are now paying. One participant described the gap as "paying for a $200 million asset that generates $8 million in annual revenue."
Atlanta's $165 million fee is now guaranteed in full, a detail that matters because the initial announcement did not clarify payment structure or escrow terms. Columbus's higher number eliminates any argument for a markdown. The league has also quietly repositioned expansion as a capital event rather than a growth event, a distinction that shows up in how Commissioner Jessica Berman discusses new markets. The word "sustainable" appears twice as often in her remarks this year compared to 2023. The shift reflects what private-equity owners already know: the NWSL's enterprise value is rising faster than its operating income, which means the next owner in pays for the last owner's exit.
Historic Crew Stadium's renovation budget has not been disclosed, but comparable NWSL-specific builds in Kansas City and San Diego ran $115 million and $160 million, respectively. The Haslams control the venue, the naming rights, and the surrounding real estate, which matters more than the expansion fee in a 10-year model. The team will compete with the NHL's Blue Jackets, the MLS Crew, and Ohio State football for sponsorship inventory in a metro of 2.1 million people. The naming-rights deal and the kit sponsor will signal whether Columbus can hit the $12 million annual revenue threshold that separates break-even from subsidy.
The NWSL is now negotiating its next media-rights cycle, with the current CBS and Amazon deals expiring after the 2027 season. The Columbus announcement lands 18 months before those negotiations close, which means potential buyers can point to 18 franchises and a $205 million comp as proof of demand. Whether that translates to a $50 million annual rights fee or a $150 million one depends on whether Nielsen ratings improve from their current 0.03 average in metered markets. The Haslams paid for the future. The advisory board has 24 months to make sure it arrives.
The takeaway
Columbus's $205M fee moves NWSL franchise values past $200M without matching revenue fundamentals, locking in Atlanta's $165M and resetting every legacy owner's exit price.
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