JuJu Watkins, the USC guard averaging 27.3 points per game this season, has acquired an undisclosed equity stake in Boston Legacy FC, the NWSL expansion franchise set to begin play in 2026. The deal marks one of the first instances of a collegiate women's athlete holding direct ownership in a professional league team rather than accepting a traditional endorsement contract.
Boston Legacy FC entered the NWSL in December 2023 with an expansion fee reported at $53 million, though franchise valuations have climbed sharply since then. The San Diego Wave sold in September 2024 for $113 million, setting a new league benchmark. Watkins' stake was negotiated through her NIL representation at Klutch Sports, which also represents WNBA players and NFL quarterback Lamar Jackson. The franchise declined to disclose the equity percentage or whether Watkins paid cash, provided services, or structured the deal as a future earn-in.
The investment logic is straightforward for both parties. Watkins, who turned 19 in July, has two more years of college eligibility and will likely enter the WNBA draft in 2026 or 2027. Her Instagram following sits at 1.4 million, making her one of the most visible collegiate athletes in any sport. Boston Legacy FC secures marketing access to a player whose demographic crossover—Gen Z, female, Black, Los Angeles-based—aligns precisely with the sponsor categories the league is chasing: consumer tech, athletic apparel, financial services aimed at younger women. The franchise also gains a board-level voice from an athlete who will be playing professionally while the team is still building its roster.
For Watkins, the move carries optionality. If she signs with the New York Liberty or Los Angeles Sparks in the WNBA draft, her Boston equity becomes a hedge against geographic misalignment. If she lands elsewhere, the stake still appreciates as the NWSL's media rights come up for renewal in 2027. The current deal with CBS and ESPN pays roughly $4 million per team annually; league executives have publicly targeted a 10x increase in the next cycle. Watkins' equity would benefit directly from that uplift, independent of her playing career.
The deal also signals a structural shift in how NIL-era athletes are negotiating with professional leagues. Traditional endorsement contracts pay athletes for appearances, social posts, and kit visibility. Equity stakes let athletes capture enterprise value growth without ongoing performance obligations. NWSL franchises, still loss-making on an operational basis, can offer equity at relatively low cash cost while locking in long-term ambassador relationships. Watkins' deal will likely serve as a template for other pre-draft college stars negotiating with leagues that need star power but lack NFL-level sponsorship budgets.
Boston Legacy FC is expected to announce its head coach in Q1 2025, with roster construction beginning shortly after. The franchise is leasing White Stadium in Franklin Park, pending a $91 million public-private renovation that has drawn opposition from local community groups. Watkins has not yet appeared publicly in Boston, though her Klutch representation has scheduled a media availability for late January. The franchise's naming-rights deal remains unsigned; sources say conversations are ongoing with three regional financial institutions.
The NWSL has 14 teams as of 2025, with Boston and another expansion market (yet to be announced) bringing the count to 16 by 2026. Commissioner Jessica Berman has stated the league will pause expansion after that to focus on competitive balance. Watkins' investment arrives early enough that her equity stake will dilute minimally as the franchise raises future rounds.
The takeaway
Watkins swaps endorsement cash for equity upside, locking in franchise value growth before Boston's 2026 debut.
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