The National Women's Soccer League awarded expansion franchises to Columbus and Atlanta, each for a $205 million fee—triple the $53 million Bay FC paid in 2023 and the highest entry price in women's professional sports history. The Columbus group is led by the Haslam family, who own the NFL's Cleveland Browns and a stake in MLS's Columbus Crew. Atlanta's ownership includes Arthur Blank's family office, though not the Falcons owner himself.
Both teams begin play in 2026, bringing the league to sixteen clubs. Columbus inherits infrastructure from the Crew's training facility and Lower.com Field, a 20,000-capacity stadium opened in 2021. Atlanta will share Mercedes-Benz Stadium with MLS's Atlanta United, which averaged 47,000 fans per match during its 2018 MLS Cup run. The league is banking that a shared venue strategy—already proving difficult in Utah, where NWSL's club draws 8,000 while RSL draws 19,000—will work in markets where MLS already builtthe audience.
The fee jump creates immediate consequences. Bay FC, the San Francisco expansion that paid $53 million eighteen months ago, now holds a franchise worth four times its entry cost on paper. The club's investors include Sixth Street, Atwater Capital, and a consortium led by tech founders. They have not indicated plans to sell, but the new floor means any liquidity event prices at $200 million minimum, absent distress. Private-market comps for NWSL stakes were circulating at 6-8x revenue before this announcement; they are now closer to 10x, per two family offices sizing allocations.
The valuation also pressures MLS owners who hold both franchises. Inter Miami, owned by Jorge Mas and the Beckham group, is valued near $1 billion after Messi's arrival. Its hypothetical NWSL sister club would enter at one-fifth that price but with a growth trajectory some allocators consider steeper. Atlanta's structure is notable: Arthur Blank did not directly buy in, but his son and family office did, preserving optionality if MLS and NWSL ever converge on media rights or sponsorship bundles. The Columbus setup runs cleanly through the Haslams' existing sports entity, which already shares back-office infrastructure between the Browns and Crew.
League sponsorship inventory is the quiet beneficiary. The NWSL sold its media rights to CBS, ESPN, and Amazon in 2023 for $240 million over four years, a deal that underwhelmed compared to international comps. But brand demand for women's team sports increased after the NCAA tournament averaged 9.9 million viewers in 2024, and kit sponsors are now paying $3-5 million annually for jersey rights at top NWSL clubs—up from $500,000 three years ago. Sixteen teams means more local inventory and fewer conflicts when a national brand wants category exclusivity. Sources at two holding companies confirmed they are sizing NWSL sponsorships for 2026 activation, with budgets starting at $8 million for multi-team packages.
The Columbus and Atlanta launches arrive as the league negotiates its next labor agreement. The current CBA runs through 2026, and the players' union is expected to push for salary-cap increases after San Diego Wave paid $600,000 in transfer fees for a Mexican international last summer. The $35,000 minimum salary has not moved since 2022. With franchise values quintupling, the union has leverage. Meanwhile, the league is vetting two more expansion markets for 2027, with Cincinnati and Nashville submitting bids. The floor is now $205 million. No one expects it to drop.
Watch the Bay Area. If Sixth Street or Atwater moves even a fractional stake before 2026, the comp sets the next franchise fee at $250 million or higher. Watch also the MLS owners who passed: Kraft (New England), Blank's direct vehicle, and Anschutz Entertainment Group all evaluated bids and declined. Their calculus assumed a $150 million entry point. That assumption is outdated.
The NCAA tournament ratings, the new franchise floor, and the CBA negotiation are now one conversation. The players want more. The owners just proved the league can charge more. The sponsors are writing larger checks. What remains unclear is whether sixteen teams exhaust the talent pool or sixteen teams are still two short of the optimal schedule density. The 2026 season will clarify which cities can sustain 15,000 ticket sales in February. Columbus has the infrastructure. Atlanta has the stadium. Both have to prove they have the audience when the ticket is no longer novel.
The takeaway
Two $205M franchises triple the entry price, revalue Bay FC at 4x, and set a floor family offices will now use to size women's sports allocations.
nwslexpansionvaluationscolumbusatlantabay fc
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