Sports

Down to Business

Published

8 months ago

May 21, 2025

Everyone loves to gawk at the price tags billionaires pay for sports teams: $250 million for Angel City FC; $110 million in expansion fees for the newest NWSL franchise in Denver; and most recently, $26.5 million paid by Alexis Ohanian for an 8 percent stake in Chelsea Women, which values the team at $326 million (£245 million).

But what really goes into valuing a sports franchise, especially in women’s sports, where the revenue playbook is still being written?

I asked a handful of bankers and experts who work closely with investors interested in entering the space, and the answer is equal parts math, real estate and a little bit of storytelling.

Welcome to the first edition of Down to Business with Asli Pelit. Every other week, I will take you through the exciting, fast-changing and sometimes confusing world of fans’ favorite growth prospect: the business of women’s soccer. I can’t think of a better place to start than the flashiest numbers on the page, club valuations.

Valuation playbook darling: Revenue multiples

Traditionally, sports teams are valued using a variety of methods, including the income approach, market approach and asset-based approach. In short, the value of a sports team is determined by its future prospects (or cash flows), its brand value and its real estate investments.

But ultimately, as one of my favorite business school professors and the founder of Galatioto Sports Partners, Sal Galatioto, told me a long time ago, the value of a sports team is determined by scarcity value and by potential investors’ willingness to pay.

“It’s not just based on valuation, it’s based on scarcity, ego gratification and just wanting that asset,” he told me. “If you grew up as a fan of your favorite team and you have one opportunity that you may never get again to buy that team, you’re going to be a very aggressive bidder. You’re not focused on the numbers. You’re focused on winning.”

Despite the scarcity value and a billionaire’s willingness to pay, experts use a variety of data to calculate the value of a team.

One metric most bankers like to throw around is the revenue multiples. If a team pulls in $10 million in revenue and the average multiple in the league is 10x, you might say it’s worth $100 million. Sounds simple? It’s not.

“Revenue multiples for leagues are informed by real-world transactions,” Sportico valuation expert Kurt Badenhausen said. “It’s not necessarily linear all the way down the line because a big-market team in a brand new stadium is different from a team that plays in a small market and needs significant investment in their facilities, but each deal creates a data point.”

The average NWSL team is now valued at $104 million, according to Sportico’s 2024 valuations, a 57 percent jump from the previous year. That figure is based on standard metrics used in soccer team transactions. It’s a combination of local and national revenues, multiplied by a team-specific revenue multiple. For NWSL franchises, those multipliers range from 5 to 10, with an average of 6.8. By comparison, the WNBA averages a slightly higher multiple at 7.3. These multipliers are calculated based on prior team sales or, if the property has been around for a while, by dividing the market value by revenue.

To make things more complicated, revenue multiples don’t capture future growth or structural issues a team might still be working through, even in a close league case such as the NWSL. This is especially true for women’s teams, where many don’t own their stadiums and don’t have the same access to sponsorship dollars as men’s teams do. This is the main reason NWSL has been prioritizing franchise bids that come with a stadium or a practice facility plan.

Celebrity co-owners Patrick and Brittany Mahomes and CPKC Stadium bring value to the Kansas City Current. (Jamie Squire / Getty Images)

A stadium is not just a vanity project, it’s a value driver. The goal is to turn the team revenue positive as quickly as possible. However, there is a caveat. It only works if the real estate math makes sense in that specific market. Kansas City? Cheap land, no competition, big payoff for the local Kansas City Current’s CPKC Stadium. New York City? Not so much.

Still, across the sports landscape, owners are willing to spend not only to build stadiums but also entertainment districts around them and arenas that boast restaurants, bars, retail stores, apartments and hotels. These districts expand the reach, impact and opportunity for the stadiums, which can then be used as venues for other events such as concerts, fairs or festivals, generating additional revenue. It also gives owners access to valuable consumer data.

An example of this, again, is Kansas City as the team announced in March that it will build a $1 billion project around the stadium that includes mixed-use housing, retail space and public spaces on the waterfront.

Not successful on the pitch? Not a deal-breaker

While valuing a sports franchise, bankers examine not only the sports organization’s ability to maximize its tangible assets but also evaluate the team’s brand value, including winning championships or attracting marquee players. While this rule applies to most established European sports organizations, in the United States, on-field success does not matter as much. The Dallas Cowboys are the most valuable sports franchise in the world at $10.1 billion, according to Forbes’ annual list of most valuable sports teams. They last won the Super Bowl in 1996.

Across the Atlantic, where women’s clubs are mostly bundled with the men’s side and where there is a risk of relegation, valuations get trickier.

Chelsea untangled its women’s side and sold it to another intra-group company, Blueco 22 Properties Limited, in 2022-23 at a £200 million valuation. The most successful women’s soccer team in England certainly shows on-pitch success, most recently capturing a treble of trophies with the Women’s Super League, League Cup and FA Cup titles. However, financially, it has not been easy to calculate what it can bring to the balance sheet.

But brand value is brand value, and Chelsea has that.

Alexis Ohanian bought an 8 percent stake in Chelsea Women in May. (Justin Tallis / AFP via Getty Images)

Since Behdad Eghbali’s Clearlake Capital and prominent investor Todd Boehly bought the club in May 2022, the men’s side has not won anything, but it is still the world’s 10th most valuable club at $3.5 billion, according to Sportico.

“The odds are much greater that the New York Yankees will be here in 100 years than Apple will be here in 100 years,” Galatioto said.

No wonder so many venture capitalists are buying sports properties.

“They’re a little late. I’ve been preaching this for 30 years,” Galatioto said. “Nobody listened for the first 20, but they finally caught on.”

Expansion fees aren’t team valuations

When it comes to valuations, much of the confusion stems from people mistaking expansion fees for what a team is actually worth. An expansion fee is not the valuation of the team, it’s just the price of entry. While the expansion fee plays a small role in the valuation, what really matters is what you build after you’re in. How do you convert your investment into a team with a loyal and (hopefully) global fan base, secure sponsorship deals and have the infrastructure to support both?

Denver paid $110 million in expansion fees but committed to building a soccer-specific stadium and a high-end training facility, thinking long term and aiming for a valuable franchise in a decade from now. The Current, which joined the NWSL in 2021, paid a $5 million expansion fee when it relocated from Utah in 2020. And after four seasons, the team is worth $182 million, up 141 percent from the year before, because it opened its stadium and has the highest revenue in the league ($36.3 million), according to Sportico’s valuations.

“Not all franchises are created equal,” Badenhausen said. “Certain franchises in the NWSL have struggled to maximize their business opportunities, which is no different than any young sports league, and the same dynamics play out in mature sports leagues, such as the Athletics and Rays in baseball over the past decade or Arizona’s NHL franchise.”

Small clubs + big stars = No problem

When valuing a sports team, star power isn’t just a footnote, it is a multiplier. Celebrities such as Ryan Reynolds, Natalie Portman, Serena Williams and Alex Morgan don’t just bring capital: they bring media attention, sponsorship opportunities and built-in global audiences.

Their involvement generates headlines, draws fans who might never have cared about the sport and opens doors to partnerships traditional owners don’t have access to. Star power can elevate a team’s valuation beyond the balance sheet because fame, when leveraged well, turns attention into revenue.

Is $1 billion valuation around the corner?

That’s the million, sorry, billion-dollar question.

The real value of a women’s soccer team today is a cocktail of the right market, real estate value, brand potential and celebrity influence. Of course, star talent that brings eyeballs and social media followers isn’t bad, either. Revenue multiples are useful, but they can’t tell the whole story because the story is still being written.

Since Michele Kang reset the bar in NWSL by paying $35 million for the Washington Spirit, women’s soccer has bolstered growing momentum with no sign of slowing down. Following Kang’s (at the time) record-breaking investment, NWSL’s team sales and franchise fees skyrocketed by double digits and, most recently, to triple digits.

Michele Kang set the wheels in motion for exponential growth when she purchased the Washington Spirit. (James A. Pittman / Imagn Images)

Investors are not hesitating to open their checkbooks, and early investors are happy their bet on the league is paying back. Last year, Ron Burkle sold the San Diego Wave for $120 million to the Levine Leichtman family. Burkle paid a $2 million expansion fee for the Wave to join the NWSL for the 2022 season, similar to Angel City FC, which sold for $250 million to journalist Willow Bay and her husband, Disney CEO Bob Iger.

With the right investors and operators, a path to a billion-dollar valuation seems plausible.

“I don’t think it’s out of the question by any means,” one banker, who wished to remain anonymous because they are actively working on deals in women’s soccer, told me. “It will take time, investment, and execution from strong operators and investors, but I think there’s certainly a pathway there.”

As Galatioto puts it, sometimes all it takes is one billionaire who wants it badly enough.

(Top photo: Justin Tallis / AFP via Getty Images)

Sports

This Week in Saluki Athletics: January 12-18

Published

11 minutes ago

January 12, 2026

Your Sports Nation

CARBONDALE, Ill. – School is back in session at Southern Illinois and Saluki athletics is back in full swing. Last week, both basketball squads were in action as well as the swim and dive team. And this week, track and field returns to competition.

Men’s Basketball (8-9, 2-4)
Men’s basketball had just one game last week, falling 70-57 at UIC. Damien Mayo Jr. was the game’s leading scorer with 17, and he also tied Quel’Ron House to lead all players in assists with five.

Two games await Southern this week. On Wednesday, Jan. 14, they host Drake at 7 p.m. SIU then welcomes Belmont to Banterra Center on Saturday, Jan. 17, at 6 p.m.

Women’s Basketball (4-11, 1-5)
The women’s basketball squad split their two conference games last week.

First, the team lost to Evansville on Thursday, 75-70. Jeniah Thompson reset her career-high in points with 19, and grabbed 12 rebounds to complete a double-double. Karris Allen had a nice game as well with 15 points and eight rebounds, and Indya Green was the final Saluki to hit double-digit points with her 11.

SIU then picked up their first conference win of the season on Saturday, defeating Valparaiso 97-59. Thompson set a new career-high in points once again with 25, and had 14 rebounds as well for another double-double. Green, Kayla Cooper, and Tkiyah Nelson all had 10+ points as well.

This week, the Salukis host Murray State on Thursday, Jan. 15, at 6 p.m. They then welcome UIC to Carbondale on Sunday, Jan. 18, for a 2 p.m. match.

Swim and Dive
It was a busy weekend for swim and dive, who competed for the first time following winter break.

On Friday, the men’s squad traveled to Purdue and fell 207-103. Carter Ruthven won SIU’s first event of the day by taking gold in the 100-butterfly. Alex Cimera won the 200-freestyle event as well as the 100-freestyle. Southern’s last win of the meet came in the 400-IM thanks to Juraj Barcot.

SIU then hosted Evansville and Indiana State’s women’s team on Saturday for Senior Day. Both Southern squads took down Evansville, but the women’s team fell to Indiana State in a close meet. The Salukis started the meet by winning both sides of the 200-medley relay, and Joshua Aceves was the team’s first individual winner in the men’s 1000-freestyle. Susy Hernandez then won the 200-freestyle, as did Willem Huggins for the men’s team. In the 100-backstroke, Liseska Gallegos Gutierrez and Cimera both grabbed gold. Olivia Herron, Maddax Thompson, Nate Worsham , Tomáš Peciar, Benedek Andor, and Barcot all won events as well, and Oliver Mebs provided SIU a diving win in the one-meter dive.

It is another busy week for swim and dive. On Friday, Jan. 16, the team hosts McKendree at 2 p.m. before welcoming Vanderbilt’s women’s team on Saturday, Jan. 17, for a 1 p.m. meet.

Track and Field
The indoor track and field season resumes this week when the Salukis head to the Indiana Invitational on Friday, Jan. 16, and Saturday, Jan. 17.

Follow the Salukis
Keep up with all the latest news and information on the Salukis by following the team on X at @SIUSalukis, on Instagram at @siusalukis, and on Facebook at https://www.facebook.com/SalukiAthletics/. Fans can also download the “Salukis” Mobile App on the App Store or Google Play Store.

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Ahen Kim Named Head Coach of Duke Volleyball

Published

14 minutes ago

January 12, 2026

Your Sports Nation

WASHINGTON – After three years as head coach and nine years in the American University volleyball program, Ahen Kim has been named the new head coach of Duke University volleyball. Kim most recently led AU to a historic season in 2025, capturing the program’s first Patriot League title since 2019. He leaves American with a 44-25 overall record at the helm.

“We are incredibly grateful to Ahen for everything he has given to American University volleyball,” said Director of Athletics and Recreation JM Caparro. “His connection to this program runs deep, from his time as an assistant under Barry Goldberg during one of the most successful eras in our history to leading the program through an important transition as head coach. This past season’s Patriot League championship and NCAA Tournament berth were a testament to his leadership, commitment to our student-athletes, and belief in this program. While we will miss Ahen, we are proud of the work he has done at AU and understand the significance of the opportunity he has earned. We wish him nothing but success in his next chapter.”

“I’m forever grateful to American University Volleyball and will cherish the time I’ve had coaching here both as an Assistant and as Head Coach,” said Kim. “It has been an honor to serve the program after Coach Barry, and I am extremely proud of the work by our student-athletes and staff to restore its competitive legacy. I want to thank President Alger, JM, Katie Benoit and the AU community for all the support for me and our program over the years. With the addition of the Meltzer Center and Goldberg Court, I know this program will continue to be a winner. AUVB will always be special to me and I wish the program continued success. Once an Eagle, always an Eagle.”

As an assistant from 2012 to 2017 and a head coach since 2023, Kim has been synonymous with many of AU volleyball’s greatest moments. He was on the bench for five Patriot League championships and all three of AU’s NCAA Tournament wins, and returned in 2023 to find more success as a head coach. Kim led the Eagles to back-to-back 20-win seasons in 2023 and 2024, leading to one of the best campaigns in program history in 2025. American won 24 games up through the Patriot League final, with Kim guiding several players to unprecedented individual success. AU earned six All-Patriot League selections and took home all five major postseason awards, including the Coaching Staff of the Year distinction given to Kim and his assistants. In total as a head coach, Kim oversaw 12 All-Patriot League players, six major award winners, two AVCA All-Region selections, and two All-Americans.

With undeniable success on the court, Kim made an equal impact off the court. 30 of his players have landed on the Patriot League Academic Honor Roll and three players earned spots on the Academic All-Patriot League team in 2025, which recognizes both on-court and academic performance.

American University will conduct a national search for its next volleyball coach.

Keep up With Us

For the latest on American University Volleyball, stay tuned to AUEagles.com and follow the team on Twitter (@AU_V olleyball), Facebook (/AU.Volleyball) and Instagram (@au_volleyball).

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Sports

Bulldogs See Two First Place Finishes in First Chance Qualifier

Published

28 minutes ago

January 12, 2026

Your Sports Nation

Men’s Track and Field | 1/12/2026 2:21:00 PM

Wichita, Kan – McPherson College started their 2026 off with an indoor meet on the campus of Wichita State for the First Chance Qualifier. Following their Christmas break, the Bulldogs sought after a solid performance in their first meet of the new year.

The Basics
Location: Heskett Center

Women’s Highlights
In the Women’s 60m Hurdles, Blake Posey would run her personal best time of 9.47 and place 2^nd in the meet. Nina Zimmerman finished the Women’s 60m with a 9.24 personal record. Chloe Guzman, a dual-sport athlete for the Bulldogs (women’s soccer), would continue the personal best category after running a 9.40 in the Women’s 60m.
Johanna Walker’s mile time in the Women’s Mile was also a personal best time, running a 6:19.02; this would beat her previous best time by an astonishing 29 seconds.
In the throws department, Cara Shultz’s shot put would travel 12.44m for a personal best throw; she would have a personal-best weight throw of 15.14. In both event Schultz competed in, she placed fourth.

Men’s Highlights
For the men, Eric Brown began his indoor season with a time of 1:29.86 in the Men’s 600m. Lamar Gordon lit up the competition taking first place in the Shot Put and the Weight Throw events. His shot put would travel 15.29m and his weight throw landed at 17.99m.

Up Next
The Bulldogs will travel to Maryville, Missouri this upcoming weekend for the Coach Alsup Invitational hosted by Northwest Missouri State University on January 17^th.

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Sports

Granby adult volleyball standings (Jan. 5)

Published

30 minutes ago

January 12, 2026

Your Sports Nation

**First place winners of the Granby volleyball tournament in April 2025, K-Town.**
*Granby Recreation Department/Courtesy photo*

As of Jan. 5, the Granby adult co-ed volleyball league has continued its season with some hard-hitting competition.

Results from last week’s games

Washed Up downed Net WERK
Timberline over Spike Tysons
CV Electric beat Sagebrush
Prather Plumbing beat Eastside Gang
Washed Up downed Ski Pigs
Spike Tysons over Liberty Spikes
Drowsy Water Ranch downed Float Goats
CV Electric beat Prather Plumbing
Ski Pigs downed Liberty Spikes
Drowsy Water Ranch over Timberline
Float Goats beat Sagebrush
Net WERK over Eastside Gang
Drowsy Water downed Ski Pigs

League Standings as of Jan. 5

Washed Up 8-0
Drowsy Water Ranch 8-1
Timberline 7-2
Float Goats 6-2
CV Electric 6-3
Sagebrush 5-4
Net WERK 5-4
Prather Plumbing 4-5
Spike Tysons 2-7
Ski Pigs 2-7
Eastside Gang 0-9
Liberty Spikes 0-9

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UNI track and field coach Dave Paulsen talks Minnesota Open and having an athlete serving in the National Guard

Published

43 minutes ago

January 12, 2026

Your Sports Nation

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Vandals Deliver Another Record-Setting Semester in the Classroom

Published

45 minutes ago

January 12, 2026

Your Sports Nation

MOSCOW, Idaho- Before the spring semester officially gets underway, Idaho Athletics has announced that its programs recorded another strong performance in the classroom in the fall. Another team GPA record fell and Vandal student-athletes recorded a cumulative GPA of 3.44 across all sports.

Fall 2025 Academic Highlights

This is the 23rd consecutive semester that the Vandals earned a mark of 3.0 or higher as a whole.

Every program turned in a team GPA of 3.15 or higher.

Volleyball led the way for the department with a team GPA of 3.75. Fifteen student athletes had a 3.0 or higher and five of those turned in a perfect 4.0.

Men’s Basketball set a program record team performance for the second consecutive term, recording a team GPA of 3.44 by way of fifteen Vandals having a 3.0 or better and two of those with a 4.0. This tops the program record mark of 3.37, set last spring.

Swimming and Diving and Women’s Track and Field recorded the most athletes with a 4.0 individual average, with 22 each.

Football turned in a total of 83 student athletes with at least a 3.0.

Listed below are team GPAs, including student-athletes who earned a 4.0.

FOOTBALL

4.00 semester GPAs: 17

Holden Bea, Sam Brown, Leon Evans, Owen Forsman, Payton Gunter, Trais Higgins, Tony Harste, Calvin Macy, Donovan Parham, Malakai Railton-Stewart, Tyler Skinner, Daveon Superales, Noah West-Baranco, Caden Siegner, Trenton Swanson, Trevor Miller, Austin Flaherty

3.00-3.99 semester GPAs: 66

TEAM GPA: 3.19

SWIMMING AND DIVING

4.00 semester GPAs: 22

Parker Bach, Isabelle Borke, Maddy Butler, Natalie Charles, Cadence Gabel, Kaitlyn Hafer, Lauren Howe, Catherine Hyde, Italia Ingle, Abigail Jerome, Avery Keinonen, Ginger Kiefer, McKenzie Kovalscik, Ena Lehman, Marie Mason, Keegan Near, Grace Ruble, Maya Salvitti, Sadie Schaffer, Gaby Stanton, Andie Weiber, Lauren Wierschke

3.00-3.99 semester GPAs: 18

TEAM GPA: 3.63

MEN’S GOLF

4.00 semester GPA’s: 3

3.00-3.99 semester GPA’s: 6

TEAM GPA: 3.62

WOMEN’S GOLF

4.00 semester GPA’s: 3

3.00-3.99 semester GPA’s: 6

TEAM GPA: 3.66

MEN’S TENNIS

4.00 semester GPA’s: 4

3.00-3.99 semester GPA’s: 4

TEAM GPA: 3.68

WOMEN’S TENNIS

4.00 semester GPA’s: 2

3.00-3.99 semester GPA’s: 6

TEAM GPA: 3.62

SOCCER

4.00 semester GPA’s: 13

Mia Boltz, Ashlyn Chase, Calli Chiarelli, Annika Farley, Bella Gissendanner, Miranda Goldner, Emma James, Claire Manis, Kya Parke, Sara Rodgers, Heather Squitieri, Makenna Stuart, Izzy Thoma

3.00-3.99 semester GPA’s: 13

TEAM GPA: 3.63

WOMEN’S BASKETBALL

4.00 semester GPA’s: 3

3.00-3.99 semester GPA’s: 11

TEAM GPA: 3.54

MEN’S BASKETBALL

4.00 semester GPAs: 2

3.00-3.99 semester GPAs: 13

TEAM GPA: 3.43 – Program Record

VOLLEYBALL

4.00 semester GPAs: 5

3.00-3.99 semester GPAs: 10

TEAM GPA: 3.75

MEN’S TRACK AND FIELD

4.00 semester GPAs: 5

3.00-3.99 semester GPAs: 19

TEAM GPA: 3.15

WOMEN’S TRACK AND FIELD

4.00 semester GPAs: 22

Simona Bartosova, Malia Chipouras, Francesca Cuccu, Cami Cvitkovich, Mara Fuerniss, Belen Garcia Arias, Ashley Hollenbeck, Lara Holzhauer, Tesse Kamps, Beatriz Marciano, Jada Miller, Amanda Munoz, Mary Nakamura, Constanze Paoli, Kim Priebe, Ivy Smith, Hanna Tait, Naomi Taylor, Alex Terry, Abigail Thomas, Jana Willems, Adie Wimer

3.00-3.99 semester GPAs: 17

TEAM GPA: 3.59

MEN’S CROSS-COUNTRY

4.00 semester GPAs: 5

3.00-3.99 semester GPAs: 3

TEAM GPA: 3.25

WOMEN’S CROSS-COUNTRY

4.00 semester GPAs: 5

3.00-3.99 semester GPAs: 4

TEAM GPA: 3.55

Department GPA: 3.44

All in all, 291 Idaho student-athletes delivered a GPA of 3.0 or higher for the fall semester, and 102 of those earned a perfect 4.0, continuing an established trend of excellence in the classroom for the Vandals. As the only Carnegie R1 institution in the state, athletes are coming to Moscow not just to compete at a high level, but receive one of the best educations in the northwest.

Below is a consolidated chart of 3.0+ and 4.0 GPAs by sport.