Ahead of the 2024 NWSL season kickoff, majority owner Ron Burkle has agreed to sell San Diego Wave FC to Lauren Leichtman and her husband Arthur Levine, founding partners of Levine Leichtman Capital Partners, to mark the largest sale for an NWSL club with a valuation of $113 million.
Increase In Valuation For NWSL Teams
As part of the deal, the Levine’s are paying $35 million now for 35% of the team, and have agreed to buy the remaining 65% for $78 million after the 2024 season, as initially reported by Sportico.
“We are excited to join forces with San Diego Wave FC and help build upon the impressive foundation established by Ron Burkle,” said Lauren Leichtman. “This investment aligns with our values and vision for supporting initiatives that empower women and foster opportunities for aspiring female athletes.”
Burkle initially bought the first San Diego NWSL club for $2 million in 2021. The deal is now reported as the highest paid amount for a control stake in an NWSL team as the Bhathal family recently purchased the Portland Thorns for $63 million.
However, as the NWSL continues to grow, expansion sides such as Bay FC and Utah Royals FC have paid expansion fees of $53 million to join the league in 2024.
In their second NWSL season, the Wave held the No. 2 rank of valuations of NWSL teams at a $90 million valuation as their California rivals, Angel City FC were valued at $180 million.
Growing the Game In San Diego
Levine Leichtman Capital Partners currently holds $9.3 billion in assets and was founded in 1984. While the deal carries an average of $113 million, the valuation in the later transaction is estimated to be $120 million.
Their connection to women’s soccer stems from supporting the UCLA Bruins as club president Jill Ellis coached the women’s team from 1999-2010.
“Arthur and Lauren have been great supporters of mine for many years,” said Jill Ellis. I have no doubt they will fit right in with the San Diego Wave community, and it is my pleasure to welcome them to the organization.”
Wave Look to Continue Their Success In 2024
In their opening season, the Wave were the first expansion club in NWSL history to reach the 2022 NWSL Playoffs followed by several individual awards:
- Casey Stoney was named as the 2022 NWSL Coach of the Year
- Kailen Sheridan was named as the 2022 NWSL Goalkeeper of the Year
- Naomi Girma was named as both the 2022 NWSL Rookie of the Year and Defender of the Year
In their second season, the Wave won the 2023 NWSL Shield, which is awarded to the team with the most regular season wins.
By winning the Shield, they will now look to compete in a newly reformatted NWSL Challenge Cup as they face the 2023 NWSL Champions, Gotham FC on Friday, March 15 at 5pm PT/8pm ET.