In 2022, Angel City FC and the San Diego Wave each played their first season in the NWSL after their ownership groups paid $2 million expansion fees. As the NWSL once again looks at expansion, multiple groups visited New York this week to pitch the league and the bank running the process, Inner Circle Sports, on why they should be granted the 18th franchise.
The expected franchise fee once again includes a two—but this time with some more zeroes behind it. It should mark a 100x increase on what the two California clubs paid to join.
NWSL franchise values are on a heater, as new investors pour into a league that sits alongside the WNBA at the top of the women’s sports financial pyramid. The average NWSL team is worth $184 million, by Sportico’s count, based on dozens of conversations during the past month with team owners, executives and investors, as well as bankers and lawyers who work on team transactions.
The average is up 77% compared to Sportico’s prior NWSL valuations in September 2024 and 179% from 2023, when the average was $66 million. The 14 teams that played in 2025 are collectively worth $2.6 billion.
Sportico did not value the expansion clubs in Denver and Boston that start play this year. The values are intended to be “control” sale valuations, versus limited partnership deals. (Click here for the complete rankings and methodology.)
