NWSL side Wave FC set to be sold for league record $113 million

San Diego Wave FC owner Ron Burkle has announced that he reached a sale of the side. The National Women’s Soccer League (NWSL) side only launched in the summer of 2021. After quickly creating the team, Wave FC began league play in the spring of 2022.

Despite Burkle only owning the club for less than three years, the billionaire is set to earn quite a return on his investment. Burkle previously paid a $2 million NWSL expansion fee when creating the club in 2021. Nevertheless, Sportico is reporting that the Levine Leichtman family will pay around $113 million to completely take over the team.

The deal, however, splits up into two separate payments. The news outlet claims that the new ownership will now first pay $35 million for 35% of the club. Then, the family will purchase the remaining 65% of the Wave following the 2024 season. This second payment is expected to be $78 million.

“We are proud of the unprecedented success we have had as an expansion team and I am confident that [the Levine Leichtman] family’s investment will contribute to the growth of our team and the San Diego community,” Burkle recently told Sportico.

San Diego Wave sale smashes previous NWSL record fee for club

The massive $113 million deal is set to become the most expensive agreement involving an NWSL club. RAJ Sports previously held the record in the league when they brought the Portland Thorns earlier this year. The deal to purchase the Pacific Northwest team was valued at $63 million.

While the Wave is a relatively new club, they have an impressive record in NWSL play. The Californian side finished third in the inaugural campaign and made it to the semifinals of the 2022 playoffs. They then finished atop the regular season table in their second season in the division. The Wave is currently led by USWNT superstar Alex Morgan.

“We are excited to join forces with San Diego Wave FC and help build upon the impressive foundation established by Ron Burkle,” stated new owner Lauren Leichtman. “This investment aligns with our values and vision for supporting initiatives that empower women and foster opportunities for aspiring female athletes.”

According to sources at the aforementioned news source, the sale of the club has received league approval. NWSL commissioner has already made an official statement on the agreement. “We’re thrilled to welcome the Levine Leichtman family to the ownership group of the San Diego Wave,” said Berman.

Agreement in place ahead of 2024 season opener

The deal comes just days before the start of the 2024 NWSL season. The Thorns and KC Current kick off the campaign on Saturday, March 16th. However, the Wave will feature in the Challenge Cup the prior day. The fixture pits the NWSL championship winner (NY/NJ Gotham) against the club with the best record of the 2023 regular season (Wave).

NWSL officials previously announced a huge new broadcasting deal with a plethora of partners. The four-year deal, which nets the league $10 million per season, is set to be aired on Paramount+, ESPN+, ABC, the ION Network, and Amazon Prime Video. The division’s previous media rights deal was only worth $1.5 million each year.

PHOTOS: IMAGO.