San Diego Wave being sold for league-record $113 million

It took the San Diego Wave of the NWSL less than three years to reach a nine-figure valuation.  

According to Sportico, billionaire owner Ron Burkle is selling the franchise to Lauren Leichtman and Arthur Levine for a league-high $113 million. The married couple Leichtman and Levine established Levine Leichtman Capital Partners, a private equity business, in 1984.  

Leichtman and Levine will pay $35 million up front for 35% of the franchise and $78 million for the remaining 65% after the 2024 season as part of the agreement.  

The entire acquisition cost surpasses the previous high by $50 million, set by the Portland Thorns in January at $63 million. It's certainly a good piece of business for Burkle, who reportedly paid a $2 million expansion fee to acquire the franchise in 2021. 

That would be about a 5,550% return on investment for Burkle in three years. 

The deal is the latest in a trend of rising NWSL team values, but the Wave have certainly performed like one of the league's most valuable franchises in their short existence. Led by USWNT stars Alex Morgan and Naomi Girma, the team has gone 21-10-13 across two seasons and won the NWSL Shield last year with the league's top record. 

That success has led to fans turning up, though attendance has been strong since setting an NWSL record in their first home game. The Wave led the NWSL in attendance last season with an average of 20,718 spectators. 

The rising NWSL team values have already been reflected in the league's expansion fees. Whereas the Wave and Angel City ownership groups only had to pay seven figures, the incoming Bay Area and Boston teams are paying fees north of $50 million.