Expanding Challenges Surface in Elite Female Athletics
The women's soccer landscape is undergoing a significant transformation, with the WNBA and NWSL leading the charge.
In a notable move, the San Diego Wave's owner, Lauren Leichtman, recently bought the team last year in a $113 million deal, marking the highest price ever paid for control of a women's soccer team. This surge in investment is reflected in the WNBA's team revenue, which has seen a 70% year-over-year increase.
However, the excitement in the industry is accompanied by a dose of reality. The WNBA's current labor accord is set to expire on October 31, and the league and union are far apart on several basic issues. The NWSL's business has also rapidly transformed over the past few years, with franchise values soaring and new owners rushing in. Yet, business growth presents new labor challenges and expansion can be particularly difficult.
Leichtman is part of a new crop of NWSL owners who have deep resources to push the league forward. The league owners are finally seeing requisite revenue after years of losing millions to support the league. In fact, both the NWSL and WNBA have seen valuations jump 50x in the past few years.
The WNBPA executive director, Terri Carmichael Jackson, discussed the critical moment for both the WNBA and its players as their enterprise grows. Jackson proposed a new model for the WNBA that is not foreign to professional sports but is foreign to women's sports.
Meanwhile, the NWSL and the WSL are both striving to be recognised as the "world's best league" for maximising long-term success. Notable owners in both leagues include billionaire Michele Kang, who owns the Washington Spirit, OL Lyonnes, and the London City Lionesses.
The London City Lionesses, who recently signed talents from the NWSL, are co-founded by entrepreneur Anthony Culligan and his wife Diane, with Michele Kang being the primary owner in 2025. Interestingly, the MLS, a more established men's league, does not have strict rules against owning teams in different leagues.
The rise of these leagues has also seen top players moving teams. Alyssa Thompson, the top pick in the NWSL's 2023 draft, recently joined Chelsea from Angel City. Washington Spirit coach Jonatan Giráldez abruptly left to take the same role with French powerhouse OL Lyonnes.
Despite these changes, there is optimism about the future of women's soccer. Gotham FC owner Carolyn Tisch Blodgett expressed optimism, stating that there is still a long runway for growth. However, the WNBA is on the brink of a work stoppage, highlighting the challenges that lie ahead.
In the NBA, a rule prevents NBA owners from owning any other professional basketball teams besides G-League affiliates. Yet, this rule does not apply to the rapidly evolving world of women's soccer, where the story is far from over.
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