Sixth Street’s sports portfolio includes a majority stake in event and hospitality company Legends, and investments with the San Antonio Spurs, Real Madrid and Barcelona. women’s sports and comes via a handful of prominent backers. This is among the largest investments ever made into professional U.S. Both the Bay Area and Boston groups were approved by owners earlier this year prior to the league’s draft in Philadelphia. The NWSL is also preparing for additional expansion, a process being run by Inner Circle Sports, and is close to a deal with a group based in Boston that will pay the same $53 million fee, according to multiple people familiar with those talks. The Bay Area team will join the 11-year-old league for the 2024 season alongside the resurrected Utah Royals. More details, like a team name and home venue, will be announced in the coming months. Sixth Street will be the franchise’s majority and controlling owner, though Waxman declined to comment on the size of its stake or the valuation that accompanied the other investors. “There’s a bigger structural trend here, where the economics have not yet caught up with reality,” Waxman said in an interview. The firm has been researching the NWSL opportunity for about nine months, Waxman said in an interview, and found that “everything that indicates something is structurally undervalued was flashing green, on every vector.” Sixth Street’s investment thesis, according to co-founder and CEO Alan Waxman, centered around data regarding growing attendance at women’s sports, increased media accessibility, contractually obligated revenue and social media following. Meet the Monarch Collective, a New $100 Million Women's Sports Fund Sporticast: Monarch Collective to Invest $100 Million in Women's Sports Just Women's Sports, NWSL Extend Highlight Rights Deal They say they plan to invest $125 million in the team at the start, including the expansion fee, a roughly $40 million practice facility, and the remaining $32 million or so onto the club’s balance sheet. The group’s investors include former Facebook executive Sheryl Sandberg, former Golden State Warriors president Rick Welts and a quartet of former USWNT players-Brandi Chastain, Aly Wagner, Danielle Slaton and Leslie Osborne. A group led by private equity giant Sixth Street has closed on an NWSL expansion team in the San Francisco Bay Area, committing to a league-record $53 million expansion fee.
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