San Diego Wave FC owner to sell club control for record price: report
SAN DIEGO (FOX 5/KUSI) — New ownership may soon be taking over San Diego Wave FC through a sale that would set a record in the National Women’s Soccer League.
Athletics publication, Sportico, reported on Thursday that billionaire Ron Burkle has agreed to sell his majority stake in the team to a Los Angeles-based couple, Arthur Levine and Lauren Leichtman, for $113 million — the highest amount ever cashed out to a NWSL team.
The apparent sale, which will be happening in two parts, almost doubles the previous record for a control stake in a NWSL team: a $63 million sale for Portland Thorns that happened only a few months ago.
San Diego Wave FC unveils new kits ahead of 2024 season
San Diego Wave FC confirmed in a statement to FOX 5/KUSI that the couple has already come in as minority investors. As Sportico reported, the first transaction in the sale for control stake was estimated to be about $35 million for 35% control.
Burkle, who paid $2 million towards expansion fees when San Diego Wave joined NWSL, will remain on the club’s ownership team at least through the end of the 2024 season.
“We are excited to join forces with San Diego Wave FC and help build upon the impressive foundation established by Ron Burkle,” Leichtman said in a statement to FOX 5/KUSI. “This investment aligns with our values and vision for supporting initiatives that empower women and foster opportunities for aspiring female athletes.”
The second transaction, which according to Sportico is anticipated to be made at the end of the 2024 season, is estimated to be around $78 million for 65% stake in the club.
However, the team and a representative for the Levine Leichtman family declined to comment to FOX 5/KUSI on the financial specifics reported on by the publication.
Since its inaugural season just three years ago, San Diego Wave FC has become one of the preeminent NWSL teams, clinching the league’s Shield award for the best regular-season record in its sophomore year.
America defeats Brazil in their “Finest City” to win CONCACAF W Gold Cup 1-0
The club is currently led by three of the best American players in the sport: forwards Alex Morgan and Jaedyn Shaw, and defender Naomi Girma.
“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 said in a statement to FOX 5/KUSI.
Levine and Leichtman are billionaires and owners of a Beverly Hills-based private equity firm. The couple, who have been longtime donors and boosters for UC Los Angeles, have been supporters of Wave president Jill Ellis since her tenure as the Bruins’ women’s soccer coach.
“Arthur and Lauren have been great supporters of mine for many years,” Ellis said in a statement. “I have no doubt they will fit right in with the San Diego Wave community, and it is my pleasure to welcome them to the organization.”
For the latest news, weather, sports, and streaming video, head to FOX 5 San Diego & KUSI News.
