The National Women’s Soccer League announced that Denver has been awarded the league’s 16th franchise and will begin play in 2026. The team will be controlled by IMA Financial Group CEO Robert Cohen.
In December, Sportico broke the news that Denver and the NWSL had entered exclusive talks to be the latest expansion franchise. It emerged over candidates from Cleveland (Cleveland Soccer Group) and Cincinnati (MLS club Cincinnati FC). The first part of Denver’s $110 million expansion fee, the largest in the history of U.S. women’s sports, was paid before the end of 2024, Sportico previously reported.
The full ownership group has come together over the last few months, as Sportico reported this week. Ariel Investments invested through its subsidiary Project Level, led by Ariel co-CEO Mellody Hobson and former Washington Commanders president Jason Wright. The announcement said Project Level is an asset management firm affiliated with Ariel that seeks to “level the playing field in women’s sports through investment and ownership.”
Dhiren Jhaveri and his wife, Neelima Joshi, are also part of the cap table. Joshi and Jhaveri, who live in Denver, are investing in the team personally, not via Kuvare. Jhaveri is the founder and chairman of the financial services platform and has made other sports investments through his company. In 2023, the Chicago-based firm committed financing to Marc Lore and Alex Rodriguez in their ongoing pursuit to buy the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx.
Siblings Jon-Erik Borgen and Kaia Borgen Moritz invested via their FirstTracks Sports Ventures. Molly Coors is also an investor; according to her LinkedIn account, she was previously a director at AllianceBernstein.
Cohen will be the team’s governor, while Hobson will serve as alternative governor. Hobson is a minority investor in the NFL’s Denver Broncos and sits on the boards of Starbucks and JPMorgan Chase. She is also a shareholder of the Chicago White Sox, the WNBA and League One Volleyball.
NWSL said the Denver franchise is finalizing plans for a new stadium and practice facility. The team name, logo and colors will be announced at a later date.
The NWSL added two teams this past season: the Utah Royals and Bay FC. A Boston-based club will join the league in 2026; it agreed to pay the same $53 million expansion fee as Bay FC. Utah previously had an NWSL franchise and returned under a unique expansion option.