The average NWSL team is worth $104 million, up 57% from a year ago. To derive the market value of the current franchises, Sportico calculated each team’s revenue, relying on publicly available information and financial records—and interviews with those knowledgeable of team finances, including sports bankers, attorneys and investors actively involved in NWSL transactions. We did not include the Boston expansion franchise set to start play in 2026, while new clubs in Utah and San Francisco are included for the first time.

Below are definitions of some major metrics.

2024 Valuation: The sum of the current market value of an NWSL franchise, derived from metrics by which soccer team transactions typically occur, including aggregating local and national revenues and factoring in a team-specific multiplier. Revenue multiples ranged from 5 to 10 with an average of 6.8. For comparison, the average WNBA multiple is 7.3, and it is 9.6 for MLS.

2024 Team Revenue: Estimated revenue for the 2024 regular season; it does not include potential playoff revenue for teams or distributions from expansion proceeds. NWSL team revenues are largely generated on the local level. Local revenue is primarily derived from stadiums, sponsorships and merchandise. Stadium revenue includes ticket sales, premium seating (luxury suite leases and club seating), parking, concessions and, in rare cases, non-soccer (third-party) events. Most NWSL teams do not operate their own stadiums, and their lease situations vary greatly.

Ahead of the 2024 season, the league signed broadcast agreements with CBS, ESPN, Amazon’s Prime Video and Scripps Sports worth $60 million a year on average, including production and marketing costs. Sportico estimates each team’s cash share at $1.5 million for 2024 from national revenue.

Among the 14 current NWSL franchises, nine teams participated with Sportico by validating at least some financial information, while others did not respond.

Sportico is committed to full transparency, For any additional questions, please contact sports valuations reporter Kurt Badenhausen at kbadenhausen@sportico.com.