Denver has secured the NWSL’s 16th franchise at an expansion fee of $110 million, according to multiple people familiar with the matter.
Backers of the Denver bid, principally IMA Financial Group CEO Robert Cohen, submitted their first payment to the league on Tuesday, said the people, who were granted anonymity because the details are private. The $110 million expansion fee is more than double the previous NWSL record for new teams and is also the biggest expansion fee ever paid in U.S. women’s sports.
In addition to topline price, the timeline of payments—up front vs. over a longer period—is often a critical piece of expansion negotiations. It’s unclear exactly how much was paid this week. An NWSL representative declined to comment; Cohen didn’t immediately respond to a phone call and email seeking comment. A representative for Inner Circle Sports didn’t immediately return a phone call.
Sportico previously reported that Denver was in exclusive talks with the league, but the NWSL has yet to publicly comment. The group will likely commit to spending a certain amount of dollars in launching the team. Sixth Street-owned Bay FC, which started play in 2024, pledged a $125 million commitment at launch, which included a $53 million expansion fee.
Denver’s NWSL bid group is led by Cohen, who is supplying a significant portion of the financing and would be the team’s control owner. Former Obama administration official Ben Hubbard, who is the CEO of Denver-based insurance company Parsyl; sports business executive Tom Dunmore; Phos CEO Nicole Glaros and former NWSL player/current league analyst Jordan Angeli are also part of the group.
Other investors are still coming on board, one of the sources said. The group has said it plans to build its own soccer-specific stadium but will play in a temporary venue until that is ready.
Denver was one of three finalists for the 16th NWSL spot, alongside groups from Cleveland (Cleveland Soccer Group) and Cincinnati (MLS club Cincinnati FC).
The rest of the expansion fee will be paid in tranches, Sportico previously reported.
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 had previously had an NWSL franchise and owned a unique expansion option.
Recent WNBA expansion teams in Toronto and the Bay Area agreed to pay $50 million, with a group in Portland paying a slightly higher fee.
The value of NWSL teams has exploded in recent years, with recent sales valuing Angel City FC at $250 million and San Diego Wave at $113 million. The average club is worth $104 million, according to Sportico’s September team valuations. It was up 57% from the prior year.