Latest news with #AsliPelit
Yahoo
21-05-2025
- Business
- Yahoo
Down to Business: Valuations are wild, returns are rocky. But women's sports teams are in demand
Down to Business: Valuations are wild, returns are rocky. But women's sports teams are in demand Everyone loves to gawk at the price tags billionaires pay for sports teams: $250 million for Angel City FC; $110 million in expansion fees for the newest NWSL franchise in Denver; and most recently, $26.5 million paid by Alexis Ohanian for an 8 percent stake in Chelsea Women, which values the team at $326 million (£245 million). But what really goes into valuing a sports franchise, especially in women's sports, where the revenue playbook is still being written? Advertisement I asked a handful of bankers and experts who work closely with investors interested in entering the space, and the answer is equal parts math, real estate and a little bit of storytelling. Welcome to the first edition of Down to Business with Asli Pelit. Every other week, I will take you through the exciting, fast-changing and sometimes confusing world of fans' favorite growth prospect: the business of women's soccer. I can't think of a better place to start than the flashiest numbers on the page, club valuations. Valuation playbook darling: Revenue multiples Traditionally, sports teams are valued using a variety of methods, including the income approach, market approach and asset-based approach. In short, the value of a sports team is determined by its future prospects (or cash flows), its brand value and its real estate investments. Advertisement But ultimately, as one of my favorite business school professors and the founder of Galatioto Sports Partners, Sal Galatioto, told me a long time ago, the value of a sports team is determined by scarcity value and by potential investors' willingness to pay. 'It's not just based on valuation, it's based on scarcity, ego gratification and just wanting that asset,' he told me. 'If you grew up as a fan of your favorite team and you have one opportunity that you may never get again to buy that team, you're going to be a very aggressive bidder. You're not focused on the numbers. You're focused on winning.' Despite the scarcity value and a billionaire's willingness to pay, experts use a variety of data to calculate the value of a team. One metric most bankers like to throw around is the revenue multiples. If a team pulls in $10 million in revenue and the average multiple in the league is 10x, you might say it's worth $100 million. Sounds simple? It's not. Advertisement 'Revenue multiples for leagues are informed by real-world transactions,' Sportico valuation expert Kurt Badenhausen said. 'It's not necessarily linear all the way down the line because a big-market team in a brand new stadium is different from a team that plays in a small market and needs significant investment in their facilities, but each deal creates a data point.' The average NWSL team is now valued at $104 million, according to Sportico's 2024 valuations, a 57 percent jump from the previous year. That figure is based on standard metrics used in soccer team transactions. It's a combination of local and national revenues, multiplied by a team-specific revenue multiple. For NWSL franchises, those multipliers range from 5 to 10, with an average of 6.8. By comparison, the WNBA averages a slightly higher multiple at 7.3. These multipliers are calculated based on prior team sales or, if the property has been around for a while, by dividing the market value by revenue. To make things more complicated, revenue multiples don't capture future growth or structural issues a team might still be working through, even in a close league case such as the NWSL. This is especially true for women's teams, where many don't own their stadiums and don't have the same access to sponsorship dollars as men's teams do. This is the main reason NWSL has been prioritizing franchise bids that come with a stadium or a practice facility plan. A stadium is not just a vanity project, it's a value driver. The goal is to turn the team revenue positive as quickly as possible. However, there is a caveat. It only works if the real estate math makes sense in that specific market. Kansas City? Cheap land, no competition, big payoff for the local Kansas City Current's CPKC Stadium. New York City? Not so much. Advertisement Still, across the sports landscape, owners are willing to spend not only to build stadiums but also entertainment districts around them and arenas that boast restaurants, bars, retail stores, apartments and hotels. These districts expand the reach, impact and opportunity for the stadiums, which can then be used as venues for other events such as concerts, fairs or festivals, generating additional revenue. It also gives owners access to valuable consumer data. An example of this, again, is Kansas City as the team announced in March that it will build a $1 billion project around the stadium that includes mixed-use housing, retail space and public spaces on the waterfront. Not successful on the pitch? Not a deal breaker While valuing a sports franchise, bankers examine not only the sports organization's ability to maximize its tangible assets but also evaluate the team's brand value, including winning championships or attracting marquee players. While this rule applies to most established European sports organizations, in the United States, on-field success does not matter as much. The Dallas Cowboys are the most valuable sports franchise in the world at $10.1 billion, according to Forbes' annual list of most valuable sports teams. They last won the Super Bowl in 1996. Across the Atlantic, where women's clubs are mostly bundled with the men's side and where there is a risk of relegation, valuations get trickier. Advertisement Chelsea untangled its women's side and sold it to another intra-group company, Blueco 22 Properties Limited, in 2022-23 at a £200 million valuation. The most successful women's soccer team in England certainly shows on-pitch success, most recently capturing a treble of trophies with the Women's Super League, League Cup and FA Cup titles. However, financially, it has not been easy to calculate what it can bring to the balance sheet. But brand value is brand value, and Chelsea has that. Since Behdad Eghbali's Clearlake Capital and prominent investor Todd Boehly bought the club in May 2022, the men's side has not won anything, but it is still the world's 10th most valuable club at $3.5 billion, according to Sportico. 'The odds are much greater that the New York Yankees will be here in 100 years than Apple will be here in 100 years,' Galatioto said. Advertisement No wonder so many venture capitalists are buying sports properties. 'They're a little late. I've been preaching this for 30 years,' Galatioto said. 'Nobody listened for the first 20, but they finally caught on.' Expansion fees aren't team valuations When it comes to valuations, much of the confusion stems from people mistaking expansion fees for what a team is actually worth. An expansion fee is not the valuation of the team, it's just the price of entry. While the expansion fee plays a small role in the valuation, what really matters is what you build after you're in. How do you convert your investment into a team with a loyal and (hopefully) global fan base, secure sponsorship deals and have the infrastructure to support both? Advertisement Denver paid $110 million in expansion fees but committed to building a soccer-specific stadium and a high-end training facility, thinking long term and aiming for a valuable franchise in a decade from now. The Current, which joined the NWSL in 2021, paid a $5 million expansion fee when it relocated from Utah in 2020. And after four seasons, the team is worth $182 million, up 141 percent from the year before, because it opened its stadium and has the highest revenue in the league ($36.3 million), according to Sportico's valuations. 'Not all franchises are created equal,' Badenhausen said. 'Certain franchises in the NWSL have struggled to maximize their business opportunities, which is no different than any young sports league, and the same dynamics play out in mature sports leagues, such as the Athletics and Rays in baseball over the past decade or Arizona's NHL franchise.' Small clubs + big stars = No problem When valuing a sports team, star power isn't just a footnote, it is a multiplier. Celebrities such as Ryan Reynolds, Natalie Portman, Serena Williams and Alex Morgan don't just bring capital, they bring media attention, sponsorship opportunities and built-in global audiences. Advertisement Their involvement generates headlines, draws fans who might never have cared about the sport and opens doors to partnerships traditional owners don't have access to. Star power can elevate a team's valuation beyond the balance sheet because fame, when leveraged well, turns attention into revenue. Is $1 billion valuation around the corner? That's the million, sorry, billion-dollar question. The real value of a women's soccer team today is a cocktail of the right market, real estate value, brand potential and celebrity influence. Of course, star talent that brings eyeballs and social media followers isn't bad, either. Revenue multiples are useful, but they can't tell the whole story because the story is still being written. Advertisement Since Michele Kang reset the bar in NWSL by paying $35 million for the Washington Spirit, women's soccer has bolstered growing momentum with no sign of slowing down. Following Kang's (at the time) record-breaking investment, NWSL's team sales and franchise fees skyrocketed by double digits and, most recently, to triple digits. Investors are not hesitating to open their checkbooks, and early investors are happy their bet on the league is paying back. Last year, Ron Burkle sold the San Diego Wave for $120 million to the Levine Leichtman family. Burkle paid a $2 million expansion fee for the Wave to join the NWSL for the 2022 season, similar to Angel City FC, which sold for $250 million to journalist Willow Bay and her husband, Disney CEO Bob Iger. With the right investors and operators, a path to a billion-dollar valuation seems plausible. 'I don't think it's out of the question by any means,' one banker, who wished to remain anonymous because they are actively working on deals in women's soccer, told me. 'It will take time, investment, and execution from strong operators and investors, but I think there's certainly a pathway there.' Advertisement As Galatioto puts it, sometimes all it takes is one billionaire who wants it badly enough. This article originally appeared in The Athletic. Chelsea, Kansas City Current, Angel City, Soccer, NWSL, Sports Business, UK Women's Football 2025 The Athletic Media Company
Yahoo
06-05-2025
- Sport
- Yahoo
Which quarterback boosts Saints' fantasy appeal?
The Dramatic WSL Promotion Show Down You Might Have Missed | Full Time Review On this week's Full Time Review, host Jillian Sakovits is joined by The Athletic's Asli Pelit to break down how likely it is that the Seattle Reign and Portland Thorns can build on their recent marquee results and become contenders. Then, Meg Linehan stops by to talk about London City Lionesses' dramatic promotion to the English Women's Super League, and owner Michele Kang's ambition. 11:39 Now Playing Paused Ad Playing
Yahoo
31-03-2025
- Sport
- Yahoo
Meet our new global women's soccer team: Welcome Asli Pelit and Tamerra Griffin
Meet our new global women's soccer team: Welcome Asli Pelit and Tamerra Griffin People aren't just watching women's sports. They're talking about, playing and living them — and the reporting is starting to catch up too. The NWSL championship averaged 967,900 viewers in primetime on CBS, up against college football. It marked the league's most-viewed match in history, an 18 percent increase from the 2023 title match and still six percent more than the 2022 edition and previous record holder. The one million milestone is in reach. Advertisement Media coverage of women's sports has tripled since 2019 from five to 16 percent in 2022 after three decades of stagnation, according to research by sports agency Wasserman in partnership with ESPN Research. We are proud of our women's sports coverage at but we have room to grow, too. We are trying to build something special here and we've made a few changes and additions to the team to accomplish this. In January, I moved into the role of head of global women's soccer. It's a position created to ensure we continue to bring you the most in-depth coverage of women's soccer in the United States, Europe and around the world. After years of dedication, Meg Linehan moved into a new role within the company, contributing invaluable insight into all things women's sports. You'll continue to hear her on the Full Time podcast and see her contributions to the newsletter each week, as well as weighing in on the biggest moments. Advertisement Sign up here to receive 's weekly women's soccer newsletter, Full Time, directly in your inbox. You can also expect coverage from writers across the soccer team including including Megan Feringa, Charlotte Harpur, Katie Whyatt, Jeff Rueter and Melanie Anzidei. I am also very excited to introduce two new writers to our crew. Tamerra Griffin is no stranger to , providing her words and voice to various women's soccer stories since joining us on a freelance basis in for the 2023 World Cup. Asli Pelit, who has reported on soccer since 2013 for TRT Sport, USA Today Sports, VICE and Sportico, is also joining the team. Both journalists have a deep understanding of the game and a hunger to find the 'why' in our coverage. Get ready to join us because we aren't standing still for long — and you can get to know our newest team members with a quick round of questions here… We are known for a question around here, so let's start there. Why did you join The Athletic? Asli Pelit: In 2010, while covering the devastating earthquake in Chile for CNN, I had a moment of clarity. Just before going live, I caught my reflection on my phone screen and realized I wasn't meant to spend my career simply reporting the 'what.' I was far more interested in the 'why,' the 'how,' and 'what comes next'. Advertisement That's exactly what values — the kind of storytelling that first captivated me as a reader and later pushed me to become a better reporter. Now, as part of this incredibly talented team, I have the opportunity to do just that — dig deeper, challenge assumptions and write stories that go beyond the surface. Tamerra Griffin: I joined because I want to be known as a writer whose stories help readers make sense of the world through the beautiful game, and who also helps them better appreciate the beautiful game through stories about the world that surrounds it. Simply put, I want to be the best, and that means joining a team that constantly strives for that, where pushing the envelope and collaborating are the norm, and where all facets of the game are explored and celebrated. How were you introduced to soccer? What is your favorite memory around the game? Pelit: My love for soccer started with my grandmother. She was a true sports fanatic, following everything from sailing to basketball, volleyball to Grand Slam tennis. But soccer had a special place in her heart. Watching her watch matches was an experience in itself — she was so passionate. I don't know if she ever attended a soccer match in person, but she never missed a Galatasaray game or the World Cup. Advertisement That passion shaped me. It led me to attend Lycée Galatasaray in Istanbul, the birthplace of the club in 1905. Later, while living in Argentina, I created a soccer documentary series about South America — my way of staying connected to her, even from thousands of miles away. I wish she was still alive to see my byline at . She'd be so proud. Griffin: I was introduced to soccer by one of my childhood best friends, Allie, when we were six years old. She came to school always talking about her practices and games, and at that age, is there any sweeter joy than joining your best friend in an extracurricular? We played for the Unicorns, and all it took was one practice spent sprinting down an open field for me to fall in love. As a player, one of my fondest memories was lifting a mud-covered trophy with my Northern California State team from the Olympic Development Program when I was 15 or 16 years old, a classic Cinderella story in a hard-fought tournament. As a journalist, the Australia vs France quarterfinal of the 2023 World Cup in Brisbane will be forever seared in my memory — for the passion, the white-knuckle string of penalties that felt like they'd never end, and the home victory for Australia in a historic tournament. How would you describe this moment for women's soccer? What are you most excited about covering this year? Pelit: I don't want to echo the usual, 'What an exciting time for women's soccer!' because while the growth is undeniable, so are the questions that come with it. At Sportico, I covered the skyrocketing team valuations, collective bargaining agreements that secured better pay and conditions and the surge of investment pouring into the league. But I can't help but wonder: how long will this rapid rise last, and what does it mean for the next generation of athletes? Advertisement As Sam Mewis told me recently, 'We can't just prioritize the money; we have to prioritize player safety.' That's a story I'm eager to explore. I'm also excited to cover the influx of African and Brazilian players into the NWSL. As the daughter of an architect, I love a stadium story: the race to build the next purpose-built stadium, and what it all means for the wealthy owners betting on the women's game in terms of growing their real estate portfolios. Griffin: Women's soccer right now feels like that moment at a party where the dance floor is jumping, sweat is flying off your face with every turn, and right when you think you've reached the peak of the night, the DJ transitions into a jam you didn't even know you needed and you ascend to new levels of euphoria. So many aspects of the game, from transfer fees and ownerships — let alone the competition and quality on the pitch — are treading new ground, and we have no choice but to go boldly into the night and see what we find. For me, that means examining the continued globalization of the women's game, and the impact that's having in Africa, Asia, and South America, as well as the impact players from those continents are having in North America and Europe. What do you hope readers take away from your stories? Pelit: I hope readers walk away with something new, insights and perspectives they haven't heard before. My goal is to amplify voices that haven't been heard and highlight the human moments that matter most. Advertisement Griffin: I hope readers feel more connected to not only the sport but the world around them when they finish reading my stories. I also want them to have a better understanding of people, circumstances and places they might not have thought much about before reading my work. Above all, I hope they feel a sense of joy whenever possible — not because the nature of my stories will always be joyful, but because that's what soccer ultimately boils down to, even if that joy is an act of resistance. And finally, the answer that I think is most revealing of a person, what is your go-to karaoke song? Pelit: I'm not a great singer, and out of fear of getting booed, I've always avoided singing in front of a crowd. Seriously, you do not want to hear me sing! But a year ago, my husband (who has an excellent singing voice and loves karaoke) and I picked 'Islands in the Stream' as our go-to karaoke song. If I'm being honest, though, I think everyone prefers when he takes the mic alone. Griffin: I do not have a go-to karaoke song. And I do believe that's a revealing fact about me because I am very much a 'vibe check' person. How am I feeling when I get on that karaoke stage, and what song best reflects that feeling or that moment? That said, if you shoved a microphone into my face right now and asked me to pick a song, it would be 'No Scrubs' by TLC. Advertisement This article originally appeared in The Athletic. Portland Thorns, Chicago Red Stars, Houston Dash, North Carolina Courage, OL Reign, Orlando Pride, Gotham FC, Kansas City Current, Washington Spirit, Angel City, Racing Louisville FC, San Diego Wave, Utah Royals FC, Bay FC, Soccer, NWSL, Sports Business, UK Women's Football 2025 The Athletic Media Company
New York Times
31-03-2025
- Sport
- New York Times
Meet our new global women's soccer team: Welcome Asli Pelit and Tamerra Griffin
People aren't just watching women's sports. They're talking about, playing and living them — and the reporting is starting to catch up too. The NWSL championship averaged 967,900 viewers in primetime on CBS, up against college football. It marked the league's most-viewed match in history, an 18 percent increase from the 2023 title match and still six percent more than the 2022 edition and previous record holder. The one million milestone is in reach. Advertisement Media coverage of women's sports has tripled since 2019 from five to 16 percent in 2022 after three decades of stagnation, according to research by sports agency Wasserman in partnership with ESPN Research. We are proud of our women's sports coverage at The Athletic but we have room to grow, too. We are trying to build something special here and we've made a few changes and additions to the team to accomplish this. In January, I moved into the role of head of global women's soccer. It's a position created to ensure we continue to bring you the most in-depth coverage of women's soccer in the United States, Europe and around the world. After years of dedication, Meg Linehan moved into a new role within the company, contributing invaluable insight into all things women's sports. You'll continue to hear her on the Full Time podcast and see her contributions to the newsletter each week, as well as weighing in on the biggest moments. Sign up here to receive The Athletic's weekly women's soccer newsletter, Full Time, directly in your inbox. You can also expect coverage from writers across the soccer team including including Megan Feringa, Charlotte Harpur, Katie Whyatt, Jeff Rueter and Melanie Anzidei. I am also very excited to introduce two new writers to our crew. Tamerra Griffin is no stranger to The Athletic, providing her words and voice to various women's soccer stories since joining us on a freelance basis in for the 2023 World Cup. Asli Pelit, who has reported on soccer since 2013 for TRT Sport, USA Today Sports, VICE and Sportico, is also joining the team. Both journalists have a deep understanding of the game and a hunger to find the 'why' in our coverage. Get ready to join us because we aren't standing still for long — and you can get to know our newest team members with a quick round of questions here… Asli Pelit: In 2010, while covering the devastating earthquake in Chile for CNN, I had a moment of clarity. Just before going live, I caught my reflection on my phone screen and realized I wasn't meant to spend my career simply reporting the 'what.' I was far more interested in the 'why,' the 'how,' and 'what comes next'. Advertisement That's exactly what The Athletic values — the kind of storytelling that first captivated me as a reader and later pushed me to become a better reporter. Now, as part of this incredibly talented team, I have the opportunity to do just that — dig deeper, challenge assumptions and write stories that go beyond the surface. Tamerra Griffin: I joined The Athletic because I want to be known as a writer whose stories help readers make sense of the world through the beautiful game, and who also helps them better appreciate the beautiful game through stories about the world that surrounds it. Simply put, I want to be the best, and that means joining a team that constantly strives for that, where pushing the envelope and collaborating are the norm, and where all facets of the game are explored and celebrated. Pelit: My love for soccer started with my grandmother. She was a true sports fanatic, following everything from sailing to basketball, volleyball to Grand Slam tennis. But soccer had a special place in her heart. Watching her watch matches was an experience in itself — she was so passionate. I don't know if she ever attended a soccer match in person, but she never missed a Galatasaray game or the World Cup. That passion shaped me. It led me to attend Lycée Galatasaray in Istanbul, the birthplace of the club in 1905. Later, while living in Argentina, I created a soccer documentary series about South America — my way of staying connected to her, even from thousands of miles away. I wish she was still alive to see my byline at The Athletic. She'd be so proud. Griffin: I was introduced to soccer by one of my childhood best friends, Allie, when we were six years old. She came to school always talking about her practices and games, and at that age, is there any sweeter joy than joining your best friend in an extracurricular? We played for the Unicorns, and all it took was one practice spent sprinting down an open field for me to fall in love. As a player, one of my fondest memories was lifting a mud-covered trophy with my Northern California State team from the Olympic Development Program when I was 15 or 16 years old, a classic Cinderella story in a hard-fought tournament. As a journalist, the Australia vs France quarterfinal of the 2023 World Cup in Brisbane will be forever seared in my memory — for the passion, the white-knuckle string of penalties that felt like they'd never end, and the home victory for Australia in a historic tournament. Pelit: I don't want to echo the usual, 'What an exciting time for women's soccer!' because while the growth is undeniable, so are the questions that come with it. At Sportico, I covered the skyrocketing team valuations, collective bargaining agreements that secured better pay and conditions and the surge of investment pouring into the league. But I can't help but wonder: how long will this rapid rise last, and what does it mean for the next generation of athletes? Advertisement As Sam Mewis told me recently, 'We can't just prioritize the money; we have to prioritize player safety.' That's a story I'm eager to explore. I'm also excited to cover the influx of African and Brazilian players into the NWSL. As the daughter of an architect, I love a stadium story: the race to build the next purpose-built stadium, and what it all means for the wealthy owners betting on the women's game in terms of growing their real estate portfolios. Griffin: Women's soccer right now feels like that moment at a party where the dance floor is jumping, sweat is flying off your face with every turn, and right when you think you've reached the peak of the night, the DJ transitions into a jam you didn't even know you needed and you ascend to new levels of euphoria. So many aspects of the game, from transfer fees and ownerships — let alone the competition and quality on the pitch — are treading new ground, and we have no choice but to go boldly into the night and see what we find. For me, that means examining the continued globalization of the women's game, and the impact that's having in Africa, Asia, and South America, as well as the impact players from those continents are having in North America and Europe. Pelit: I hope readers walk away with something new, insights and perspectives they haven't heard before. My goal is to amplify voices that haven't been heard and highlight the human moments that matter most. Griffin: I hope readers feel more connected to not only the sport but the world around them when they finish reading my stories. I also want them to have a better understanding of people, circumstances and places they might not have thought much about before reading my work. Above all, I hope they feel a sense of joy whenever possible — not because the nature of my stories will always be joyful, but because that's what soccer ultimately boils down to, even if that joy is an act of resistance. Pelit: I'm not a great singer, and out of fear of getting booed, I've always avoided singing in front of a crowd. Seriously, you do not want to hear me sing! But a year ago, my husband (who has an excellent singing voice and loves karaoke) and I picked 'Islands in the Stream' as our go-to karaoke song. If I'm being honest, though, I think everyone prefers when he takes the mic alone. Griffin: I do not have a go-to karaoke song. And I do believe that's a revealing fact about me because I am very much a 'vibe check' person. How am I feeling when I get on that karaoke stage, and what song best reflects that feeling or that moment? That said, if you shoved a microphone into my face right now and asked me to pick a song, it would be 'No Scrubs' by TLC.
