Report: Denver to Get NWSL Team; Will Pay Record $110M Expansion Fee

Adam WellsJanuary 2, 2025

Ira L. Black – Corbis/Getty Images

The NWSL is adding a 16th team that will be located in Denver.

Per Eben Novy-Williams of Sportico, IMA Financial Group CEO Robert Cohen is among the principal backers of the new franchise paying a $110 million expansion fee.

Novy-Williams noted the expansion fee is the richest ever for a U.S. women’s sports team and more than double the previous record for an NWSL club.

NWSL commissioner Jessica Berman confirmed in November that Denver was among three cities vying for the expansion franchise, along with Cleveland and Cincinnati.

“The process is ongoing, and we’re really enthusiastic about the final three prospects that we have in the process,” Berman said. “We’ll have news to share in the coming weeks as we move to close with one of those three markets.”

Indiana Fever star Caitlin Clark was a surprise addition to the Cincinnati group that was led by the owners of the MLS team FC Cincinnati.

According to Novy-Williams, topline price and timeline of payments for the expansion fee—up front vs. over a longer period—can be a “critical piece of expansion negotiations.” The Denver group submitted its first payment to the NWSL on Tuesday, but it’s “unclear” how much was paid.

Denver will debut in 2026, alongside the new franchise in Boston that was announced in September 2023. The addition of two clubs means the NWSL will have added eight new teams to the playing field since the start of the 2021 season.

Boston Unity Soccer Partners paid a $53 million expansion fee that was the same amount as Bay FC in 2023.

Bay FC and the Utah Royals both debuted in the 2024 season. The NWSL began in 2013 with five teams. The 14 active franchises are currently worth a combined $1.46 billion (average of $104.3 million), per Sportico.

There is no indication at this point where the Denver franchise will play home games. This will become the fifth major professional sports team based in the city, along with the Colorado Rockies (MLB), Denver Broncos (NFL), Denver Nuggets (NBA) and Colorado Avalanche (NHL).