Portland Thorns FC
RAJ Sports (Bhathal family: Lisa Bhathal Merage, Alex Bhathal, Raj and Marta Bhathal) acquisition · 3 Jan 2024
- Seller
- Peregrine Sports LLC
- Stake acquired
- 100%
- Control
- Yes
- Reported consideration
- €58.3m
- Implied equity value
- €58.3m
- League
- NWSL
- Country
- United States
- Confidence
- MEDIUM
Buyer profile: RAJ Sports: clubs owned, where they buy next
RAJ Sports (Bhathal family: Lisa Bhathal Merage, Alex Bhathal, Raj and Marta Bhathal) acquired 100% of Portland Thorns FC from Peregrine Sports LLC, announced 3 Jan 2024.
Reported consideration was €58.3m. That implies a 100% equity value of €58.3m (calculated by us). Reporting placed the club's value at €60.1m.
- Announced
- 3 Jan 2024
- Closed
- 3 Jan 2024
- Stake after transaction
- 100%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2023
Revenue
Wages
EBITDA
Net debt
Net income
Peregrine Sports (Merritt Paulson) sold the Thorns to the Bhathal family's RAJ Sports, with NWSL board approval in late Dec 2023 and closing announced 3 Jan 2024; the sale was effectively forced by the league's abuse-investigation sanctions. The $63m price is consistently reported from league sources but undisclosed by the parties. We treat it as a 100% acquisition since RAJ 'assumed controlling ownership from Peregrine' with no retained Paulson stake reported; if any LP stakes exist they were not disclosed.
The Thorns had no standalone accounts (back office shared with the Timbers), so revenue is UNAVAILABLE. Sportico's $65m 2023 valuation is close to the price. A separate lease and services agreement kept the club at Providence Park. FX: USD→EUR 0.925. Franchise-model caveat: MLS/NWSL/Liga MX values are closed-league franchise prices (no relegation risk, league-controlled entry, single-entity revenue sharing in MLS) and are NOT comparable to European open-pyramid club prices, where sporting risk and player-trading economics drive value.
- Portland Thorns: RAJ Sports finalizes acquisition of Portland Thorns FC ↗Tier 1 · primary club
2024-01-03 — “RAJ Sports formally assumed controlling ownership from Peregrine Sports LLC; NWSL Board approved the prior week; financial terms not disclosed; commitment to a purpose-built training facility.”
2024-01-03 — “Agreement to purchase the Thorns for $63 million; highest price ever for an NWSL control stake; services agreement with Paulsons for 2024; Sportico valued Thorns at $65m.”
- AP: NWSL's Portland Thorns purchased by Bhathal family ↗Tier 3 · media
2024-01-03 — “RAJ Sports purchased the team for $63 million per a person familiar with the deal; Paulson put Thorns up for sale late 2022 amid abuse scandals.”
2024-01-03 — “$63 million per NWSL source; new training facility commitment; Providence Park lease through 2035; $1m league fine collected from Paulson at closing.”
- Sportico NWSL Team Values 2023 ↗Tier 3 · media
2023-10-04 — “Portland Thorns on the market, valued $65 million (4th); BDT & MSD running the process.”