Bay FC
Sixth Street (majority) with Brandi Chastain, Aly Wagner, Danielle Slaton, Leslie Osborne; Sheryl Sandberg strategic investor acquisition · 4 Apr 2023
- Seller
- National Women's Soccer League
- Stake acquired
- 100%
- Control
- Yes
- Reported consideration
- €49m
- Implied equity value
- —
- League
- NWSL
- Country
- United States
- Confidence
- MEDIUM
Buyer profile: Sixth Street / Bay Collective: clubs owned, where they buy next
Sixth Street (majority) with Brandi Chastain, Aly Wagner, Danielle Slaton, Leslie Osborne; Sheryl Sandberg strategic investor acquired 100% of Bay FC from National Women's Soccer League, announced 4 Apr 2023.
Reported consideration was €49m. ~€29.6m of new capital went into the club. A further €116m was announced as an investment commitment.
- Announced
- 4 Apr 2023
- Closed
- 4 Apr 2023
- 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
Revenue
Wages
EBITDA
Net debt
Net income
NWSL awarded team #14 to the Sixth Street-led Bay Area group on 4 Apr 2023; the $53m expansion fee (league record at the time, vs ~$2-5m fees in 2020-21) is reported by Sportico, SBJ and FOS, not confirmed by the league. The $125m headline is a total commitment (fee + facility + working capital), not a valuation. Sixth Street's exact stake and the valuation at which co-investors entered are undisclosed.
Institutional PE control of a franchise is permitted in NWSL, unlike several US men's leagues. No pre-transaction financials exist. 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.
- Bay FC / NWSL press release: National Women's Soccer League Announces Expansion To Bay Area, California ↗Tier 2 · primary league
2023-04-04 — “NWSL awarded expansion rights for team #14 to a Bay Area group; majority investor Sixth Street; begins play 2024; fee not stated.”
2023-04-04 — “League-record $53 million expansion fee; plan to invest $125 million at the start incl. fee, ~$40m practice facility and ~$32m balance sheet; Boston group to pay the same $53m.”
2023-04-04 — “Expansion fee of $53M, part of an overall $125M commitment from Sixth Street.”
2023-04-04 — “Expansion fee was $53 million per source — more than 10x the fee paid for Kansas City Current.”