The World's 50 Most Innovative Companies - NATIONAL WOMEN'S SOCCER LEAGUE

FOR RESETTING THE VALUE OF WOMEN'S SPORTS

- HARRY MCCRACKEN

JESSICA BERMAN The NWSL commissioner signed a landmark mediarights deal for the league.

"WOMEN'S SPORTS IS A HISTORically underinvested asset class," says Jessica Berman, commissioner of the National Women's Soccer League (NWSL). Since Berman joined the NWSL in 2022, she's been on a mission to elevate the league by commanding more for its teams.

That starts with valuations. In the past, new NWSL team franchises were sold for roughly $5 million. But in 2023, the league auctioned off expansion rights in Boston and the Bay Area for $53 million apiece, with the new owners pledging to invest an overall $100 million and $125 million, respectively, into their teams. The 11-year-old Portland Thorns, meanwhile, sold for a record-breaking $63 million last year. "We reset the enterprise value of our franchises by more than 10 times," says Berman.