The Washington Spirit are reportedly in exclusive sale negotiations with The St. James, a sports and performance center in suburban D.C.
Real estate investment firm Cain International — of which LA Sparks, Lakers and Dodgers co-owner Todd Boehly sits on the board — partially backs the facility. Reports in late October indicated that Boehly was in talks to buy the Spirit.
According to The Athletic, the group has submitted a letter of intent to purchase the Spirit for $16 million.
Current Spirit co-owner Michele Kang has long been interested in buying out her fellow owners, with whom she’s recently struggled for control of the club. Back in October, players even penned a letter demanding co-owner Steve Baldwin sell to Kang. Reportedly, Kang’s offer to purchase the club is around $21 million.
In early 2021, when she purchased her share of the club, Kang, Baldwin and fellow investor Bill Lynch all were entitled to a “right of first refusal,” giving them the ability to match any potential offer for the club. That right has reportedly since been rescinded by Baldwin and Lynch, who have been consistently voted to freeze Kang out of board decisions.
Additionally, if Baldwin and Lynch find a buyer for the Spirit, Kang could be forced to sell her shares due to a “drag-along clause” that allows majority shareholders to force a minority shareholder to join a sale.
Labeled as a sports, wellness and entertainment complex with facilities for multiple indoor sports, the St. James hired former Spirit assistant coach Tom Torres earlier this year. Torres had reportedly left the team due to allegations of inappropriate conduct.
The Washington Spirit are set to face off against the North Carolina Courage in the NWSL playoffs on Sunday at 5:30 p.m. ET.