Denver has officially won the bid to host the 16th NWSL team, Sportico reported Thursday.
The Colorado city put up a record $110 million expansion fee to join the surging league, with the team set to kick off in 2026.
Denver beat out bids by Cincinnati and Cleveland to secure the final spot in the NWSL's most recent expansion round. The league has not yet released a timeline for future growth.
Denver NWSL campaign led by local investment group
More than double the $53 million paid by fellow NWSL entrant Boston, the steep price tag represents the largest expansion fee in US professional women's sports history.
IMA Financial Group CEO Robert Cohen serves as the Denver group's lead investor, with Sportico noting that the initial payment arrived on Tuesday. A longtime supporter of Denver-area athletics, Cohen currently sits on the board of the Denver Sports Advisory Committee as well as the Colorado Springs-based US Olympic and Paralympic Foundation.
The broader investment group subsequently includes For Denver FC, a campaign formed to support bringing the NWSL to Denver. Members span multiple backgrounds, with ex-USL executive Tom Dunmore and former NWSL player, soccer broadcaster, and host of JWS show The 91st Jordan Angeli representing the sports professionals.
According to The Athletic, the new team has discussed building its own stadium. However, they plan to launch in a temporary stadium until they're able to construct the new venue.
As of Tuesday, the NWSL is reportedly in exclusive talks to make Denver the home of the league's 16th team, with the Colorado city beating out bids from Cincinnati and Cleveland, the other two finalists previously announced by the league.
While the NWSL has yet to offer any details or timeline or even confirm the move, if true, Denver will join fellow expansion franchise Boston in making a 2026 season debut.
Led by IMA Financial Group CEO Robert Cohen, who will function as the team's control owner, the Denver NWSL bid group intends to build a soccer-specific stadium for their club. But with the runway to 2026 shortening, the group intends to secure temporary facilities while planning, designing, and constructing a permanent home.
NWSL growth leads to ballooning expansion fees
The growing league is also expected to claim a record expansion fee from its 16th team, with insiders reporting that Denver's buy-in will likely come at a $105 million to $120 million price-tag.
That sum doubles the $53 million fees that 2024 expansion team Bay FC and the incoming Boston franchise shelled out in the last round of NWSL bids from new markets.
The swelling of expansion fees also mirrors the league's exploding valuations in recent years. According to Sportico, the average NWSL club is now worth $104 million, an increase of 57% over the 2023 average. Plus, this fall's sales of both Angel City FC and the San Diego Wave saw the clubs garner purchase prices of $250 million and $113 million, respectively.
Though further expansion is not currently on the books, the NWSL's increasing value and the additional markets hungry to enter the league signal that, sooner or later, even more cities will boast NWSL clubs of their own.
Prior to Saturday's 2024 NWSL Championship game, commissioner Jessica Berman updated the media on the league's 2026 expansion plan.
With Boston already set to field the league's 15th team when the 2026 season kick off, the NWSL spent much of 2024 whittling applicant cities down to three finalists, with either Denver, Cleveland, or Cincinnati to be awarded the league's 16th franchise.
Clark joins Cincinnati expansion group
One of the final trio of markets added a big name to their roster last week, with Cincinnati confirming that 2024 WNBA Rookie of the Year Caitlin Clark has bought into the ownership group vying to bring the NWSL to southwest Ohio.
"Her passion for the sport, commitment to elevating women’s sports in and around the Greater Cincinnati region, and influence as an athlete and role model for women and girls around the world make her a vital part of our compelling bid to become the 16th team in the NWSL," the group said of its latest investor.
Ohio cities lead 2026 NWSL expansion bids
Besides their new superstar investor, Cincinnati has a leg up on the competition due to the city's existing soccer infrastructure. With MLS team FC Cincinnati's ownership leading the bid for an NWSL team, the market has both soccer ownership experience and a stadium built for the sport, all ready to welcome a women's club.
Meanwhile, the ownership groups in Cleveland and Denver both aim to construct soccer stadiums while their team would initially compete in temporary venues.
Of the two, Cleveland likely has the best shot at challenging fellow Ohio city Cincinnati. The state's northeast stronghold has already procured prime downtown land with the intention of breaking ground on an NWSL stadium.
Whichever market ultimately snags the league's 16th team must prepare to ante up top dollar, as the next expansion fee could near $100 million. Boston, along with 2024 expansion club Bay FC, both cut $53 million checks to enter the league, and the NWSL has continued to see soaring valuations since the pair's 2023 invitations.