Private Equity Pioneer Bets On Women’s Soccer

From left to right: Lauren Leichtman co-founded LLCP and currently serves as Co-Chairperson of the Firm’s Executive Committee. She serves as the San Diego Wave Fútbol Club National Women’s Soccer League Governor. Sabrina Leichtman-Levine is the COO at the Levine Leichtman Family Office. Geri Stengel is a contributor to Forbes and CEO and President of Ventureneer.

The Women’s Venture Summit brings together female founders, funders, and thought leaders to close the gender gap in venture capital.

Women’s professional sports are no longer a niche—they’re an emerging global market. Deloitte projects revenue to reach $2.4 billion by 2025. Private equity pioneer Lauren Leichtman and her daughter, Sabrina Leichtman-Levine, are among the women fueling that growth. I moderated a fireside chat with them at the Women’s Venture Summit in San Diego.

The Levine Leichtman Family Office made history with its $113 million purchase of the San Diego Wave Fútbol Club, the highest valuation in the National Women’s Soccer League at the time. Their approach—combining disciplined investing with long-term passion for women’s sports—reflects a larger trend: women investing in women’s sports not just as fans or philanthropists, but as builders of profitable, purpose-driven businesses.

From Private Equity To Owning The San Diego Wave FC

When Leichtman talks about investing, she sounds more like a strategist than a sports owner, for good reason. She co-founded Levine Leichtman Capital Partners in 1984, one of the first woman-led private equity firms in the United States. Over the next four decades, she built LLCP into a global firm managing billions in assets—and in the process, became the world’s first woman private equity billionaire.

In private equity, Leichtman established her reputation by identifying undervalued companies and helping them achieve sustainable growth. The same philosophy guides her approach to owning a sports franchise. You want the best players, the best coaches, the best environment, she commented.

Her daughter, Sabrina Leichtman-Levine, serves as chief operating officer of the family office that manages their investments. Together, they bring both business discipline and a personal sense of mission to the San Diego Wave. This isn’t an investment with an exit timeline. “We want to build something lasting—for the players, the fans, and the community,” said Leichtman-Levine.

For the mother and daughter duo, owning the Wave isn’t about short-term returns. It’s about building a franchise that can generate both economic and social value over the long term and establish a lasting legacy.

The Business Of Women’s Sports

Market Growth And Investment Momentum

The rise of women’s professional sports is one of the decade’s biggest business stories. Deloitte forecasts that women’s sports revenue will grow from $692 million in 2022 to $2.4 billion by 2025. Soccer is leading that expansion. The NWSL, now in its 12th season, continues to shatter records in attendance and viewership.

The league’s new media rights deal with CBS, ESPN, Prime Video, and Scripps Sports represents another milestone: The average annual value of those contracts increased roughly 40-fold compared to previous agreements. In an industry long dominated by men’s leagues, that kind of growth signals a major shift.

Why Investors See Opportunity In Women’s Sports

For investors, women’s sports are no longer a philanthropic play—they’re a growth opportunity. Teams are often undervalued compared to men’s franchises, yet their audience is expanding at a faster rate, and brands are taking notice. Corporate sponsors have recognized that women’s sports attract younger, more diverse, and more socially engaged fans.

“Women’s sports are on the cusp of taking off,” Leichtman said. She’s seeing it firsthand with the Wave.

The Wave is part of a larger movement in women’s professional sports—from the Women’s National Basketball Association to the Ladies Professional Golf Association—that challenges the assumption that men’s sports are the only profitable option.

Women Leading Sports Investment

More Women Owning Sports Teams

The pair is part of a growing wave of women investors reshaping the sports ownership landscape. Serena Williams and Natalie Portman were early investors in Angel City FC. Michele Kang became the majority owner of the Washington Spirit and expanded her holdings internationally with clubs in France and England. Tennis stars, WNBA players, and women business leaders are also investing in women’s sports teams, signaling a historic rebalancing of power in sports investment.

This surge of women-led ownership has made the NWSL one of the most dynamic leagues in global soccer. New investors are helping teams modernize facilities, professionalize management, and attract world-class players. Many of those investors—like this mother-daughter pair—come from finance, law, or entrepreneurship, bringing analytical rigor to what was once considered a passion project.

“The right opportunity came along. It was a perfect way to have our first big family investment together,” said Leichtman-Levine. “We’ve always loved sports.”

Changing The Narrative On Investment

Women investors are reframing what it means to “support” women’s sports. Instead of viewing ownership as a form of charity or brand-building, they’re treating it as an asset class with both social and financial returns.

That dual motivation—profit and purpose—is attracting other women with capital to the sports industry. It’s also redefining who sits at the ownership table.

Leichtman’s private equity background gives her a clear-eyed perspective on risk and reward. “You have to have cash flow to support your business,” she said. “You can’t rely on hype. It’s about execution, community, and smart growth.”

Owning a sports team, Leichtman noted, differs sharply from running a company. In private equity, if you have a CEO who isn’t performing, you can replace them. In sports, you can have the best team and the best coach, and sometimes things still don’t go your way.

Her disciplined approach is helping set new expectations for women’s sports ownership: serious management, strategic investment, and long-term vision.

Building Community And Legacy

The family partnership’s ambitions for the Wave extend beyond the scoreboard. Plans are underway for a new training and community facility in San Diego designed to serve the city’s 200,000 youth soccer players. “We want it to be a space for everyone,” said Leichtman-Levine. It’s a place where girls can see what’s possible—and know that women can own teams, too.

The new facility is part of a broader effort to deepen the team’s roots in the community. The Wave has quickly become part of San Diego’s civic identity, drawing strong attendance and fan engagement since its founding in 2021.

Leichtman-Levine also aims to enhance the team’s visibility off the field by developing a lifestyle brand that can be worn both on and off the field.

That approach reflects a growing understanding among women’s sports owners that fandom is as much about culture as it is about competition. By blending fashion, community engagement, and performance, the Wave aims to build a brand that transcends soccer.

Owning a professional sports team is not without its challenges. Facilities are expensive. The competition for top players is global in scope. While the NWSL has made significant strides, it remains in the early stages of its commercial development.

Leichtman understands those realities but sees more opportunity than risk. “We believe women’s soccer is still undervalued,” she said. “That’s why we wanted to be part of it.”

The Future Of Women’s Sports Ownership

Women’s sports are rewriting the playbook for investment and impact. Owners like Leichtman and Leichtman-Levine are proving that women investing in women’s sports isn’t just good for equality—it’s good business.

Their long-term commitment to the San Diego Wave FC reflects a shift from short-term speculation to enduring vision. For mother and daughter, success will be measured not only in championships but also in the opportunities created—for players, fans, and future female investors.

As women’s sports continue their rise, their story stands as proof that when women invest in women, the returns go far beyond the balance sheet.