The sale of Portland Thorns FC to RAJ Sports is complete, the team announced on Wednesday. According to two sources briefed on the agreement, the sale price totaled $63 million with the NWSL board of governors approving the transaction last week in a formal vote. As reported here last month, Lisa Bhathal Merage will serve as the team’s controlling owner and representative on the NWSL board of governors. Her brother and partner across multiple business entities, Alex Bhathal, will serve as the alternate governor.
The Bhathals have committed to keeping the team in Portland. The Thorns have a lease agreement in place to play in Providence Park through 2035.
“As fans ourselves, and as seasoned sports and real estate operators, we believe in the future of Portland and the NWSL, and in the tremendous opportunity that surrounds this iconic team,” Bhathal Merage said Wednesday. “We look forward to working with the Timbers throughout this transition and beyond to ensure the continued success of the Thorns at Providence Park.”
Sporting operations for the Thorns are now fully under RAJ Sports’ control. The Timbers organization will also follow through on its promise to provide operational support this season while the Bhathals build a new front office for the Thorns, ranging from ticket sales to sponsorships and game day operations. The Bhathals have committed to building a new training facility for the club. On Wednesday, a Timbers spokesperson confirmed to The Athletic that they have offered Providence Park as a continued option as the team’s training facility for free through 2025 while a new facility is built.
Sources briefed on the sale process told The Athletic in December that the new Thorns ownership group had already begun evaluating options for a new training facility within the Portland market — though they were awaiting staff and player feedback before moving ahead with plans. With the sale closed, the communication between the Bhathal family and the sporting side of the club is now open. The goal is to have “at least two” training fields, a training and performance center and office space.
While the training facility is a major long-term project, it’s not the only one facing the team’s new ownership. Building a new front office staff, rebuilding a relationship with the club’s dedicated supporters and winning their trust, and looking ahead to the free agency window are all on the list. The Thorns have already lost Crystal Dunn and Michele Vasconcelos to other teams and keeping their veteran core of Christine Sinclair for her final season, Becky Sauerbrunn and Meghan Klingenberg should be a top priority.
The Thorns were up for sale for more than a year after Merritt Paulson announced his intent to sell the NWSL club, but not the Timbers, on Dec. 1, 2022. The Thorns were one of the main clubs underlined over the past two years in investigative reporting and multiple official investigations concerning systemic abuse across the NWSL. The Chicago Red Stars, also a focus, were purchased by an ownership group led by Laura Ricketts earlier this year for $35.5 million (an additional $25.5 million was promised for investment into the club).
Portland’s higher sale price is no surprise considering the strength of the team historically when it comes to revenue. According to Sportico, the Thorns are valued at $65 million (fourth highest in the league) and bring in $10.5 million in annual revenue (third highest). These valuations were completed before the NWSL announced its new media rights deals with ESPN/ABC, CBS, Amazon and Scripps for four years, at $60m/year.
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A source briefed on the situation also said that the $1 million fine issued by the league to Portland Thorns FC in January 2023 has been paid as part of this transaction.
The Bhathal family has several investments across sports, including the Sacramento Kings since 2013. The two siblings are also co-founders of an investment firm, Revitate, that focuses largely on sports, real estate and commercial brands. While the two are based in California, they have other investments in Oregon and the Portland area.
(Photo: Soobum Im/Getty Images)
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