The sale of Portland Thorns FC to RAJ Sports has been completed, 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 in a formal vote last week. As reported here last month, Lisa Bhathal Merage will serve as controlling owner of the team and representative on the NWSL Board of Governors. Her brother and partner in several business ventures, Alex Bhathal, will serve as deputy governor.
The Bhathals have committed to keeping the team in Portland. The Thorns have a lease to play at Providence Park through 2035.
“As fans and as experienced sports and real estate operators, we believe in the future of Portland and the NWSL and the tremendous opportunity presented by this legendary team,” Bhathal Merage said Wednesday. “We look forward to working with the Timbers throughout this transition and beyond to ensure the Thorns’ continued success at Providence Park.”
The Thorns' sports operations are now fully under the control of RAJ Sports. The Timbers organization will also make good on its promise to provide operational support this season as the Bhathals build a new front office for the Thorns, ranging from ticket sales to sponsorships and gameday 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 another option as the team's free training facility through 2025 while a new facility is constructed.
Sources briefed on the sale process told The Athletic in December that the new Thorns ownership group had already begun exploring options for a new training facility in the Portland market – although they were waiting for feedback from staff and players before moving forward continue with the plans. With the sale completed, communication between the Bhathal family and the sporting side of the club is now open. The aim is to have “at least two” training places, a training and performance center and office space.
Although the training facility is a large, long-term project, it is not the only one facing the team's new ownership. The list includes building a new front office staff, rebuilding a relationship with the club's dedicated fans and gaining their trust, and looking ahead to free agency. The Thorns have already lost Crystal Dunn and Michele Vasconcelos to other teams and retaining their experienced core of Christine Sinclair, Becky Sauerbrunn and Meghan Klingenberg for their final season should be a top priority.
The Thorns were up for sale for more than a year after Merritt Paulson announced his intention to sell the NWSL club, but not the Timbers, on December 1, 2022, following investigative reporting and multiple official investigations into systemic abuse across the NWSL. The Chicago Red Stars, also a focus, were purchased earlier this year by an ownership group led by Laura Ricketts for $35.5 million (an additional $25.5 million was promised to invest in the club).
Portland's higher asking price is no surprise given the team's historical strength in terms of revenue. According to Sportico, the Thorns are worth $65 million (fourth highest in the league) and have annual revenue of $10.5 million (third highest). These reviews were completed before the NWSL announced its new media rights deals with ESPN/ABC, CBS, Amazon and Scripps for four years at $60 million per year.
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A source briefed on the situation also said that the $1 million fine imposed by the league on Portland Thorns FC in January 2023 was paid as part of this transaction.
The Bhathal family has made several sports investments, including the Sacramento Kings since 2013. The two siblings are also co-founders of the investment firm Revitate, which focuses primarily on sports, real estate and retail brands. While the two are based in California, they have other investments in Oregon and the Portland area.
(Photo: Soobum Im/Getty Images)