When Michele Kang bought the National Women’s Soccer League’s Washington Spirit in 2022 for $35 million, the price was a shock in a sport whose clubs had historically traded for less than $5 million. Over the past year, however, a slew of transactions have made that deal look like a bargain. Five teams changed hands for at least $58 million, led by Angel City FC at $250 million, and Denver was selected as the NWSL’s latest expansion franchise in January for a $110 million fee.

Months later, even those revved-up numbers are looking a little sluggish.

Valuing the NWSL’s teams for the first time ever, Forbes now estimates that all 14 clubs are worth at least $70 million, with an average of $134 million. Angel City leads the way at $280 million—up $30 million from the sale that closed in September as the Los Angeles-based team continues to project growth for its sponsorships, merchandise and ticket sales—and the Kansas City Current are right behind at $275 million as they capitalize on a transformative new stadium.

The two clubs have a significant revenue advantage on the rest of the league, with Angel City recording an estimated $35 million in 2024 and Kansas City banking $36 million—while projecting a jump to $45 million for 2025. By contrast, the next-best revenue figure last season was San Diego Wave FC’s estimated $24 million, and eight clubs sat at $10 million or below.

Still, even the teams near the........

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