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Jeff Kassouf
Multiple Authors
The ownership group of NWSL team Racing Louisville FC is reportedly considering selling a stake in the team, according to multiple sources familiar with the matter.
Racing Louisville is owned by Soccer Holdings, LLC, a substantial consortium led by John Neace.
Sources indicate there is currently no prospective buyer, but Neace and his team have officially initiated efforts to seek additional investments to maintain competitiveness, especially as other clubs in the league ramp up their spending.
Three sources provided insights to ESPN regarding the potential sale of Racing Louisville. However, a spokesperson for the team stated that Neace does not wish to relinquish control or move the team from Louisville, but is looking for investment and equity partners.
The organization issued this statement: “With the NWSL undergoing extraordinary growth, Soccer Holdings is constantly exploring strategic options to ensure Racing Louisville has the necessary resources to compete at the highest level.
“We have just concluded our first playoff appearance and have built a competitive young roster that recently defeated the league leaders. We are committed to Racing’s future and invite our community to support Louisville’s only top-tier professional team at Lynn Family Stadium.”
This situation has also captured the attention and involvement of NWSL commissioner Jessica Berman, sources revealed.
Racing Louisville was recently valued at $127 million and $140 million by Sportico and Forbes, respectively, making it one of the less valuable franchises in the NWSL.
Nonetheless, the club’s valuation has surged amid the rapid expansion of the NWSL.
Having launched its inaugural season in 2021 after paying an expansion fee of under $2 million, Racing Louisville has seen a dramatic rise in franchise valuations and expansion fees since then. A consortium in Columbus, Ohio, led by the Haslam Sports Group, recently agreed to pay $205 million for the NWSL’s 18th franchise.
Racing Louisville shares Lynn Family Stadium with USL men’s team Louisville City FC, which has secured two league championships, but the NWSL side has faced challenges both on and off the pitch since its inception.
Louisville finally made it to the playoffs in 2025 as the No. 7 seed, breaking a streak of four consecutive seasons finishing last in the standings.
Despite the overall growth of the NWSL, Louisville’s attendance has lagged. Last season, Racing ranked last out of 14 teams in average attendance, attracting around 5,500 fans per game, which marked a decline from the previous season and their lowest average since launch.
Attendance at Louisville City FC games has hovered around 10,000 since the pandemic.
As of this spring, Lynn Family Stadium also hosts the Louisville Kings of the UFL, an American football league that plays in the spring. The Kings debuted last month in front of a sold-out crowd of over 14,000 fans.
Racing Louisville’s search for new investment comes at a pivotal moment as the NWSL attracts considerable interest from potential new owners and markets.
Berman has consistently expressed that relocation is a “last resort” for any franchise. This perspective was reiterated in March during a discussion on team relocations.
“Relocation should be a last resort,” Berman emphasized. “We believe our teams should be seen as community assets. This entails a commitment to demonstrating that owners and the league will keep these teams in their markets through various transitions, sales, or fluctuations in performance.
“Relocation is not an absolute, but we will evaluate such circumstances with great care and sensitivity.”
Similarly, the Houston Dash has been actively seeking investment and a potential new owner for over a year, having historically faced its own challenges.
Since 2020, every NWSL team, except the North Carolina Courage, has either changed ownership or entered the league as an expansion team.
North Carolina has recently brought in Marc Lasry and Avenue Sports Group for financial support, although Steve Malik remains in control of the franchise.
Relocations have occurred before in the NWSL; the North Carolina franchise was formerly the Western New York Flash before relocating in January 2017. Additionally, a franchise moved from Kansas City to Salt Lake City, then returned to Kansas City. Both markets now feature teams after the revival of the Utah Royals in 2024.