Brandi Chastain’s thrilling penalty kick to win the 1999 women’s World Cup for the United States captivated soccer fans across the county, prompting a boom in the sport and paving the way for leagues like the National Women’s Soccer League today.
Lauren Leichtman, who owns the San Diego Wave, was among those watching that moment.
Leichtman, the first woman to become a billionaire from private equity, will discuss her journey from private investing to pro sports, along with the economic momentum behind women’s athletics, during Sportico’s RISE: Women’s Sports event on Tuesday, Sept. 16, at the National Basketball Players Association (NBPA) headquarters in New York City.
Leichtman made her fortune through Levine Leichtman Capital Partners, which she co-founded with her husband, Arthur, in 1984. The Los Angeles-based middle market private equity firm, with more than $12 billion in assets under management, has invested in a variety of sectors from manufacturing to franchising, and its co-founder said operating a sports franchise is a different challenge.
“You never know what the outcome is going to be on the field,” Leichtman said in an interview. “You can’t predict that another team is going to get injured. The sports side is just completely different.”
Leichtman previously attempted to acquire NWSL teams Portland Thorns and Angel City FC. After those deals didn’t materialize, her luck changed with help from San Diego Wave team president and former U.S. women’s national team coach Jill Ellis. Their relationship has spanned 20 years after Leichtman supported the UCLA women’s soccer team Ellis coached in the 2000s.
Ellis made key introductions that ultimately led to the family buying the Wave from former owner Ron Burkle last year for a record $120 million— the most ever paid for an NWSL club.
Despite the sports team purchase arriving differently than many of her other business deals, Leichtman said there’s at least one commonality needed to have a successful operation in both pro sports and business.
“We built Levine Leichtman Capital Partners with a family culture, and we bring the same thing to the Wave,” she said. “It’s a family business. We all want success for each other; it’s not just about making money. Winning a trophy and making money are great things but you must build a culture.”
To help bolster the organization, Leichtman and her family recently welcomed former club captain and two-time World Cup champion Alex Morgan to the ownership group as a limited partner.
Hear more from Leichtman and other leaders in the women’s sports space on Tuesday at RISE. Interested attendees can purchase tickets here.
