# NWSL refreshes finances as teams 19 and 20 wait By MarketScale Newsroom · Published 2026-10-09 · Sports & Entertainment on MarketScale Canonical: https://www.marketscale.com/industries/sports-entertainment/nwsl-is-about-to-open-its-data-room-to-prospective-investors-for-teams-19-and-20 > Jessica Berman says the NWSL has no fixed deadline to award teams 19 and 20. ## Key points - NWSL has set no deadline for awarding franchises 19 and 20, with expansion timing dependent on market readiness rather than a fixed schedule - The league will update its financial data after completing the 2026 season, which ownership bidders will review when evaluating expansion opportunities - Jessica Berman positioned 20 teams as a next milestone, not a maximum, citing precedent from the NFL, NBA and NHL which each have at least 30 franchises Nobody is on a clock. According to The Athletic, Berman said the league has not set a firm date for awarding its next two franchises, and it will make those calls when it believes the market is ready. Her first priority is to complete the season and refresh the financial information so the league can put its best foot forward. For an ownership group sizing up a bid, or a city and venue partner hoping to be part of one, that order could matter: the financial picture buyers weigh may depend on a season that is still being played. ## Two record fees as the opening reference Block Field From a business and financial standpoint, Berman said, the league has many great stories to tell. ## Sixteen clubs now, eighteen in 2028 Teams 19 and 20 follow a fast run of additions. Boston Legacy and Denver Summit joined this season, taking the league from 14 to 16 clubs. Season-by-season counts compiled on Wikipedia show how recent most of that growth is: the league spent most of its first decade at nine or ten teams. Block Field Reuters reported that Berman set no ceiling on how many teams the league could eventually reach. Speaking at the conference, in remarks The Athletic also reported, she described 20 not as the maximum but as the next touch point. Her case rests on geography and precedent. The NFL, NBA and NHL each have at least 30 franchises, and she described the U.S. as a country the size of a continent, where a league that wants to compete nationally needs a presence across it. She also said the league evaluates supply and demand whenever it looks at expansion and that demand is high today. Some older public figures support that demand reading, with the caveat that they're dated. A 2024 Forbes article by contributor Brad Adgate said game attendance increased by 32% between the 2022 and 2023 seasons, and crowds of 10,000 or more more than doubled. The same article said that in 2023 Berman announced domestic media partnerships with CBS Sports, ESPN, Prime Video and Scripps Sports. Those are the kinds of business facts an expansion buyer would want updated, which is the point of refreshing the room. The strongest objection to reading this as an imminent sale comes from Berman herself. She said national scale isn't going to happen tomorrow, and with no deadline the league can hold the slots until the market looks right. She also dismissed concerns that adding teams dilutes play, arguing that players have been waiting for professional opportunities and that recent expansion hasn't hurt the quality of competition. For bidders, the takeaway is that the league sets the pace, and it has said so plainly. ## January 2028 gets crowded FIFA hasn't named a host. Berman said a U.S.-hosted event could bring the NWSL useful exposure, though she wants to hear more about the plans first. The league is still waiting on details of location, format and structure. She also pressed for close coordination among tournament organizers, since every competition draws on the same players, so that growth doesn't overload them. For club operations and venue teams, the overlap is the planning issue. Atlanta and Columbus launch in 2028, and a U.S.-hosted Club World Cup that January would put a global tournament in the league's home market just before their first season. Whether that turns into extra attention for new clubs or another demand on a shared player pool depends on details FIFA has yet to publish. ## The regular season sets the timing Berman has said the league wants to get through the season and update its financial information. Watch how quickly bidders show up once the 2026 numbers are available. A long, quiet stretch would mean the market isn't ready yet, and Berman has said that is when the league will wait. ## Sources - [Berman says NWSL starting process of expansion to 20 ...](https://www.sportsbusinessjournal.com/Daily/Issues/2026/10/08/) (Sports Business Journal) - [NWSL looking to expand to at least 20 teams, says commissioner Jessica ...](https://sports.yahoo.com/articles/nwsl-looking-expand-least-20-121606661.html) - [Expansion should not come at expense of player welfare, says ...](https://www.reuters.com/sports/soccer/expansion-should-not-come-expense-player-welfare-says-nwsl-chief-2026-10-08/) (Reuters) - [NWSL looking to expand to at least 20 teams - Merced Sun-Star](https://www.mercedsunstar.com/sports/article317542915.html) - [National Women's Soccer League expansion - Wikipedia](https://en.wikipedia.org/wiki/National_Women%27s_Soccer_League_expansion) - [NWSL Commissioner Jessica Berman Talks About Growth In ... - Forbes](https://www.forbes.com/sites/bradadgate/2024/10/01/a-conversation-with-jessica-berman-commissioner-nwsl/) (Forbes) Tags: NWSL, Jessica Berman, league expansion, sports franchise valuation, women's soccer, sports business, FIFA Women's Club World Cup, Leaders Week London, ownership groups, venue operations --- Source: MarketScale, https://www.marketscale.com/industries/sports-entertainment/nwsl-is-about-to-open-its-data-room-to-prospective-investors-for-teams-19-and-20. 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