sheppard mullin
our Sports Industry Team
NWSL Commissioner Earns Extension
Jessica Berman’s three-year contract extension as NWSL commissioner was negotiated by the league’s executive committee amid notable commercial growth and skyrocketing franchise valuations, which have increased by approximately 50 times since her 2022 appointment. Under Berman’s leadership, the league saw record expansion fees, substantially improved media deals, and recent club sales exceeding $100 million, while her new contract reportedly includes more incentives tied to upcoming broadcast negotiations. However, some owners lacked unanimous support for her extension, citing concerns about the decision’s process, discipline inconsistencies, and incidents impacting league operations and finances. Berman’s renewed mandate positions the NWSL for aggressive financial growth, but rising costs and increased scrutiny will challenge her ability to maintain consensus among stakeholders while securing the league’s future deals.
NWSL Commissioner Earns Three-Year Extension
Ohanian Invests in Los Angeles Volleyball Team
Chicago Marathon Winners Earn $100,000
WNBA Increased Finals Bonuses
Private Equity’s Hurdle in College Sports
NFL Can Leverage a Major Court Decision
Sports Team Leaders
Partner | Los Angeles
213.617.4252
dsunkin@sheppardmullin.com
David Sunkin
Partner | San Francisco
415.774.3287
banderson@sheppardmullin.com
Brian Anderson
Sheppard Mullin's Sports Industry Team is uniquely positioned to address the complex and dynamic needs of our sports industry clientele. Our sports practice offers the expertise necessary to provide full service legal counsel to owners, teams, leagues, governing bodies, facility operators, key rights holders, advertising companies, sponsors and others involved in sports-related transactions or disputes.
Learn More
A weekly summary of the key trends and stories in sports business.
Go Deeper
Following the financial success of Angel City FC, which became the highest-valued NWSL franchise after its recent sale, Alexis Ohanian, Angel City’s founder, continues to expand his sports investment portfolio in Los Angeles. He is now bringing League One Volleyball’s seventh pro team to LA, paying an expansion fee and investing in the league, which collectively raised $100 million and secured national broadcast rights, though specific franchise financials were not disclosed. Ohanian’s strategy now emphasizes full control of team operations and board governance, learning from earlier financial frictions at Angel City where he lacked board control. The influx of capital and new teams fuels competition, which may drive up local franchise valuations and strengthen Southern California’s position as a hub for women’s sports investment.
Ohanian Invests in Los Angeles League One Volleyball Team
Go Deeper
The 2025 Chicago Marathon featured a prize purse of $908,000, with $100,000 each awarded to men's and women's champions Jacob Kiplimo and Hawi Feysa, respectively, alongside substantial payouts for subsequent top finishers and a $40,000 prize for each wheelchair division winner. American Conner Mantz and Natosha Rogers received additional bonuses for being the top U.S. finishers, reflecting the event’s commitment to marquee athlete incentives despite a slight decrease in the total purse from the previous year. Sponsorships from major brands such as Nike, Adidas, Hoka and Puma remain central to the athletes’ financial support and visibility, while media coverage and broadcast deals enhance the event's commercial appeal. The evolving payout structure and ongoing partnerships suggest the marathon’s broader financial health relies on balancing elite international competition with recognition of domestic talent and sponsor engagement.
Chicago Marathon Winners Earn $100,000 in Prize Money
Go Deeper
The financial stakes in this year’s WNBA Finals have increased, with each champion athlete set to receive nearly $23,000 from an expanded postseason bonus pool—reflecting ongoing efforts to boost player compensation as the current collective bargaining agreement nears expiration. This uptick comes alongside growing overall league revenues and viewership, but disparities remain compared to other competitions, as midseason Commissioner’s Cup winners and players in other women’s leagues have earned higher payouts. As players and most of the league prepare for free agency and anticipate a new salary structure, negotiations are underway to substantially increase base salaries and benefits in the next CBA. With heightened exposure and evolving financial models, the WNBA’s future compensation structures will likely be shaped by both market momentum and continued advocacy by players and their union—a critical moment for labor relations in women’s sports.
WNBA Increased Finals Bonuses Amid CBA Negotiations
Go Deeper
Since the NCAA authorized college athletes to use their NIL rights, the speed and magnitude of financial transformation in college sports has accelerated, prompting schools and conferences to explore private equity partnerships. These discussions have increasingly become public, with multi-billion-dollar deals, like a reported $2 billion Big Ten proposal, drawing attention from institutional investors seeking to monetize commercial athletic rights. Congressional intervention has emerged as a significant financial obstacle, with proposed legislation aiming to bar colleges from entering profit-sharing agreements with private equity or sovereign wealth funds, potentially deterring investments that might conflict with the schools’ nonprofit status. As financial interests grow, congressional and regulatory scrutiny is likely to shape the future structure and funding models of collegiate athletics.
Private Equity’s Congressional Hurdle in College Sports
Go Deeper
A U.S. District Court jury ordered the National Football League to pay more than $4.7 billion in damages for antitrust violations. The ruling held that restricting negotiations over rights to broadcast teams’ out-of-market Sunday games to a single, bundled TV package violated competition laws. The lawsuit covered 2.4 million residential subscribers and 48,000 businesses in the United States who paid for out-of-market games from 2011 through 2022 on DirecTV. The plaintiffs claimed that the NFL broke antitrust laws by selling its Sunday games package at an inflated price. While the League plans to appeal the decision, the ruling could prompt changes in how rights to air games are distributed, potentially benefiting football teams and fans alike. If the ruling stands, the NFL could lose out on one big-ticket payday. But dicing up rights could spark a wider feeding frenzy. The pot for sports rights is expected to grow to $30 billion annually by 2024.
NFL Can Leverage a Major Court Decision to Boost How Teams and Fans Watch Games
Read More
Share on LinkedIn
Download Current Issue
Subscribe
Previous Issue
sports page
Weekly Trivia Question
Weekly Trivia Question
What do you call it when a bowler makes three strikes in a row?
Weekly Trivia Question
Answer
Turkey
REveal Answer
What do you call it when a bowler makes three strikes in a row?
Weekly Trivia Question
In which organization are teams individually owned and belong to governing bodies which promote and relegate teams to different leagues based on performance?
Weekly Trivia Question
a. National Football League (American Football)
b. English Premier League (Soccer)
c. Major League Soccer (Soccer)
d. Serie National de Beisbol (Cuba) (Baseball)
Correct!
b. English Premier League (Soccer)
Hide Answer
Incorrect
try Again
Hide Answer
In which organization are teams individually owned and belong to governing bodies which promote and relegate teams to different leagues based on performance?
Weekly Trivia Question
a. National Football League (American Football)
b. English Premier League (Soccer)
c. Major League Soccer (Soccer)
d. Serie National de Beisbol (Cuba) (Baseball)
Correct!
b. English Premier League (Soccer)
Hide Answer
Incorrect
try Again
The 2025 Chicago Marathon featured a prize purse of $908,000, with $100,000 each awarded to men's and women's champions Jacob Kiplimo and Hawi Feysa, respectively, alongside substantial payouts for subsequent top finishers and a $40,000 prize for each wheelchair division winner. American Conner Mantz and Natosha Rogers received additional bonuses for being the top U.S. finishers, reflecting the event’s commitment to marquee athlete incentives despite a slight decrease in the total purse from the previous year. Sponsorships from major brands such as Nike, Adidas, Hoka and Puma remain central to the athletes’ financial support and visibility, while media coverage and broadcast deals enhance the event's commercial appeal. The evolving payout structure and ongoing partnerships suggest the marathon’s broader financial health relies on balancing elite international competition with recognition of domestic talent and sponsor engagement.
Chicago Marathon Winners Earn $100,000 in Prize Money
Go Deeper
