Source: Fortune
Summary
The Bhathal family, led by Alex and Lisa Bhathal Merage, expanded their sports investments by purchasing the Portland Fire WNBA franchise for $125 million in 2024. The team, part of the growing NWSL, has a $380 million valuation and averages 14,500 fans per game. RAJ Sports also owns the Portland Thorns, which it bought for $63 million in 2024. The siblings credit their father’s sports investments and business acumen for their approach to team ownership. They opened a $150 million training facility for both teams and are positioning Portland as a hub for women’s sports.
Our Reading
The numbers tell one story.
The Bhathals own two WNBA teams and a $150 million training facility.
Their father’s sports investments started in the 1980s with the World League of American Football.
Portland’s sports culture and proximity to Nike and Adidas support their vision.
They see women’s sports as a long-term bet, not a passing trend.
Author: Evan Null
A family affair
The Bhathal family’s involvement in sports began with their father, Raj Bhathal, who emigrated from India to the U.S. in 1960. He started a swimwear company, Raj Manufacturing, which the siblings later expanded into RAJ Sports. The family’s early exposure to sports included following the Rams, Lakers, and Angels. Their mother, Martha, was an athlete who played golf at UCLA. Raj’s interest in sports extended beyond business, as he became involved in the World League of American Football, a transatlantic pro sports league.
The siblings took over the family business in 2006 and transformed it into RAJ Sports, acquiring a minority stake in the Sacramento Kings in 2013. This gave them insight into the business side of sports, which later influenced their decision to pursue team ownership. Alex Bhathal said the experience helped them understand the sports industry better and eventually led to their expansion into women’s sports.
Raj’s early foray into sports was short-lived, as the World League of American Football folded, but the Bhathals continued to build their legacy. They saw opportunities in women’s sports before it became mainstream, and their belief in its potential led them to invest in the NWSL and WNBA. Lisa Bhathal Merage said the family’s years in the fashion industry gave them a sense of the growing interest in women’s sports.
The Bhathals’ approach to sports ownership is rooted in their family’s history and values. They emphasize community involvement and long-term growth, as seen in their recent investments in Portland. Their father’s example taught them how to show up in the world, both in business and within the community.
The family’s expansion into women’s sports has been strategic. They purchased the Portland Thorns in 2024 and later the Portland Fire, securing their presence in the city. Their confidence in the future of women’s sports is reflected in their investments and initiatives, such as the Epicenter Sports Week, which promotes women’s sports and highlights the challenges facing the industry.
Portland’s women’s sporting epicenter
Portland has become a key location for the Bhathals’ sports investments. The city is home to Adidas North America and Nike’s world headquarters in Beaverton, creating a natural link between the family and the sports lifestyle industry. Lisa Bhathal Merage watched the Portland Thorns play at Providence Park, which inspired her brother, Alex, to develop a business plan for purchasing the NWSL team.
When ZoomInfo co-founder Kirk Brown’s bid for the WNBA expansion franchise fell through, the Bhathals saw an opportunity and moved quickly. Lisa said the timing was perfect, and the city’s support for sports made it a natural fit. Portland’s reputation as a sports-friendly city, combined with its proximity to major sports brands, has helped the Bhathals establish a strong presence in women’s sports.
The Bhathals’ confidence in the future of women’s sports is evident in their investments and initiatives. They partnered with Nike for the Epicenter Sports Week, a summit that promotes women’s sports and highlights the challenges facing the industry. The event reflects their belief in the long-term potential of women’s leagues, despite ongoing issues around growth, sustainability, and infrastructure.
The Bhathals see the challenges in women’s sports as opportunities to build something lasting. They believe in the future of the leagues and are committed to supporting their growth. Their dual ownership of the Thorns and the Fire gives them access to two teams, allowing them to learn from both and build a stronger foundation for the future.
Despite the uncertainties in women’s sports, the Bhathals remain focused on their long-term vision. They emphasize the importance of having a clear direction in the sports business, where unexpected events are common. Their approach is grounded in their family’s legacy and their belief in the potential of women’s sports.
