The Business of Soccer: NWSL Commissioner Jessica Berman

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1:17Not noise. Proof of how we can help companies get smarter by putting AI where it actually pays off, deep in the work that moves the business. Let's create smart business. IBM. Bloomberg Audio Studios. Podcasts. Radio. News. This is the business of soccer. The appetite for soccer in this country is here to stay. The Global World Cup of 26 will bring just that, the globe, to the United States. Every four years, you know, there's this moment where the world wakes up to the incredible athletes that we have on the U.S. Women's National Team. There are more soccer games available to watch on television in the U.S.

1:58than any other country in the world. Soccer, or as I would call it, living in the U.K., football, is the biggest sport in the world. There's a gap in the market around women's soccer, and we're here to fill that gap. Bloomberg Business of Soccer, from Bloomberg Radio. Commissioner Berman, thanks so much for joining us here on the Bloomberg Business of Soccer. It's so great to have you. Thanks for having me. So the new season is about to kick off. Tell us about what fans can expect for 2026 regular season. Incredible competition, two new teams. So expanding our geographic footprint from 14 to 16 teams and our games across five media partners.

2:39So no matter where you watch or get your content, you can probably find the NWSL. Which is nice. This is like a new thing for the I mean, not new now, but I mean, really amazing to have that for for women's sports, women's soccer at this time. It was a big change we made in 2024 with the idea that we have to be in the places and spaces where people consume content. And of course, we know there's complete fragmentation in how people consume their content. There's digital and streaming, there's linear, there's cable. And given that this transition is underway, we want to just make sure that we can be represented everywhere that the next generation of fans find their stuff.

3:19This is going into the third year of that deal. How have the partners been saying it's been going for the league and for them? It's incredible. Our viewership is up 20 % year over year from 2024 to 2025. And our digital is up 30%. We also index really heavy on female ages 18 to 34. So it's a really strong demo for media partners and the exact cohort that audience are attracting. And so when we think about how we're performing, we're really proud of that with our partners. Tell us about the two new teams coming on, Denver and Boston, about the different ways they came into the league and their different approaches to coming in.

4:02Yeah, we're really excited about it. So Boston was admitted all the way back in 2023 at the same time as Bay FC. And so they had a little bit of a longer runway because they're building purpose-built infrastructure. So they are going to have a purpose-built training facility, a purpose-built stadium, and that construction is underway. They're actually going to open their season at Gillette Stadium, where, of course, the Patriots play. And super excited for that. I think they just announced that New Kids on the Block are going to be opening the show and performing at halftime. Because they are from Boston as well.

4:39They are from Boston. And so that'll be really fun, especially for people who are my demographic. New Kids on the Block was like my thing back in high school. So that's super exciting. And then Denver, you know, they were just admitted about a year ago. So in just 12 months, they've gone from an idea to actually being able to launch a team. They started with no players and now they have a full roster. They have a full technical staff. They have a purpose-built training facility. And they, too, are going to be opening their season at Empower Field, where, of course, the Denver Broncos play. and they have sold 50 ,000 tickets for their home opener.

5:20Right, they're looking to break the NWSL single game record. I think they already did. And I am trying to push them to go for a sellout, which would be closer to 70 ,000. But we set the record last year in Oracle Park with Bay FC at 41 ,000 attendees. So we've already broken that record, assuming everybody shows up. And they're continuing to sell tickets, of course, because that game is not until March 28th. What does it mean to have teams come in and do things like that already, already breaking records before they even step on the field? Just build so much confidence in the brand. And I think across sports leagues, when you look at expansion, when new teams come in, it's an opportunity to raise the bar and set a new standard.

6:05And that's what Boston and Denver are doing. And, you know, I was just with the ownership group of Kansas City with Chris and Angie Long. And they, of course, were the first to ever build a purpose-built stadium for a women's professional team in the world. And now others are following suit. And they and we love nothing more that they were the first but not the last. And so everyone who comes in is trying to raise the bar and really inspire the entire NWSL ecosystem to continue to challenge ourselves and reimagine what's possible. We'll talk about Kansas City in a little bit because I also hear they're a bit of a hotspot for World Cup teams that really wanted to use their facilities.

6:47Isn't that incredible? There was like a bidding war. There was a bidding war for them. Everybody wanted to be at the women's stadium and at the women's training facility. And I love that when those teams are walking around the stadium for their training, they're going to see Title IX etched on the wall because it is a constant reminder that this stadium was actually built for women. So we also need to really talk about what was really consuming your world in the last couple of months over the last end of the season. The Trinity Rodman re-signed to the league and the high impact player rule was instated.

7:23It felt like that was the entire conversation for months. And also the season didn't end that long ago, right? The season ends in November. So tell me about the high impact player rule and its impact on the league. Well, first, let me just say that we are constantly analyzing and evaluating our policies to make sure that they put us in the best position to compete for players. Soccer is unique. And as an American sports fan, I have to remind people that it is the only sport where we compete in the global labor market for talent. That is different from the NFL or the NBA or Major League Baseball or the NHL, where there really is only one league to play in if you are the top of your game.

8:08And that really forces us to constantly be innovating and thinking about the ways in which our policies drive behavior for our clubs and put us in a position to attract and retain the best players in the world. So this will always be something that we're analyzing and assessing. And we do that through a bunch of different analytical tools to see if we're winning on the global stage for attracting and retaining top talent. We also know that the transfer market is something that's unique. So players will come, players will go. And that's just part of the game of soccer, both on the men's side and the women's side.

8:48So all of that for context to say that the high impact player rule is where we landed. But this work really began back in 2023, where in preparation for our collective bargaining negotiation, we ideated about what we felt we needed to put in place to put us in a position to achieve our objective, which is to be the best league in the world. And of course, we negotiated a new CBA with our player association and made commitments to significantly increase the salary cap. And that is now in our collective bargaining agreement and projected out until 2030. We also negotiated for the right to be able to create other rules that give us the ability to do things like the high impact player rule and giving the union an opportunity to consult, but ultimately retaining the right to implement rules like that.

9:43And that's what we did in this circumstance, really with a very specific goal in mind, which is that in the top tier of players in the world, we wanted to make sure that within the construct of having a salary cap, which is very unique, that we put our clubs in a position to have additional investment that they could put into player compensation to attract the best players in the world. It's interesting because the way you're talking about it and the way that you had it written into the CBA that you're able to do that. Is that specifically because you know how the global game works and you realize the amount that it's changing for the women's game?

10:24That's exactly right. And, you know, when we negotiated the CBA in 23 going into 24 and 25, we did not know what was going to be needed. And so while we had already done a lot of work about the potential options that we could examine and potentially implement, we went as far as we thought was appropriate at that time but wanted to give ourselves the ability to make sure that the policies we're putting in place and the investments that we're making are in service of growing the business and are being done in a way that's paced with our growth. And I think that's also sort of the second point that I want to emphasize, which is that with the global booming that is happening around women's sports, these are businesses.

11:09And we have to make sure that we're growing these businesses sustainably and for the long term, which means that there has to be a rational relationship between revenue and investment. And this rule was designed specifically with that in mind. We know the things that move the needle in sports. It is stars. It is top talent. You don't have to look far at other leagues to identify those situations. And it is our thesis that by making those investment in stars, which is what the high impact player rule is designed to achieve, we will grow the pie. And when we grow the pie, the salary capital increase.

11:49So all of the players will get to enjoy the benefits of us driving growth on our core business. And that is the mechanism of a partnership that we created in our collective bargaining agreement. I think the interesting word you used there was rationally grow business because I think the problem that European soccer has and the world soccer has is that they aren't very rational about the way they grow business. Right. And that's kind of what's happening in the Premier League. Now we're seeing shifting with American investment coming in and they're trying to bring over more of American model. Is that hard to kind of work against these people who are just going to be out there throwing money, even though it doesn't make business sense?

12:28It's always the challenge when, you know, as I alluded to earlier, in traditional American sports, we are competing, we meaning teams, are competing with each other within a closed system of a particular league like the NFL or the NBA or Major League Baseball. In soccer, our teams are competing against each other like they are in the other professional leagues. But we are also competing against other teams that compete in different leagues that have different rules. So I sometimes describe it as like apples and cucumbers. Like it's not even apples and oranges. These are different versions of totally different constructs.

13:09And yet we're competing for the same talent. And so it does create some challenges, but it also forces us to really examine and analyze and be super clear about our superpowers and our value proposition and putting us in a position to make sure that we're executing on what we've identified as our core priorities, which is to be the most competitive league in the world and make sure that in any given game and in any given season, any team can win. And so any rules that we create have to be implemented and designed with that core principle in mind because that is the original hypothesis of sports in America.

13:55It is the reason that sports in this country has dominated the cultural zeitgeist here. And it is our priority to, in addition to competing for top talent from around the world, make sure that we maintain that principle. We're speaking with Commissioner Berman of the NWSL. We've been talking a lot about the high impact player rule. Can you just give us an overview of it? We should just step back for a second for people who don't know what exactly it is. Yeah, the high impact player rule is basically an extra tranche of money that our teams are allowed to spend or invest in player compensation beyond the salary cap.

14:34So think of it like a second tier of the cap. And any players who are eligible for that investment have to meet specific objective criteria. And those criteria are designed in a way that really connect the business with the investment. So think of these as criteria that ensure that these are players who will drive interest in the league, make people want to buy tickets, things like their performance on elite performance on the field, things like their recognition globally through awards and other mechanisms that identify who are the, quote, stars of women's soccer. And those are the proxies that we have used to say, OK, if you as a player meet these criteria or any, I should say, any of the criteria in that rule, we will give through our system our teams the ability to pay those players pursuant to the high impact player rule.

15:38One of the things about the high-end pipe player rule that was really interesting to me was kind of how quickly it all came together. It felt quick. Did it feel quick for you? Because there was a lot of trying to keep Trinity in the league and there was all this talk about, you know, the global market and things like that. Did it feel quick and how did it all come together, really? Yeah, it didn't feel quick to us because we had been working on it since 2023. I definitely recognize how it would have felt quick externally. But, you know, from our ownership perspective, from the league perspective, these were in the works and in development in different variations and different forms for many years.

16:17And so it did not feel quick to us. We had to identify the right moment in time to feel that it was the appropriate mechanism to implement given the circumstances. And the response to the global landscape is really what prompted us to move forward with it. I should mention that Trinity, obviously, being able to take advantage of this rule is incredibly important. But it wasn't the only thing that we expected to achieve. And there are other players, more announcements to come, that are going to be able to take advantage of this rule. And we believe that this will help differentiate the league by giving our teams the ability to be competitive with one another and maintain the parity that we think is really important for our competition and give us the ability to also attract elite talent.

17:13Is this something that you'll look again at the CBA when the 2030 comes around because that's when the salary cap will then be renegotiated? Do you imagine this going away then or will it just become a different part of something that will be negotiated again? I think we'll always continue to analyze whether our rules and our policies are designed to effectuate the outcomes that are part of our core objectives and strategies. So whether it's through collective bargaining or through other mechanisms that we've negotiated into our CBA, we'll make sure that we're positioned to achieve our goal, which is to be the best league in the world.

17:52A lot of NWSL teams train overseas during the offseason, and Gotham competed in the FIFA Women's Champions Cup this year. Didn't go as great as they hopefully imagined, but still being able to compete in those markets is huge. Can you tell me more about the global recognition of the NWSL in overseas? When I was in London for the FIFA Club Champions Cup, it was and always is when I'm overseas a reminder of how well we're doing perceptionally in the global landscape. I think we're universally recognized to have a very unique approach that is trying to balance the U.S. way as it relates to professional sports with the global game.

18:38And a lot of other leagues look to us for best practices and vice versa. It's an opportunity for us to come together with the other leagues and best clubs in the world to learn what we can do better. We also had our Women's League Forum meeting, of which I'm the co-chair, where 17 professional leagues around the world came together to share ideas and best practices about how to grow the game globally. And, yeah, it's a reminder that we really do have that recognition. We really are leading the charge in many ways. You know, I think part of the challenge with Gotham competing in that tournament is in the global game, each of the leagues are on different calendars.

19:24And so Gotham was in the middle of their offseason competing against teams that were in the middle of their season. And so being in midseason form versus coming in cold from your offseason does create some challenges for us in those kinds of competitions. Yeah, that makes sense for sure. Are there things that when you're looking at expansion and you're looking at you have talked about this before about rolling expansion? Are you looking at other markets overseas to expand in like other North American leagues playing in Canada and having teams in Mexico potentially? Right now, we're pretty focused domestically.

19:59We have, I think, by comparison, the largest country in terms of not just the number of cities, but the geographic footprint. And so being 16 teams for the 2026 season, we look at the other leagues as comparisons and all of the major leagues are 30 plus teams. And so we think we have a lot of room for growth right here on our own soil. So as we wrap up here, Jessica, what are things that we're looking for again in 2026 that you're really excited for you want people to be excited for? Well, I think number one, excited about the global game coming to the U.S. with the Men's World Cup. Given that we are the best league in the world for the women's game, we intend to insert ourselves into that dialogue by having our players and our teams show up in the markets where there are World Cup games happening.

20:55And outside of those markets, we're going to be hosting our Challenge Cup in Columbus, which is not a World Cup city. But we know that millions of people are going to be here and it is a massive soccer town. They certainly punch above their weight in that way. And so on June 26th, our Challenge Cup will be there. And we hope that if you are a fan either in the U.S. or from outside the U.S. and you can't find your ticket to your Men's World Cup game, that you can enjoy the best soccer in the world with two of our best teams from last season competing against each other. So that's sort of the first thing super excited about.

21:30I think we're going to find, in addition to Denver breaking the attendance record, a ton of amazing stories with all the incredible players who are going to be playing in this league. We have Trinity, Rodman, Sophia Smith and Mal Swanson back from either injury or having had children last year. And so for those who were paying attention in the Olympics, which millions and millions of people were, they were the triple espresso who captivated the world and helped lead the U.S. to win the gold medal. All of them are going to be playing in the NWSL. And we think that that's going to generate a ton of attention to these incredible players.

22:09And we intend to celebrate all their stories and make sure that everybody knows that the NWSL is back. I'm super excited for that. I do want to touch again on the World Cup, like you said, because I'm glad you mentioned that the fact that this is a men's World Cup, but it also is impactful for you guys as well. Having a bunch of soccer fans in these markets. Tell me how it can impact you guys as well, even though this is a men's World Cup, but this is really about growing soccer in the US. Well, it has always been the age old question. When are American sports fans going to fall in love with this global game?

22:41It is the global game everywhere else in the world. And of course, there are a lot of competing sports here that competed at a different level than exists in other countries. But I think a lot of people believe this is going to be the moment where it really cements itself as part of the cultural zeitgeist of an American sports fan. And we believe this is going to not only lay the tracks for the NWSL, but also 2031 when the Women's World Cup is actually going to be here. And I always say, imagine a world where in 1999 and the U.S. won the Women's World Cup, the NWSL existed in its current form.

23:22The whole world would be different. That's what we're preparing for as we look ahead to 2031. And we're so excited about being able to start that journey with these really incredible milestones and touch points, not only the Men's World Cup, but of course, we have the Olympics here in 2028. And I think those three major events happening in the U.S. are really going to change the way this country embraces the sport of soccer. it's that same cycle of a men's world cup and then a women's and a olympics and a women's world cup all being on us so that it was 94 and 98 and 99 yeah it is and the only difference was that the professional league wasn't here to really capture those tailwinds and the momentum and we're going to not let that happen again absolutely jessica thanks so much for talking with us really appreciate it thank you

24:18This Sports Spotlight is brought to you by Capital One. Capital One offers no fees or minimums on checking accounts. Did you know that two new expansion teams will begin play this year in the National Women's Soccer League? The 2026 season will see the league expand from 14 to 16 teams, with Boston Legacy FC and Denver Summit FC kicking off their inaugural seasons in March. Capital One, what's in your wallet? Terms apply. See CapitalOne.com slash bank for details. Capital One, N.A., member FDIC. If you follow markets, you know the value of long-term thinking. You plan, you diversify, you prepare for volatility.

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