Your NWSL deal just became an international market bet

In recent months, there has been no shortage of seeing the rising competition between domestic and international markets: Naomi Girma moved from San Diego Wave to Chelsea for a world-record $1.1 million, while Trinity Rodman became the highest-paid player in NWSL history at $3 million—a deal Washington Spirit had to make to keep her from European offers.

We're back with Jason Kelly, Bloomberg's chief correspondent, and his over two decades of experience tracking where sophisticated money flows before markets recognize the shift. His coverage of women's sports reveals that CMOs making budget decisions today are actually making bets on competitive positioning in a globalizing market.

The days of evaluating properties through this season's attendance numbers alone are over.

🤿 Below the Surface

Here's what's on deck this week:

• Signal Strength: Why your domestic partnership carries international market risk

• In the Current: AI deals, Winter Olympics momentum, and the UK’s first women’s sports bar

• Blue Zone: BOWS 2026 → Get your ticket now! 

• Shark Bite: 125 Ventures founder on sports infrastructure as the real investment opportunity

⚡️ Signal Strength  

Your Five-Year Deal Just Became a Global Competition

Kelly shines a light on a key insider conversation happening: ownership groups expressing concerns about how quickly European and international properties are building competitive infrastructure, concerns that contrast sharply with public growth messaging about US leagues.

The shift Kelly tracks:

When text debates emerge between "pretty prestigious" sports owners about whether better women's soccer gets played in the US or Europe, partnership value calculus changes. Five-year franchise commitments carry different risk if top athletes increasingly view international leagues as career destinations rather than off-season income sources.

What they're saying: "The NWSL is starting from a position of strength that the MLS did not have on the men's side. The MLS has always been the little brother." — Jason Kelly

What changes the math:

• Capital asymmetry: Middle Eastern and international money deploys resources without Western ROI timelines. India's women's cricket league set global startup franchise valuation records—that wasn't an anomaly, it was a preview of how well-capitalized properties establish premium positioning quickly.
  

• Infrastructure head start: European clubs offer UEFA Women's Champions League, providing continental competition visibility no domestic partnership replicates. When Chelsea or Barcelona launch women's teams, they inherit century-old brand equity and established global fanbases.
  

• Olympic inflection points: LA 2028 represents either home-field advantage where US properties cement leadership, or risk that international leagues use Olympics to attract next-generation talent choosing career destinations. Executives frame Olympic windows as competitive moments reshaping market structure for subsequent four-year cycles.

For brand marketers structuring partnerships, this creates a critical evaluation question: which franchises have ownership willing to compete globally? Brands partnering with properties that underinvest relative to international competition risk declining value, regardless of current attendance.

Read the complete breakdown

📰 In the Current  

We monitor the current so you can ride the wave. Here's what you need to know this week:

• Super Bowl ads spotlighted AI, sparking debate about its role in women's sports. ChatGPT's first sports partnership landed with India's Women's Premier League, and platforms like Vatic AI and Price.com are using women's leagues to showcase products.

• Women's sports revenue nearly doubled in two years as investors shift focus from team valuations to infrastructure, media, and services.

• U.S. Ski & Snowboard has doubled revenue since the last Winter Games, with CEO Sophie Goldschmidt crediting hospitality experiences and non-traditional brand partnerships like iHeart Radio and Google.

• Crossbar officially opened in Brighton on February 6th, with watch parties and events centered around the 2026 Milano-Cortina Winter Olympics. Table bookings for the debut night of the UK’s first women’s sports bar, sold out in under five minutes.

🦈 Blue Zone  

BOWS 2026: Early Bird Tickets SOLD OUT

Deep Blue’s 4th annual Business of Women's Sports Summit is returning to NYC on Tuesday, April 14th.

Join us to hear from industry experts, including Sue Bird, Swin Cash, Ashlyn Harris, Sarah Spain, Domo Wells, and more. Plus, drop by the
NEW Women’s Sports Café dedicated to networking and deal-making as we bring global industry stakeholders together under one roof.

More speakers to be announced. 

Tickets are selling fast! Get yours today at BOWS2026.splashthat.com.

Register now →

🌊 Shark Bite

“When people think of sports, they immediately think of teams…But the sports ecosystem is much broader than that. Investing in facilities, media platforms, and athlete services isn’t charity—these are the pillars that turn engagement into scalable revenue.”
– Lorine Pendleton, founder of 125 Ventures

Three years until LA 2028. Partnership decisions made today determine whether your sponsored properties capture Olympic momentum or watch international leagues recruit the next generation.

– Deep Blue Sports + Entertainment

Interested in learning what Deep Blue is up to? Have an idea?  

Reach us at [email protected].

Rising Tide is published by Deep Blue Sports + Entertainment, the first-of-its-kind firm designed to identify, create, and influence business models and growth opportunities in women's sports for forward-thinking brands.