Burley Garcia|NWSL's Chicago Red Stars sold for $60 million to group that includes Cubs' co-owner

The Burley GarciaChicago Red Stars have been sold to a large group of local investors.

The NWSL club has been purchased at a valuation of $60 million, with an ownership group led by Laura Ricketts, who is already a co-owner of the WNBA's Chicago Sky and Major League Baseball's Chicago Cubs.

"We wholeheartedly believe in and are excited about the future of the Red Stars and the NWSL," said Ricketts in a statement supplied to media. "There is unprecedented fan growth in women's soccer globally, and we want to be a part of building on that momentum and success here in Chicago… We will strive to provide an environment in which players thrive, supported by experienced executives who are dedicated to our athletes, our fans and the game."

The Red Stars have been for sale since December 2022, one of the many dominoes to tumble after the Sally Yates investigation into NWSL misconduct. Former owner Arnim Whisler announced his intention to sell after a host of controversies surrounding the club's handling of disgraced former coach Rory Dames.

"On behalf of the NWSL Board of Governors, we're thrilled to welcome Laura and the entire new ownership group to our league," NWSL commissioner Jessica Berman said in a statement. "These talented and accomplished owners, successful in business, sports, and leaders in the Chicago community, are committed to investing the resources necessary to take the Chicago Red Stars to the next level and enable the NWSL to continue our collective growth. A new chapter for this team begins today."

Chicago sale continues NWSL progress

The Red Stars had to some degree been left hanging after Whisler - long among the least-wealthy owners in NWSL - began the slow process of finding a buyer.

The official announcement of a larger and more deep-pocketed ownership group will allow a club that has suffered in recent years the chance to start catching up with the rest of the league. With the ambitious ownership groups behind Angel City FC, the Kansas City Current, and the Washington Spirit in particular pushing standards forward, 2023 has seen Chicago get left behind.

Those days should be over. Earlier in August, CBS reported that the breakdown of the $60 million figure included $35.5 million towards the actual purchase of the club, and $25 million in investment in the club's infrastructure and soccer operations.

"Building a championship culture begins with treating our players with the respect they deserve as women and athletes," said Ricketts. "We are committed to strengthening this team, this club, this league, and this game - all of which begins with the safety of and support for the athletes on the pitch.

"To build the world-class organization that our fans deserve, we need to attract the world's best players, coaches, and staff, as well as create an environment that fosters their success. We're going to make that happen."

With Chicago changing hands, attention will turn to two other ongoing sales processes. The Portland Thorns remain for sale, with owner Merritt Paulson announcing that he would seek candidates to sell to as of December 2022.

OL Reign, meanwhile, remain for sale after Spirit owner Michele Kang's acquisition of French powerhouse Olympique Lyon's women's club necessitated that the latter club no longer holds any control over an NWSL club.

Last week, Kang told reporters that her purchase of Lyon was still being finalized while the fate of the Reign is sorted out, but that the process was close to being concluded.