Arthur Levine and Lauren Leichtman completed the purchase of the NWSL’s San Diego Wave on Thursday for a reported $120 million, with a cash outlay of $113 million, from former principal owner Ron Burkle, The Athletic reported.

Burkle, who founded the club in 2021 after paying a $2 million expansion fee, will receive a record purchase price on an NWSL franchise, after the Portland Thorns were sold for a $63 million cash outlay in January.

The Wave made their on-field debut in 2022, making the playoffs before they were eliminated in the semifinals. They earned the NWSL Shield in 2023, signifying the best record during the regular season, but again were eliminated in the semifinals.

The Wave have struggled to a 5-12-7 record this season and are all but eliminated from playoff contention.

In March, the Wave opened the season in front of a home crowd of 32,066 to set an NWSL record for a season opener. On Sept. 8, star forward Alex Morgan played her final game for the club before going into retirement.

Levine and Leichtman completed the purchase under the Levine Leichtman Family Office name. The Los Angeles-area based duo is the founder of the Levine Leichtman Capital Partners private equity firm.

–Field Level Media