The upcoming Major League Soccer (MLS) season begins next week with a headline match between Inter Miami and Los Angeles FC at the 77,500-seat Memorial Coliseum. The game was relocated by LAFC to accommodate the extraordinary demand to see Lionel Messi and Son Heung-Min, the league’s two most celebrated players, face off. This event is expected to attract a vast streaming audience, particularly via Apple’s platform, marking the first MLS meeting between Messi and Son.
MLS founders envisioned such star-powered matchups when the league launched in 1996 following the first U.S.-hosted World Cup. Now, with another World Cup approaching in North America, the league is undergoing significant changes, including shifting its calendar to align with global soccer schedules.
Growing Divide in Revenue and Spending Among MLS Teams
Despite the league’s expansion and increased visibility, MLS confronts widening financial disparities between its most lucrative teams and the rest of the league. Inter Miami and LAFC not only boast the highest player salaries, thanks to Messi and Son, but also lead in revenue, driving the widening gap. Owners and executives debate revised roster rules to enable higher player spending amid these differences.
Over the past month, Sportico interviewed more than 60 MLS insiders—including owners, team executives, bankers, investors, and media experts—to assess MLS’s evolving business landscape. A recurring thread was the rising split in team revenues and valuations, influenced by macro trends such as the calendar switch, the early expiration of Apple’s media deal, and potential new league leadership.
MLS Team Valuations Show Uneven Growth
The average MLS team value currently stands at $767 million, up 6% from last year, with increases predominantly driven by top-tier clubs attracting investor interest and developing new facilities. Inter Miami leads with a valuation of $1.45 billion, reflecting a 22% rise—the highest in the league—surpassing LAFC’s $1.4 billion mark, which rose 9%. Meanwhile, the bottom 12 clubs experienced only a 2% average increase, with some teams like San Jose Earthquakes, Vancouver Whitecaps, and CF Montréal seeing declines.
The aggregate value for all 30 MLS teams amounts to $23 billion, including real estate and ancillary businesses such as several NWSL teams owned by the clubs. Valuations are based on control sales rather than minority partnership deals.
Since Sportico’s inaugural MLS valuations in 2021, average team values have surged 39%, but the least valuable club has grown only 13%. For context, entry prices in other major North American sports leagues have risen far more steeply, showcasing MLS’s potential yet highlighting its relative market standing in media and revenue.
Insights into MLS Team Revenues and Market Performance
In the previous season, MLS clubs collectively generated approximately $2.5 billion in revenue, averaging $83 million per team, derived from matchdays, sponsorships, and non-MLS venue events. While total attendance decreased by 5% to 11 million, ticket revenues rose due to higher prices and premium seating sales, alongside sponsorship revenue growing over 10%.
This $2.5 billion encompasses MLS-wide income shared from league media rights, sponsorships, gate receipts, and Soccer United Marketing (SUM), the league’s marketing entity. However, MLS teams receive no direct payments as the league operates a single-entity model. Player contracts are league-owned and paid, with teams required to cover player and league expenses through assessments.
San Diego FC, owned by Egyptian billionaire Mohamed Mansour, showcased a strong expansion season after paying a $500 million franchise fee. The team finished atop the Western Conference, set an expansion record for points, and ranked fourth in attendance. Its valuation is estimated at $765 million, placing it tenth in the league.
It’s been a great investment for us,
Mansour said in a video interview.
San Diego is a soccer city, and it was yearning for a professional team to come in after the Chargers left.
?Mohamed Mansour, Owner
Mansour’s international holdings include clubs in Denmark, Egypt, and a global youth academy network. He cited the expansive U.S. market, alongside Mexico and Canada, and access to regional talent pools as motivations for investing in MLS and San Diego’s academy program.
Inter Miami’s local revenue surpassed $200 million, split almost equally between matchday and commercial streams, bolstered by Messi’s influence and the franchise’s first MLS Cup victory. This total also incorporated a $21.05 million payout from last summer’s FIFA Club World Cup, compared to LAFC’s $10.55 million and Seattle Sounders’ $9.55 million earned as fellow qualifiers.
Inter Miami continues to dominate financially, and a record seven franchises—including San Diego—have reached $100 million or more in annual revenue, doubling since 2024. Conversely, some teams like Vancouver, Montreal, and Colorado remain in the $35-$40 million range locally.
Disparity Among MLS Teams Surpasses Other Leagues
While financial disparities are common in professional sports, MLS’s divide between its richest and poorest teams is particularly stark in the absence of substantial national media revenues. Inter Miami’s valuation at $1.45 billion is 3.4 times greater than Montreal’s $430 million. By comparison, the NBA’s valuation gap is 2.8 and the NFL’s is 2.3. Five years ago, MLS’s gap was roughly 2x, more aligned with its salary cap-driven parity goals.
The league’s original 10-year Apple media deal, initiated in 2022 and revised recently, averaged $250 million annually but left teams with production costs that yielded a net of only about $5 million each. Among major North American leagues, the NHL’s media revenue is similarly low but on track to pay teams an average of $40 million each following a new TV contract. The guaranteed large league payout boosts the valuations of NBA and NFL teams, a benefit MLS currently lacks.
Recent MLS Franchise Ownership Changes and Market Dynamics
In 2024, the Miller family, former NBA Utah Jazz owners, acquired Real Salt Lake and NWSL’s Utah Royals for $580 million total, including $150 million in debt. This was the first controlling MLS club sale since Real Salt Lake in 2021.
Real Salt Lake’s value was estimated at $480 million, and the Utah Royals at $100 million. More recently, Peter Mallouk, a minority owner of Sporting Kansas City, closed a deal to control the club at an approximately $700 million valuation.
Several limited partnership transactions have provided additional insight into MLS valuations: Austin FC brought in new investors at a $912 million valuation, while Minnesota United sold a minority stake based on a $650 million enterprise value. Meanwhile, two clubs—Vancouver Whitecaps and San Jose Earthquakes—are actively seeking control owners with Goldman Sachs and Moelis & Co. assisting their sales. Both face challenges due to the need for costly facility upgrades and market concerns.
We had like more than 30, almost 40 groups who signed an NDA and went into our data room and did a full analysis on our situation,
Whitecaps CEO Axel Schuster said during a press conference.
Not one single one is interested in buying even 1% of this club, because all of them think that our setup here, the market and the situation we are in is not something where you can invest.
?Axel Schuster, Vancouver Whitecaps CEO
Sportico’s valuation estimates place San Jose at $585 million (down 3%) and Vancouver at $450 million (down 4%).
The Seattle Sounders are also opening up to outside investors for the first time since joining MLS in 2009, pursuing a strategic capital raise with Moelis & Co. and drawing considerable interest as a premier league club.
Four years ago, MLS commanded the highest revenue multiples among major North American sports leagues at roughly 12 times revenue, outpacing the NBA, MLB, and NFL. Since then, those multiples have fallen to an average of 9.2, trailing behind the NBA and NFL, partly due to recent market shifts and the ending of the 2022 World Cup hype.
MLS Prepares for the 2026 World Cup and a Major Schedule Shift
MLS is set to have strong representation in the 2026 World Cup, ranking sixth in player numbers compared to the Big Five European leagues. The league aims to leverage this exposure by converting international sports fans into dedicated domestic soccer supporters, supported by a significant marketing campaign involving its clubs during the tournament.
The most significant upcoming change is shifting the MLS season to align with the FIFA calendar, running from late summer through May with a winter break. This new format begins with a shorter spring campaign in 2027. MLS expects a 91% schedule overlap with its current February to December calendar but anticipates that positioning the MLS Cup playoffs in May will lessen competition with national college and professional football, potentially boosting viewership and fan engagement.
The timing adjustment is also expected to facilitate a more lucrative media rights deal, scheduled for renewal in 2029 following an early end to the Apple partnership. Under the amended deal, MLS will earn $200 million for the 2026 season, $107.5 million for the shortened 2027 campaign, and $275 million each for 2027-28 and 2028-29 seasons. The revised agreement removes the MLS Season Pass subscription, anticipated to increase audience size and sponsorship revenue.
New Business Opportunities and Challenges for Clubs
The calendar realignment opens avenues for clubs to generate additional revenue, with some teams expecting over $10 million from expanded non-MLS events like concerts during summer months. Transfer market opportunities may also improve, as timing will match global windows better. MLS saw transfer spending reach $336 million in the previous year, a 75% increase from 2024, driven in part by Son’s $26.5 million move.
However, the winter schedule presents challenges for northern clubs due to the higher cost of cold-weather operations and potential declines in attendance. Minnesota United owner Bill McGuire expressed reservations about the transfer window benefits:
There’s a good story that you’ll have access to more players, maybe better players if you’re in the primary transfer window like everybody else. But we don’t know that that will be the case, that you will be able to sell your players if you’re into that more easily.
?Bill McGuire, Minnesota United Owner
Emerging Strength in Mid-Market Teams and Stadium Investments
Several MLS franchises in smaller and midsize cities, such as Austin, Cincinnati, and Columbus, have cultivated successful local businesses. Historically, one of MLS’s challenges has been enhancing the competitiveness of major markets outside Los Angeles, but substantial investment in infrastructure suggests progress.
For example, Chicago Fire owner Joe Mansueto has committed to privately financing a $750 million soccer-specific stadium, aiming for completion before the 2028 season. This facility is expected to more than double the club’s revenue. The Fire’s valuation reflected these developments, rising 20% to $690 million and improving six spots in the league rankings.
New York City FC ranks fifth at $1.12 billion, an increase of 12%, as it prepares to open a new $780 million stadium in Queens for the 2027-28 season. The team has sold out its eight premium Pitchside Lounges and leased half of its traditional suites, projecting annual local revenue near $200 million upon the venue’s debut.
Inter Miami Remains the Flagship Franchise Heading into 2026
Inter Miami will continue to be MLS’s focal point in 2026. Lionel Messi extended his contract through 2028, and the club is set to inaugurate a new 25,000-seat stadium, marking the first phase of a $1 billion, 131-acre mixed-use development. The club already has secured over $900 million in contractually obligated income related to the stadium project.
Despite not benefiting from NBA or NFL-level media revenues, Inter Miami aims to secure stadium naming rights deals competitive with the top contracts in those leagues. Revenue projections for Miami in 2026 reach $250 million, largely from matchday and commercial sources rather than league payouts. For context, only about half of NFL teams and fewer than ten NBA franchises will match Miami’s local revenue in 2026.
