Racing Louisville owner seeks new investment, says relocation not off the table

Racing Louisville is actively seeking new investors as the club attempts to strengthen its financial position and keep pace with the National Women’s Soccer League’s rapid growth.

“We’re still out there seeking an investor, or investors, who can help us stabilize, for lack of a better word, our current situation,” John Neace told The Athletic in an exclusive interview. “That has not changed at all, nor will it until we get that investor.”

The news about the team’s seeking an investor was first reported by ESPN in May.

Whether that investment comes as a straightforward cash injection or from an investor-operator who can bring experience and new ideas to the organization, Neace said he is open to both.

Though he stressed Racing has no plans to leave Louisville and keeping the club in the city remains the goal, Neace acknowledged that if additional investment, sponsorship and fan support do not materialize, the club might eventually have to consider alternatives, including moving to another market.

“We are not planning to move the team, but I think economic reality would be if you can’t make it work here,” Neace said. “It’s a self-fulfilling prophecy; that’s the way I put it.”

“If you build a restaurant somewhere and nobody comes in to eat, you either close it down or you move the restaurant, right? Or you change your menu,” he added.

Neace is an accidental NWSL owner, per his account. His Soccer Holdings LLC acquired the Racing Louisville franchise in 2019 for $1 million. The club played its first season in the league in 2021, and after four seasons finishing right below the playoff spot, in 2025 made a historic playoff run but was eliminated in the single-elimination quarterfinals, falling to the No. 2 seed Washington Spirit 3-1 in a penalty shootout after a 1-1 draw.

Though numerous NWSL clubs have changed hands or brought in significant new investors during the league’s recent growth, Louisville has not previously taken on comparable outside investment. The NWSL’s rapid expansion has dramatically reshaped the financial landscape for its existing clubs. According to Sportico’s latest valuations, the average NWSL franchise is worth $184 million, and Racing Louisville is valued at $127 million.

Those valuations continue to climb alongside expansion fees. In April, Columbus paid a league-record $205 million to secure an expansion franchise, surpassing the $165 million fee paid by Atlanta just months earlier. Both clubs are scheduled to begin play in 2028.

But as new money pours into the league, the NWSL is confronting a challenge: ensuring its existing clubs have the resources to keep pace.

“It is always the preference of the league to maintain the continuity of the location of our teams,” NWSL commissioner Jessica Berman told The Athletic on Wednesday when asked about the league’s take on relocation. “But it is not a never. It is just not preferred, and where there are circumstances that warrant consideration, we will look at that.”

Berman confirmed the league is actively involved in Racing’s search for investment.

The need for additional resources has become more pronounced as the NWSL itself is changing, with new and deep-pocketed owners pouring capital into facilities, front offices, commercial operations and player recruitment, raising the standard required simply to remain competitive.

“What was acceptable or enough two years ago isn’t today,” Neace said. Still, he pushed back on the idea Racing is dramatically underspending on its roster, saying the club is operating near the league’s salary cap even if it is not among the NWSL’s biggest spenders.

“It’s not like the salary cap is $2 and we’re only spending 50 cents,” Neace said. “We’re not the top spenders, but we’re also spending near the cap. And we made significant investments in players last year that I thought would continue to perform this year like they did last year. For whatever reason, we just haven’t hit our stride.”

Neace said Racing would welcome more than simply a cash injection. An investor with experience and ideas about how to improve the organization would also be attractive.

“I don’t sit here and say I think we’ve got the corner on good ideas,” he said. “There are lots of folks that have good ideas and would do some things probably differently than we’ve done them. We did not come from a sports background. … Have we made some mistakes? Of course we have. Another bright person or voice in the room would be awesome.”

One of the main challenges Racing faces in Louisville, one of the NWSL’s smaller markets, is attendance, as local support is needed to make its long-term model work.

“We’re one of the smaller markets, so we have less potential sponsors, less potential fanbase, less of all of those things,” Neace said. “If we’re going to make it work, we have to come and support them. We have to be there, not just talk about it. We actually have to go. … In order for us to do it, we’ve got to show up.”

Racing’s struggles this season have added another complication to the investment push. Neace acknowledged his frustration with the results after believing the club had taken significant steps forward last year. But that is not where Neace wants Racing to remain. He hopes the club will develop into a championship contender within five years.

“We’re still bullish on Racing. We’re bullish on the league,” Neace said. “We believe that we’re going to get where we want to go, but we’re still a work in progress. We’re not satisfied with where we are. But it does take money to go where we want to go.”