How a Family's Swimwear Business Led to a $380M WNBA Franchise
The Bhathal siblings' journey from fashion to sports ownership success
1From Swimwear to Sports
Alex and Lisa Bhathal's parents founded Raj Manufacturing, a swimwear company, after immigrating from India. Growing up in LA, the siblings were surrounded by sports culture, with their mother being a multi-sport athlete. Their father's brief NFL Europe venture in the 1980s planted early seeds for their future in sports business. This unique upbringing blended fashion, sports, and entrepreneurship.
2The $125M WNBA Gamble
In September 2024, RAJ Sports acquired the Portland Fire expansion franchise for $125 million. This came just months after purchasing the NWSL's Portland Thorns for $63 million. The Fire's valuation quickly rose to $380 million, with strong inaugural season attendance averaging 14,500 fans per game. The siblings saw potential where others saw risk in women's sports investments.
3Superstitions Meet Strategy
The Bhathals bring unique game-day rituals to their ownership style - from lucky red shirts to specific seating. But behind these quirks lies serious strategy. Their $150 million Kaiser Permanente Performance Center, a joint facility for both teams, shows long-term commitment. As Alex notes, 'We know things will take time' while already surpassing expectations.
4Portland's Sports Ecosystem
Portland's status as a sports apparel hub, with Nike and Adidas nearby, made it ideal for the Bhathals' vision. When ZoomInfo's WNBA bid fell through, they seized the opportunity. Lisa recognized Portland's passionate fanbase from attending Thorns games. The city's infrastructure supports their goal to make it the 'global epicenter of women's sports'.
5Learning from Sacramento
The family's 2013 minority stake in the Sacramento Kings provided crucial sports business experience. Alex credits this with building relationships and understanding team operations. Raj remains on the Kings' board as vice chair, while the siblings applied these lessons to their Portland ventures. Their gradual approach contrasts with typical splashy sports acquisitions.
6Women's Sports Momentum
Lisa pushed back against those calling women's sports a 'moment', seeing long-term potential. RAJ Sports' annual Epicenter Sports Week with Nike promotes this vision. However, challenges remain - from pay equity to transgender athlete policies. The Bhathals believe operating both Thorns and Fire provides double the learning opportunities in this evolving landscape.
7Manufacturing to Management
After taking over Raj Manufacturing in 2006, the siblings transformed it into RAJ Sports within a decade. Their fashion background gave unique insights into women's sports apparel potential. This business evolution mirrors women's sports' growth - from niche to mainstream. Their hybrid manufacturing-sports model is rare in team ownership circles.
8The New Sports Moguls
The Bhathals represent a new generation of diverse sports owners blending different industries. Their story combines immigrant entrepreneurship, women's sports advocacy, and calculated risk-taking. With two thriving Portland teams, they're proving that unconventional paths can lead to sports business success while advancing gender equity in athletics.
Original article: Fortune | FORTUNE — How a Family's Swimwear Business Led to a $380M WNBA Franchise