RAJ Sports, led by siblings Alex Bhathal and Lisa Bhathal Merage, has grown the Portland Fire WNBA franchise to a $380 million valuation in its inaugural 2026 season. The family investment firm acquired the expansion team in September 2024 for $125 million, following their earlier purchase of the Portland Thorns NWSL team for $63 million in early 2024, according to fortune.com.
The Bhathal siblings, whose father emigrated from India in 1960, have established a strong presence in Portland's sports scene. Their $150 million Kaiser Permanente Performance Center, opened last month, serves as a joint training facility for both the Fire and the Thorns. The Fire ranks fourth in attendance among the WNBA’s 15 teams, averaging about 14,500 fans per game, reflecting the franchise’s rapid growth and community support.
This expansion reflects a broader trend of increasing valuations and investments in women’s professional sports franchises. The Portland Fire’s valuation more than triples its initial purchase price in less than two years, highlighting the rising market value of WNBA teams. RAJ Sports’ strategic investments in infrastructure and fan engagement have positioned the franchise as a competitive player in the sports ownership landscape.
The Kaiser Permanente Performance Center, a key asset for RAJ Sports, opened in August 2026, solidifying the organization’s commitment to long-term development. The Fire’s strong attendance figures and growing valuation underscore the franchise’s successful launch and the Bhathal family’s expanding influence in U.S. sports ownership.