We’d be lying if we said there wasn’t a whirlwind of excitement ahead of the 2025 NWSL season. Hardly a minute goes by without news of significant developments. However, while most teams are busy making the most of their preparations before the campaign kicks off, one out of the 14 clubs might be bracing for some unpleasant news. Unfortunately, the Houston Dash owners are reportedly exploring the possibility of selling the club.

Hearing this news is likely the last thing any ardent fan would want, especially with the new season just around the corner. Instead of focusing on plans for the upcoming campaign, fans are now bracing for a potential shake-up off the pitch in terms of ownership. According to Kurt Badenhausen of Sportico, Houston Dash majority owner Ted Segal has reportedly hired renowned investment bank PJT Partners “to assess potential investment options for the NWSL team.”

“Given this backdrop and the unprecedented level of interest in the NWSL from high-quality investors, I believe now is the right time to explore whether there are additional resources that we can attract to help the Dash succeed well into the future,” Segal wrote.

Then again, Segal has assured that the potential investment process will have no effect on team operations or soccer-related decisions in any way. Additionally, the founder and president of EJS Group anticipates the review of these “strategic alternatives” to take several months to complete.

Notably, PJT Partners boasts significant experience in the sports industry, having advised Michael Arougheti and David Rubenstein on their $1.7 billion purchase of the Baltimore Orioles. Additionally, they not only played a key role last year as a liaison between the NFL and private equity firms interested in acquiring stakes in teams but also represented creditors during the Diamond Sports Group bankruptcy proceedings.

It was back in 2021 when Ted Segal had acquired a majority stake not just in Dash, but in Houston’s MLS-based franchise, Dynamo, as well as the operations rights to Shell Energy Stadium at a reported $400 million valuation. It was said that the NWSL side was a “negligible part of the enterprise value of the transaction.”

Other part-owners of the Texas-based women’s side include USMNT’s iconic goalkeeper Tim Howard and NBA superstar James Harden. Yet, one wonders why would Segal decide to sell just the NWSL team.

Why majority owner Ted Segal is selling Houston Dash?

Though it’s true that the Dash is valued at around $74 million by Sportico, the Texas side still secured 10th place in the list of the Most Valuable NWSL Franchises with a revenue of a mere $7.6 million in 2024. This is nothing compared to when compared to clubs like Angel City FC and the San Diego Wave.

Despite making their league debuts in 2022, with each paying expansion fees of around $2 million, the owners of ACFC and the Waves profited significantly through sales within a year, with valuations reaching $250 million and $120 million, respectively. This clearly suggests that the valuation of Houston Dash hasn’t skyrocketed as one expected it to.

Potential reasons for this include the club’s inability to turn a profit, as well as struggles with matchday attendance, having finished the 2024 season with an average of no more than 6,000 fans. In fact, the on-pitch performances are no exceptions, as the last time they made the playoffs was back in 2022. Last season, they finished 14th with just a tally of 20.

Clearly, it’s no surprise why Ted Segal is keen to keep the MLS side and his Shell Energy Stadium rights but wants to offload the responsibility of Houston Dash from his shoulders. Regardless, we would like to know your thoughts in the comments.