Report: Bhathal family in exclusive talks to purchase Portland Thorns

Portland Thorns soccer

An NWSL soccer ball is seen on the pitch during a match between the Portland Thorns and NJ/NY Gotham FC at Providence Park on Saturday, Oct. 7, 2023. Sean Meagher/The Oregonian

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The leading contender to buy the Portland Thorns has been revealed.

According to a report from sports business website Sportico, the Bhathal family — investors in the NBA’s Sacramento Kings — are in exclusive talks to purchase the NWSL club from Merritt Paulson and Peregrine Sports.

Sportico details that the Bhathals were among multiple bidders for the Thorns, and although no purchase agreement has been signed and talks are ongoing, the family stands alone in advanced talks with Peregrine and BDT Capital, the firm tasked with stewarding the sale.

As The Oregonian/OregonLive first reported, the Thorns’ sale is expected to be completed by the end of 2023. Representatives for the club did not immediately respond to a request for comment Wednesday.

Sportico values the Thorns at $65 million. Back when Paulson initially announced the sale last December, a source with knowledge of the process told The Oregonian/OregonLive that Peregrine was seeking upwards of $60 million for the three-time NWSL champions.

Raj Bhathal emigrated to the U.S. from India in 1960 and, along with his wife Marta, founded a swimsuit maker called Raj Manufacturing in 1967. Their children, Alex and Lisa, conducted a private equity buyout of their parents’ company in 2006 and launched Raj Capital Managing Partners. That buyout included investment from other partners including investment bank Goldman Sachs — where Paulson’s father, Hank, once served as CEO.

Sportico reports that the matriarch of the family, Marta, would join son Alex in being the controlling owners of the Thorns if the sale goes through.

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