Ariel Investments, Molly and David Coors, and the Colorado-based Borgen family are among those in advanced discussions to join the ownership group of the new Denver NWSL expansion franchise, according to multiple people familiar with the talks.
The team, which will be controlled by IMA Financial Group CEO Robert Cohen, was recently chosen to become the NWSL’s 16th franchise. The first part of the $110 million expansion fee, the largest in the history of U.S. women’s sports, was paid before the end of 2024, Sportico previously reported.
The group has spent the last few months securing minority backers. Other previously unreported members of the group include Kuvare founder/chairman Dhiren Jhaveri and his wife Neelima Joshi, said the people, who were granted anonymity because the details are private. Ariel Investments is expected to be the largest LP and could have a representative serve as the NWSL club’s alternate governor.
Though term sheets for the full ownership group are not yet signed, an announcement about the team and some investors is expected later this week. Representatives for the NWSL, Jhaveri and Inner Circle Sports, the investment bank that ran the league’s expansion process, declined to comment. Cohen didn’t immediately respond to a voice message seeking comment; messages sent to Molly and David Coors, a member of the Borgen family, and a rep for Ariel weren’t immediately returned.
Headquartered in Chicago, Ariel Investments is led by co-CEOs John W. Rogers Jr. and Mellody Hobson. Hobson is a minority investor in the NFL’s Denver Broncos and sits on the boards of Starbucks and JPMorgan Chase.
David Coors is vice president of full strength spirits at Molson Coors Beverage Co., part of the family that traces its roots back to founding beer baron Adolph Coors and whose brand adorns the Colorado Rockies’ ballpark. He is the son of Peter Coors, who represented the company when it owned a stake in the MLB team. His wife, Molly Coors, is a director at AllianceBernstein, according to her LinkedIn account.
Bjørn Erik Borgen built Denver-based Founders Asset Management into a multibillion-dollar mutual fund manager before selling it to Mellon/Dreyfus in 1998 for a reported $275 million. After that sale, he focused on the Borgen Family Foundation and Borgen Investment Group. The Borgen family is prominent in the Denver/Vail areas, and he is a trustee in the U.S. Ski & Snowboard Foundation and a life trustee of the Vail Valley Foundation.
Joshi and Jhaveri, who live in Denver, are investing in the team personally, not via Kuvare, the people said. Jhaveri is the founder and chairman of the financial services platform and has made other sports investments through his company. In 2023, the Chicago-based firm committed financing to Marc Lore and Alex Rodriguez in their ongoing pursuit to buy the NBA’s Minnesota Timberwolves. Kuvare also invested in the TGL’s Bay Area franchise and The Snow League, a new snowboarding and freeskiing league that recently closed a $15 million funding round. Joshi is a partner in the Joshi Jhaveri Family Office, and a board member of the Food Bank of the Rockies.
For Denver FC, a group that has publicly pushed for Denver’s expansion bid for well over a year, is also part of the ownership group. It is led by former NWSL player and current broadcaster Jordan Angeli, and includes former Obama administration official Ben Hubbard, who is the CEO of Denver-based insurance company Parsyl; sports business executive Tom Dunmore; and Phos CEO Nicole Glaros.
Denver was one of three finalists for the 16th NWSL spot, alongside candidates from Cleveland (Cleveland Soccer Group) and Cincinnati (MLS club Cincinnati FC).
The NWSL added two teams this past season: the Utah Royals and Bay FC. A Boston-based club will join the league in 2026; it agreed to pay the same $53 million expansion fee as Bay FC. Utah had previously had an NWSL franchise and returned under a unique expansion option.