Bay FC

Bay FC was initially announced without a permanent stadium and drew interest from several cities in the Bay Area looking to host the team. A separate stadium for Bay FC has been proposed by the San Francisco government at several sites, including Pier 70 and the Westfield San Francisco Centre shopping mall.^[24]

On July 21, 2023, the team announced that they had signed a five-year agreement to play at PayPal Park in San Jose, the home of MLS's San Jose Earthquakes, while planning construction of their own stadium. A new, 3,600-square-foot (330 m²) facility at the stadium would house the team's locker room and office spaces.^[25] Bay FC CEO Brady Stewart also suggested some of the team's matches might be played in other stadiums to make the team more accessible outside of the South Bay.^[26] In September 2025, the team broke ground on their performance center on Treasure Island.^[27]

The expansion announcement confirmed the involvement of Sixth Street Partners as the Bay Area group's lead investor.^[1][2] Chastain, Osborne, Slaton, and Wagner were named as founding board members alongside Sixth Street CEO Alan Waxman, former San Francisco Giants executive Staci Slaughter, former Facebook executive Sheryl Sandberg, and Golden State Warriors president and chief operating officer Rick Welts. Wagner and Waxman were announced as the club's co-chairpersons. Sandberg's husband Tom Bernthal was also listed as a club investor.^[2] At a launch event on June 3, Waxman announced that Andre Iguodala was also a minority owner.^[28]

The expansion fee was the league's largest to date, and 10 times the fee charged in the league's previous round of expansion in 2021.^[29] After the announcement, the Bay Area group also announced an additional $72 million in planned startup investment in the club, and Waxman said Sixth Street was committed to owning the franchise for at least 10 years.^[29]

The club would be the first professional sports team in the United States to have an institutional investor as a majority owner, in contrast to rules established by other United States sports leagues that restricted or prohibited such ownership.^[29] NWSL commissioner Jessica Berman noted that the investment did not have a target hold period, and was funded from Sixth Street Tao Partners, a balance sheet fund^[30] with no requirement to be liquidated, which the league intended to treat like an individual owner with a large net worth. The Tao fund also covered Sixth Street's purchase of a 20-percent stake in the NBA's San Antonio Spurs.^[31]

To mitigate the risks of a premature exit of Sixth Street, the league required as part of the expansion deal that Waxman provide assurances that he can allocate money to the club and also required him to represent the club on the NWSL board of governors.^[31] The club also named co-chair Wagner as an alternate representative to the league board.^[2]

Prior to Sixth Street, the original ownership group raised the initial capital adding Motley Fool and Anne Hoge to the board of directors. They joined Jen Vescio, Tim Connors, Ward Bullard, CJ Napolitano and David Aufhauser alongside the four former USWNT players to lead the early efforts to bring NWSL to the Bay.

The club revealed its colors and crest on June 1, 2023. The crest is a circle with a blackletter monographic B integrating a support of the Golden Gate Bridge.^[36] The club's primary colors are blue and warm red, described as Bay and Poppy, respectively. Its secondary colors are two shades of gray, described as Fog Gray and Steel.^[36][37]

Advertising agency Goodby Silverstein & Partners consulted on the club's identity and logo design.^[3] On the unveiling of the club's branding, Wagner noted that the club intentionally avoided nicknames and mascots in favor of a conceptual timelessness and simplicity.^[38]

As of April 4, 2026:

More information Name, Tenure ...

Name	Tenure	Refs
Albertin Montoya	September 27, 2023 – November 2, 2025	[43][44]
Emma Coates	December 4, 2025 –	[45]

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• NWSL expansion