If Portland Thorns owner Alex Bhathal isn’t spotted on game day striding around Providence Park in his signature red Moncler polo, black slacks, and custom black-and-red Jordans, start worrying. Not because he would ever miss a home match, but because if he shows up in anything else, his sister and business partner Lisa Bhathal Merage will send him straight home to change.
“Seven wins, four draws, no losses,” he told The Athletic before the team’s 1-0 NWSL quarterfinal win over the San Diego Wave. “They joke in the front office, ‘Is Alex wearing his red shirt?’”
“What keeps me up at night is whether he’ll show up wearing it,” Bhathal Merage laughs. “Here’s hoping Montclair never discontinues those polos. And frankly, Alex, you should have a sponsorship from Moncler.”
She has her own game-day gear. “I have a bracelet that has thorns on it on one side and smooth on the other side,” she says. “On game days, I always put on my thorny side for good luck.”
On Sunday, the Bhathals’ lucky charms were on full display. They edged past the Wave at home to clinch a semifinal spot against the Washington Spirit on Saturday, a well-earned reward after a whirlwind of a season. It was a moment worth celebrating.
Lisa Bhathal Merage wears her lucky Thorns bracelet to most home games. (Lisa Bhathal Merage)
Lisa Bhathal Merage and her brother Alex, through their RAJ Sports investment vehicle, entered the Portland sports scene in late 2023 with the $63 million purchase of the NWSL’s Thorns from Merritt Paulson. The decision to sell from Paulson came just two months after the club dismissed two top executives implicated in the league’s systemic abuse scandal that involved the club’s former head coach, Paul Riley.
Initially, the siblings cast a wide net, exploring investments in Major League Soccer, expansion franchises and beyond. But one visit to Providence Park sealed their decision. What started as due diligence quickly turned into conviction.
It was Bhathal Merage who first experienced the passion of the Rose City Riveters. She took her husband and son to a Thorns match in 2023.
“It was magic,” she recalled. “You can’t manufacture that atmosphere. The passion in Providence Park is authentic. You feel it in your bones.”
Providence Park and the Portland Thorns’ fans instantly drew the Bhathals to the team. (Amanda Loman / NWSL via Getty Images)
At the time of the sale, the club was in a delicate state. Players were unhappy, and fans were protesting week after week. But the Bhathals saw what Paulson had built: the most successful team in NWSL history, a perennial contender, and a fan base that fills a stadium week after week. “You can’t buy fandom,” Bhathal Merage said. “You can build a new team from scratch, but you can’t build this.”
This year is their record ninth straight playoff appearance, but getting here feels miraculous.
Portland entered 2025 with a roster overhaul unlike any in club history, including the retirements of Christine Sinclair and Becky Sauerbrunn, who left a leadership and experience void. Star forward Sophia Wilson (formerly Smith) missed the year on maternity leave, while Morgan Weaver, Marie Muller, and Nicole Payne were sidelined before kickoff with long-term injuries. Midseason blows followed, as rookie Caiya Hanks and newcomer Julie Dufour suffered anterior cruciate ligament tears, only deepening the challenge. Still, coach Rob Gale rebuilt around a younger core, with Olivia Moultrie, Deyna Castellanos, Jessie Fleming, and captain Sam Coffey keeping Portland’s championship hopes alive.
The Bhathals knew it would not be easy, but they have taken an intent attitude towards being owners.
“One thing we’ve learned from our parents’ involvement in sports is we don’t view ourselves as owners,” Bhathal Merage said. “We think of ourselves as stewards of a beloved community asset.”
In Portland, where the Thorns are as much an institution as a sports club, stewardship comes with high expectations and responsibility.
“The mindset from the top down with how we create the culture in the organization. As an organization, we value innovative, forward-thinking. We like winning. We strive for excellence,” she said. “One thing our parents always taught us is to check your ego at the door. It’s not about you, it’s about everything else.”
Their love of sports started early, long before balance sheets and boardrooms. Their mother, Martha Bhathal, was a multi-sport athlete who played golf at UCLA, and their childhood was filled with packed stadiums: the Los Angeles Rams, Lakers, and Angels. Those moments set the tone for a family culture built on competition, loyalty, and showing up.
Their father, Raj Bhathal, helped build a diversified portfolio across real estate, private equity, and sports. He had already been involved in NBA ownership for more than a decade, serving as the largest minority owner in the Sacramento Kings’ group and as Vivek Ranadive’s alternate governor, the majority owner. The siblings grew up watching him take the long view.
“We learned there are no shortcuts,” Alex Bhathal said.
“We understand the long-term nature of being involved in the sports world and taking a long-term approach to establishing a foundation that can be built upon over time. You build great enterprises brick by brick.”
Sports ownership is a family business from Thorns owner Alex Bhathal, who invested in the Portland team with his sister Lisa Bhathal Merage (Naji Saker / Portland Thorns)
Doubling down on their bet in Portland, in 2024, they also bought the WNBA franchise, Portland Fire, for $125 million.
Despite living in California, Lisa and Alex are in Portland for nearly every home match. They arrive early — an hour before kickoff — to watch the warm-ups, greet players, and engage with their staff.
“Women’s sports take more work,” Bhathal Merage says. “You can’t phone it in.”
Their suite isn’t a corporate space; it’s a family one. “Our families are there, but so is our staff, our GM, our president. They are an extension of our family.”
The biggest project they have taken on since taking over the Thorns is the state-of-the-art dual-sport performance center, set to open next season, which has expanded beyond its original 63,000 square feet and will be the only dual-sport professional women’s facility in the world. Each team will have its own entrance, with two full-size soccer pitches and two basketball courts for the WNBA side.
The teams will share two key areas: an elite training core, with separate gym and recovery spaces, and a shared dining hall designed to foster connection, culture, and community across both teams.
A major focus of the center is advancing women’s health, with an emphasis on injury prevention and contributing to much-needed research in female athlete care. The center is designed through a female lens, featuring recovery rooms, a mother’s space, a beauty studio, a nutrition lab and details like tiles and finishes chosen by the players. That last part is crucial. Wilson suggested a mother’s chair for the family area, similar to one she has in her home.
The project will cost more than $150 million and is financed privately by the Bhathals.
The Bhathal family is building a joint training facility for its WNBA and NWSL teams (RAJ Sports)
Sports teams are costly operations, but the returns have been swift. Since taking over, they’ve seen sponsorship revenue surge by 300 percent. Partnering with Legends Global, the leading venue management and entertainment company, has strengthened everything from hospitality to partnership strategy. Earlier this year, they secured a multiyear deal with home security company Ring as their front-of-jersey sponsor, the most lucrative jersey partnership in league history, according to the team.
It’s not all smooth sailing, though. Beyond the Thorns’ playoff push and hopes of adding new hardware lies an intriguing offseason ahead.
After last year’s roster overhaul, the club has locked in Moultrie through 2029. The big question now is whether star forwards Wilson, still on maternity leave, and Weaver, recovering from knee surgery, will return next season.
For now, the vibe around the Thorns is clear: cautious optimism and plenty of belief that their best days are still to come.
“We’ve done a lot of work trying to develop better processes in terms of recruitment and philosophy and principles,” said Jeff Agoos, who joined the team in January as the president and general manager of soccer operations.
“In sports, you look at week to week, whether we win on Saturday, but we’re also looking at what the next 10 years look like. Our goal as an organization is to be a mid-market unicorn with a billion-dollar valuation.”
Alex Bhathal, the alternate governor, is convinced that growth is ahead, both for the Thorns and the league. “But we’re in early innings,” he said.
“You can spend a lot of money in sports, and you can waste a lot of money in sports,” Bhathal said, “but you can also be very targeted when you make significant investments that will then reap long-term rewards for the success of the franchise.”