Bhathal siblings expand Portland sports portfolio with Fire franchise purchase

Alex Bhathal and his sister Lisa Bhathal Merage, operating through their firm RAJ Sports, purchased the Portland Fire expansion franchise for $125 million, securing a stake in the WNBA’s newest team that began play in 2026. The Fire now ranks fourth in league attendance, averaging roughly 14,500 spectators per game, and carries a valuation of $380 million. RAJ Sports also owns the Portland Thorns of the NWSL, and both clubs use the newly opened Kaiser Permanente Performance Center, a $150 million joint training complex.

The siblings trace their interest in sports ownership to their father Raj Bhathal’s early involvement in American leagues and their own experience running a swimwear business turned sports investment firm, which previously acquired a minority stake in the Sacramento Kings. They view Portland’s strong connection to major sports apparel brands as a natural fit for growing women’s sports. Their ownership approach emphasizes long-term development, leveraging the combined fan bases and resources of the two teams.