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USC women's basketball star JuJu Watkins has made history as the first known college athlete to directly invest in a professional women's sports franchise. Watkins has joined the investor group behind Boston Legacy FC, the NWSL expansion club set to debut in 2026.
Watkins' move reflects a growing trend: elite college athletes are increasingly using their Name, Image and Likeness (NIL) earnings not only for endorsement deals, but to participate in the same types of long-term investment opportunities available to professional athletes.
NIL: From Endorsement Deals to Equity
Watkins' investment is a powerful example of the continued evolution of the NIL marketplace, but it also highlights a new set of legal considerations. Equity stakes—particularly in professional sports franchises—carry potential complications, including:
- Securities law compliance and investor-qualification requirements
- Conflict-of-interest concerns
- School, conference, and NCAA amateurism rules
- Employment-status implications
Here, Watkins' interest appears to be structured as a passive, minority investment in a privately held entity, a design that helps preserve NCAA eligibility and avoids triggering employment classification issues. Even so, athlete-investors must navigate the same risks as any private investor, making careful legal review essential to avoid outsized exposure or unfavorable terms.
Growing Investment Opportunities
Boston Legacy FC represents an attractive investment platform in a rapidly expanding women's sports ecosystem. The club features a women-led ownership group and continues to draw significant capital commitments and prominent investors—now including Watkins, alongside Indiana Fever star Aliyah Boston, Olympic gymnast Aly Raisman, actress and director Elizabeth Banks, and former USC standout and current Chicago Bears quarterback Caleb Williams. This investor profile underscores the accelerating momentum behind women's sports as a growth asset class—on and off the field.
As college athletes become stakeholders—not just endorsers—they will play a larger role in shaping both the NIL landscape and the broader sports-business ecosystem. Watkins' investment is an early glimpse of that shift: the rise of the athlete-owner beginning at the collegiate level.
Disclaimer: This Alert has been prepared and published for informational purposes only and is not offered, nor should be construed, as legal advice. For more information, please see the firm's full disclaimer.
