Colorado prepares for Denver’s new NWSL team as investors champion equity and economic growth.

Colorado is poised to welcome its first major women’s professional sports team as the National Women’s Soccer League (NWSL) rolls out the Denver expansion franchise. The Denver Summit Football Club (FC) represents NWSL’s 16th franchise, and with statewide-wide activations preceding the inaugural 2026 season, the team already has thousands of fans rallying behind it. 

Backed by a diverse, star-studded ownership group, the new team is led by controlling owner, Rob Cohen, and a robust list of local and national investors, including Project Level, a subsidiary of Ariel Investments LLC – the first Black-owned mutual fund company in the United States. 

With organizational support from some of the state’s largest economic contributors, local officials and fans alike are hailing the club’s arrival as a historic moment that will inspire young athletes and deliver significant economic impact. 

For Project Level and Ariel Investments, delivering the new NWSL team represents a generational shift in women’s sports, and the perfect opportunity to “level the playing field.” 

Leveling Up

Ariel Investments was founded as Ariel Capital Management in 1983, by John Washington Rogers Jr., who continues to serve as chairman, chief investment officer and co-CEO. With Rogers employing financial expertise from his studies at Princeton and previous employment with the multinational William Blair & Company, the Chicago-based firm initially launched with a small-cap value mutual fund known as Ariel Fund.

Supported by a $10,000 investment from friends and family, the fund went public in November 1986. In 2008, its name was changed to Ariel Investments LLC. 

Mellody Hobson, a prominent Black businesswoman and one of Forbes’ “World’s 100 Most Powerful Women,” was appointed co-CEO of the firm in 2019. In 2021, the firm launched a private equity subsidiary called Ariel Alternatives. Its inaugural fund, Project Black, has a mission to scale businesses to serve as suppliers-of-choice to Fortune 500 companies to close the wealth gap through the generation of jobs and economic growth within underrepresented communities.

Today, Ariel Investments operates with over $13 billion in assets under management; its employees and board own 95% of the company. 

In January, the firm announced the launch of Project Level, a venture that harnesses the “exploding talent, fandom, viewership and media interest in women’s sports by working to accelerate growth through diversified investments and significant ownership stakes.” 

In a memorandum issued by Hobson, Jason Wright was named Project Level’s Managing Partner and Head of Investments, or the ventures “starting quarterback” as the dynamic corporate director affectionately wrote. 

The Wright Pick

Wright grew up in the Los Angeles suburb of Pomona, lettering in varsity football and track before earning an athletic scholarship from Northwestern University. 

He was named co-MVP of the Motor City Bowl in 2003, and finished his career at Northwestern as the school’s fourth all-time leading rusher and an Academic All-American, graduating with a bachelor’s degree in psychology. He later signed with the San Francisco 49ers, Atlanta Falcons, Cleveland Browns and finally, the Arizona Cardinals. 

After the wide receiver-turned-running back finished his professional football career, he enrolled at the University of Chicago Booth School of Business, earning an MBA, with concentrations in operations and finance, with honors. He joined the management consulting firm, McKinsey & Company, but in 2020, returned his gaze to the NFL. 

Wright made history as the first Black president of an NFL team in the leagues’ 105-year history when he was hired by the Washington Football Team. In addition to being the youngest active president, he was the fourth former player to level up to the executive suite. He helped usher in the team’s new brand identity as the Washington Commanders before stepping down in July 2024. 

When Hobson announced the creation of Project Level, Wright was identified as an “outstanding leader who combines business expertise with a deep understanding of sports and sports operations.” 

“Jason is a unicorn whose background combines significant business acumen with inarguable sports bona fides,” says Hobson, explaining that he will take a hands-on approach to leadership. 

“He brings the real-life experiences that can help professionalize business operations, grow revenues and closely manage expenses in women’s sports organizations eager for our strategic partnership.” 

Calling the Shots

Hobson is a Chicago native and the youngest of six siblings. She attended Princeton University, and joined Ariel Investments as an intern shortly thereafter. 

In less than a decade, she worked her way up to roles as the firm’s senior vice president and director of marketing; after assuming the top management role, she extended her financial acumen to corporate leadership roles. 

In 2017, she made history as the first Black woman to head the Economic Club of Chicago. When Starbucks Corporation’s former CEO, Howard Schultz, invited her to join the company’s board of directors she happily agreed. 

“I could barely contain my enthusiasm at the prospect of helping to govern one of the world’s most admired companies,” she wrote in January 2025, in a letter explaining her departure after nearly 20 years of service. 

The powerhouse executive also served on the board of the Estée Lauder Companies Inc., DreamWorks Animation, JPMorgan Chase & Co and the Lucas Museum of Narrative Art – an institution she co-founded with her husband, filmmaker George Lucas, expected to open in 2026. 

Hobson is specially suited for the NWSL franchise expansion in Colorado, with close connections to the Colorado community. 

A member of the Walton-Penner Family Ownership Group, she and former U.S. Secretary of State Condoleezza Rice became the first Black women to partially own an NFL team in 2022, when the group purchased the Denver Broncos.

“This moment is humbling, and it’s historical. And yet, I feel at home. I’m very excited to be here,” she remarked. “As someone once wrote, if you are going to exceed your wildest expectations, your wildest dreams, you have to start with some pretty wild dreams. And this is certainly in that category.” 

After the Broncos deal, Hobson says she was inundated with requests for sports expansion teams. 

“It was just fortuitous,” she admits. “We looked at the demographics of the market, which seemed to be very, very favorable to women.”

“We also looked at the socioeconomics – the average income in the city – that was favorable to season ticket sales. …There was a lot there that was just adding up,” she says.

Next Level Leadership

Denver’s new NWSL team is Project Level’s first investment, activating the vehicle for future portfolio growth ranging from “professional and emerging sports teams and leagues, to junior and college sports opportunities, along with related businesses that contribute to and directly benefit from the global expansion of women’s sports.” 

The venture is guided by an advisory team including seven-time Formula One Champion, Lewis Hamilton; Grammy-award winning rapper, singer and actress, Queen Latifah; the first Black woman CEO in the NBA, Cynt Marshall; renowned fashion designer, Stella McCartney; and former New York Knicks President and MSG Sports CEO, Steve Mills. 

Ariel Investments’ current sports portfolio includes ownership positions in Madison Square Garden Sports Corporation and Manchester United. Hobson’s portfolio includes the Denver Broncos, Chicago White Sox, League One Volleyball (LOVB) and the WNBA. 

After seeing Wright speak on a panel at a conference, she approached him with this “game changer.” 

“Within a very short amount of time, he signed on and I told him, ‘I can’t tell you how committed I am to this, and I can’t tell you how hard I’m going to work.” 

“I’m our chief cheerleader,” Hobson shared during an interview with Bloomberg Originals. “And [Wright] is our quarterback.” 

Starting with Equity

Equity was at the forefront of Hobson’s decision to launch Project Black in 2021. After the murder of George Floyd, she received a phone call from JP Morgan Chase & Co CEO, Jamie Dimon, who expressed a desire to generate Black business support. 

“The idea was, could we scale sustainable minority businesses by bringing two things together – capital and customers?” Hobson shared with Forbes in 2023.

The initiative created an impetus for scaling impact and narrowing the wealth gap. 

Project Level’s industry-specific strategy will further support investment across asset classes, while highlighting excellence on and off the field. 

“Our endgame is to elevate women’s sports by fostering strong and sustainable businesses that compete at the highest level,” says Hobson. 

Acknowledging that the performance of women athletes on the field, court and pitch has always been high, Wright says, “The businesses around [women’s athletics] have not always been at the same level that allows them to have the infrastructure and support – or that allows the whole industry around women’s sports – to have the economics that are commensurate with the level of play.” 

Differentiated by its investment scale and diversity, Project Level offers commercial terms instead of long-term returns on investment, with a focus on the pipeline that leads to the next generation of leagues. 

With abundant opportunities for workforce growth and small business support, the new NWSL team is expected to stimulate the local economy. 

“We’re going to invest in professional services businesses and the vendors that support those teams – data analytics companies; health, wellness and recovery companies; the live, work, play real estate developments that surround the venues that women play in,” he says.

“Project level is about leveling up the entire ecosystem and the entire industry of women’s sports to match the phenomenal performance that has always been on the court, pitch and field.”

Showing up for Women’s Soccer

Situated in the Santa Fe Yards area near Broadway and Interstate 25, the new 14,500-seat NWSL stadium is expected to open in Spring 2028. 

On June 7, team officials and city leaders broke ground at the temporary 43-acre site in Centennial, which will provide a short-term, 12,000-seat stadium home and performance center with soccer fields, recovery facilities, strength and conditioning spaces and a video analysis theater. 

With years ahead, none of the club’s stakeholders are waiting to show their excitement – or their support. 

Fans shattered records, selling 10,000 season ticket deposits in less than two months, and the club identity was fueled by an interactive fan vote, giving supporters an opportunity to choose its new name.

On July 26, an exclusive Brand Launch Block Party at McGregor Square welcomed the community to the next exciting phase of the Denver Summit FC’s development, with the team’s name and colors showcased for the first time.

After initially recognizing Colorado’s inclusive landscape, Hobson believes that Ariel Investments and Project Level have a distinct advantage. 

“The leagues want gender and racial diversity and ownership. Notwithstanding the mood of some of the conversation that is going on in our country,” she points out. 

“If you’re starting womens’ teams and leagues, it would be great to have some women and people of color involved. That’s a priority.”  

Winning All Around

In August, Nick Cushing, who previously coached Manchester City Women and New York City FC, was announced as the new NWSL team’s first head coach.

“Denver Summit FC’s commitment to building a world-class soccer organization really inspired me,” he shared in a club announcement. “We have a passionate, committed fanbase and we have to put a team on the field that replicates that.”

Curt Johnson, the team’s general manager, shared that Cushing brings world-class experience and a passion for player development, saying, “He’s won major trophies and is the right leader to guide us into our first season and beyond.”

Team leadership includes Denver Summit President Jen Millet, who has worked as the chief operating officer for Bay FC, chief marketing officer for the Golden State Warrior’s and vice president of consumer marketing for Pandora. The University of Colorado Boulder graduate has also held leadership roles at Rdio, Stubhub and Live Nation, adding to her expertise in athletic business and venue operations.

The exciting lineup of Denver Summit FC players include Colorado Springs native, Ally Watt; former Melbourne City FC midfielder, Lourdes Bosch; and Spanish forward Nahikari García.

With a team allotment of just over $1 million to spend on player acquisition through 2027, players will join the roster over the course of the next two years.

Women as Role Models and Economic Drivers

Local leaders say the impact of the Denver Summit FC will extend far beyond wins and losses. 

“Despite producing some of the world’s greatest players and being home to the best sports fans in the country, Denver has been deprived of its own professional women’s team,” Denver Mayor Mike Johnston said at the expansion announcement. “That changes today.”

Colorado Governor Jared Polis also cheered the news, saying he “can’t wait to catch [his] first match” when the team takes the field.

Perhaps none is more invested than the women and girls who have played and watched women’s soccer for decades and can now call this team their own. 

“We couldn’t be more excited,” says Jasmine Rollins, a Denver youth soccer coach and mother of two daughters. 

Rollins, 34, believes that having a women’s pro team in town will be “a game-changer for my girls and the girls I coach.” She shares plans to bring her under-15 team to matches and is looking forward to potential opportunities to partner with the league. 

“Finally, our girls will have local heroes to look up to. Seeing women – and women of color – leading on the field and in the boardroom shows them they can dream just as big. It’s priceless.”

As fans look ahead to coach and roster announcements, Hobson and Wright are leading the charge with Project Level, making assists and showcasing the importance of equitable investments into every aspect of society. 

According to Hobson, “It’s time to play ball!” 

Editor’s note: To keep up with Denver Summit FC updates, visit www.denvernwsl.com.