Two-time World Cup champion and Olympic gold medalist Alex Morgan is officially back with the San Diego Wave — but this time as a minority investor. The National Women’s Soccer League (NWSL) club announced the news Tuesday, marking Morgan’s transition from star player to sports entrepreneur.
Alex Morgan Joins San Diego Wave Ownership Group Post-Retirement
Just eight months after announcing her retirement from professional soccer and the birth of her second child, Enzo, in March 2025, Alex Morgan has returned to the San Diego Wave in an ownership role. Morgan, who was the club’s first marquee signing in 2021 and the face of its inaugural season, played her final match on September 8, 2024.
“San Diego is where I’ve built my home, where I’m raising my children, and found a purpose beyond my playing career,” Morgan said. “I believed in Wave FC before a single match was played, and I still believe this club has the power to change the future of women’s sports.”
A Strategic Investment in the Future of Women’s Sports
Morgan’s investment aligns with her broader mission to elevate women’s sports. She is the co-founder of Togethxr — a media company promoting women athletes — and the founder of the Alex Morgan Foundation, which fights for gender equity in San Diego County. Through her venture capital firm, Trybe Ventures, Morgan has also invested in Unrivaled, a new women’s basketball league.
Her decision to invest in the Wave signals confidence in the club’s long-term vision despite recent turbulence.
“Alex has always fought to positively impact this game beyond the pitch,” said co-owner Lauren Leichtman. “Her decision to invest is a reflection of her belief in what we are building.”
San Diego Wave FC: From Historic Debut to Rebuilding Phase
The San Diego Wave made history in 2022 as the first NWSL expansion team to reach the playoffs in its debut season. Morgan won the Golden Boot that year with 16 goals. In 2023, the Wave claimed the NWSL Shield, finishing the regular season with the most points.
However, the 2024 season saw turmoil. Head coach Casey Stoney was dismissed in June, followed by the departures of stars Naomi Girma and Jaedyn Shaw. Morgan’s retirement came that September. A lawsuit filed by five former employees alleged a toxic work culture under then-president Jill Ellis, who has since exited the club to join FIFA.
In January 2025, the Wave appointed former Arsenal manager Jonas Eidevall as head coach. The restructured squad now features international talent from Nigeria, France, Colombia, and Bosnia. As of now, San Diego sits fourth in the NWSL table with a 4-2-2 record.
What’s Next: San Diego Wave vs. North Carolina Courage
In a poetic twist, the Wave’s next home game is against the North Carolina Courage on Sunday, March 25 — the same opponent and venue of Morgan’s final appearance last season. Fans will be watching not only the action on the field but also the evolving legacy Morgan is now shaping off of it.
