Denver has been awarded the 16th franchise in the National Women’s Soccer League for a record $110 million fee, Sportico reported Thursday.

Not only is that expansion fee more than double the previous NWSL record, it would also be the largest ever paid for a U.S. women’s professional sports team.

The backers of the Denver bid, including IMA Financial Group chief executive officer Robert Cohen, submitted their first payment Tuesday, per the report.

ESPN reported in December that the NWSL had entered into exclusive negotiations with IMA Financial group.

The investment group includes include an entity called For Denver FC, comprised in part of Ben Hubbard, the CEO of insurance company Parsyl, and Tom Dunmore, a former soccer executive with USL side Indy Eleven and until recently the vice president of marketing for Major League Cricket. Phos CEO Nicole Glaros and former NWSL player and soccer broadcaster Jordan Angeli are also involved.

But Cohen is expected to provide the bulk of the financing, and he will serve as controlling owner. Cohen has long been involved in sports endeavors in the Denver area, including as a board member of the Denver Sports Advisory Committee and as a board member of the U.S. Olympic and Paralympic Foundation, which is based in Colorado Springs.

Denver was one of three finalists confirmed by NWSL commissioner Jessica Berman in November, along with Ohio bids from Cleveland and Cincinnati.

Denver and fellow expansion franchise Boston, confirmed in 2023, will debut in the league in 2026. The expansion fee paid by Boston was $53 million, the same amount paid by 2025 NWSL newcomer Bay FC.

Information from ESPN’s Jeff Carlisle contributed to this report.