The San Diego Wave FC are being sold in a deal that places the club's value at $113 million, a source confirmed to ESPN on Thursday.

Sportico was first to report the news that billionaire Ron Burkle was selling the club to the Levine Leichtman family in a two-part deal that could later place the transaction at $120 million.

- Stream on ESPN+: Live NWSL games (U.S.)

Burkle paid a $2 million expansion fee for the club before it began NWSL play in 2022.

"We are proud of the unprecedented success we have had as an expansion team and I am confident that [the Levine Leichtman] family's investment will contribute to the growth of our team and the San Diego community," Burkle told Sportico in a statement.

The deal is by far the richest involving a NWSL franchise. The old mark was the $63 million deal finalized earlier this year for the Portland Thorns.

"We're thrilled to welcome the Levine Leichtman family to the ownership group of the San Diego Wave," NWSL Commissioner Jessica Berman said. "As longtime supporters of the women's game, Arthur and Lauren know well the impact that our league can have in our society, and as savvy investors, understand the opportunities in front of us to continue to grow our league and club businesses."

Burkle will remain the principal owner of the Wave through the 2024 season. San Diego visits defending NWSL champion Gotham FC on Friday in the Challenge Cup. The league's regular season starts Saturday.

The Wave have been highly successful in San Diego while playing in Snapdragon Stadium, which opened in 2022. United States soccer icon Alex Morgan is among the players on the Wave roster.

Information from Reuters was used in this story.