The NWSL is closing in on Denver as its latest expansion franchise, having entered into exclusive negotiations with an investment group led by IMA Financial Group CEO Rob Cohen, a source told ESPN.

The source, who requested anonymity because they were not authorized to comment publicly on the negotiations, added that the expansion fee will likely be between $105 million and $120 million, which would be a record for the league.

But the source stressed that the deal hasn't been finalized, adding that the league hopes to have the deal completed sometime in early January. The previous record expansion fee was the $53 million paid by Bay FC in 2023 and Boston earlier this year. An NWSL spokesperson declined to comment.

Sportico was the first to report the news.

Last month, prior to the NWSL Championship final, league commissioner Jessica Berman identified Denver, Cincinnati and Cleveland as the three finalists, but barring a late snag in the deal, Denver is poised to become the league's 16th team. Boston is set to begin play in 2025.

The investment group includes include an entity called For Denver FC, which is 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 is 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, Colorado.