The ownership group, which is led by investment firm Sixth Street Partners and four former United States women's national team players, was awarded an expansion franchise on April 4, 2023.
It is the first women's professional soccer team based in the Bay Area since the San Jose CyberRays and FC Gold Pride, who both played in previous leagues.
Sixth Street CEO Alan Waxman and former national team player Aly Wagner were named the club's co-chairpersons.
Together the five women put together a board that included Tim Connors, Ward Bullard, and CJ Napolitano and raised initial capital from a small group of investors.
[8] The reports provided no details about the club's planned venue, but noted that Slaton was leading the group's search for facilities.
[12] On November 15, defender Alex Loera was revealed as the club's first ever signing, joining from KC Current for $175,000 in allocation money and protection from Bay FC in the 2024 Expansion Draft.
[13] Six days later, the club welcomed the 2021 Defender of the Year Caprice Dydasco as their second signing, the right back joining from Houston Dash.
[15] On February 13, 2024, Bay FC signed Zambian forward Racheal Kundananji from Madrid CFF for $860,000, setting a new record for most expensive transfer in women's soccer history.
[20] The expansion announcement confirmed the involvement of Sixth Street Partners as the Bay Area group's lead investor.
[1][2] Chastain, Osborne, Slaton, and Wagner were named as founding board members alongside Sixth Street CEO Alan Waxman, former San Francisco Giants executive Staci Slaughter, former Facebook executive Sheryl Sandberg, and Golden State Warriors president and chief operating officer Rick Welts.
[2] Prior to Sixth Street, the original ownership group raised the initial capital adding Motley Fool and Anne Hoge to the board of directors.
They joined Jen Vescio, Tim Connors, Ward Bullard, CJ Napolitano and David Aufhauser alongside the four former USWNT players to lead the early efforts to bring NWSL to the Bay.