Since June 2024, the Reign are owned by the private equity firm the Carlyle Group and Major League Soccer team Seattle Sounders FC.

The Athletic cited the resulting close relationship between the Sounders Women and the United States Soccer Federation (USSF) in conditioning the USWNT players, along with significant fan interest generated during their stint with the team, as major factors that led the USSF to consider Seattle as a viable candidate for a team in a new professional league.

[8] Bill Predmore, founder and CEO of Seattle-based digital marketing agency, POP, submitted his application pitch for a team tentatively named Seattle Sirens FC.

[14] On January 11, 2013, Kaylyn Kyle, Teresa Noyola, Megan Rapinoe, Amy Rodriguez, Jenny Ruiz, Hope Solo, and Emily Zurrer were named to the team as part of the NWSL Player Allocation.

[15][16][17] On January 18, the Reign selected Christine Nairn, Mallory Schaffer, Kristen Meier, and Haley Kopmeyer at the 2013 NWSL College Draft.

[18][19] On February 4, 2013, it was announced that the team had signed four free agents: Kate Deines, Jess Fishlock, Tiffany Cameron, and Lindsay Taylor.

[20] During the 2013 NWSL Supplemental Draft, the team selected Nikki Krzysik, Lauren Barnes, Laura Heyboer, Liz Bogus, Michelle Betos and Kaley Fountain.

[22] Hope Solo would be away for the first part of the season after recovering from wrist surgery and Megan Rapinoe had already signed with French club Olympique Lyonnais from January to June and would miss at least nine games.

[23][24] After traveling to Japan in the preseason to play matches against defending L. League champion INAC Kobe Leonessa, Fukuoka J. Anclas, and Nojima Stella Kanagawa,[25] the Reign faced their first regular season match against the Chicago Red Stars at Benedictine University, in which Seattle's first college draft pick Christine Nairn scored the Reign's first goal of the season via a header off an assist from Liz Bogus.

[47] Rachel Corsie and Haley Kopmeyer suffered injuries during a match in July against the Western New York Flash that was controversially played on a baseball field.

[50] In late August, the Reign announced that Hope Solo was taking a leave of absence for the remainder of the season after being suspended from the U.S. national team.

Three 2017 NWSL College Draft rookies were signed including defender Maddie Bauer, forward Katie Johnson, and midfielder Kristen McNabb.

With Kim Little moving back to Arsenal, the Reign re-signed attacking midfielder Christine Nairn, who had played for the team during its inaugural season.

[64] OL Reign finished 2nd in the regular season, led first by interim coach Sam Laity and then by Laura Harvey after her return.

The club announced in December 2021 that it would be returning to Seattle with Lumen Field as their new home stadium while continuing to train and operate out of Tacoma.

[65] In the Challenge Cup, the Reign finished first in the West Division and earned the top seed overall but lost in the semifinal against the Washington Spirit in a penalty shoot-out.

[69] Owner Bill Predmore stated, "Today's announcement is the result of a thoughtful process to identify the name that best represents the values of our club, articulates our long-term ambitions and celebrates the community within which our supporters live.

[76] Despite the new jersey sponsor, Microsoft remains the team's technology partner and will continue to provide sports analytics to the coaching staff.

[79] Heading into the 2021 season, OL Reign elected to feature the Black Future Co-op Fund on the front of their jerseys until a new presenting sponsor is secured.

The Reign were seen by national soccer media as lacking viable options for a replacement—other possible venues in the region are problematic due to size, location, or ancillary facilities.

The broadcasts were called by KOMO News Radio Sports Director, Tom Glasgow, with color commentary provided by Lesle Gallimore, head coach of the Washington Huskies.

[100][101] For the 2017 season, the Reign were featured in nationally televised Lifetime NWSL Game of the Week broadcasts on May 27, July 8, August 26, and September 9, 2017.

[112] Their August 29, 2021, meeting was played at Lumen Field in Seattle as part of a doubleheader with the Sounders and Timbers, drawing 27,248 spectators to break the league's attendance record.

[124] Force 10 Sports Management owns and operates the Seattle Storm, a standalone professional women's basketball team in the WNBA, much like the Reign.

[128] Jean-Michel Aulas, president of OL Groupe, had been public about his desire to acquire an NWSL team as part of Lyon's international ambitions.

[131] It was also announced on the same day that French basketball player Tony Parker, a business partner of OL Groupe, would also pay to acquire a 3% ownership stake, that Aulas would become chairman of the team's board of directors, and that a chief operating officer would be appointed to support the CEO Bill Predmore.

[136] Benstiti was initially hired despite allegations of similar behavior in the past,[139] and Predmore's withholding of information continues a pattern of institutional failure in the NWSL where coaches and personnel under investigation for misconduct were allowed to leave quietly and take up other positions where they could still do harm.

[141] Former COO Vincent Berthillot succeeded Bill Predmore as the club's CEO, while a general manager dedicated to soccer operations would be appointed.

[144] In April 2023, Washington Spirit owner Michele Kang announced plans to purchase a majority stake in OL Féminin.

[149] The team subsequently returned to its original name of Seattle Reign FC on January 9, 2024,[71] while the sale process continued as of February 8, 2024[update].