USA: BellTower Partners becomes a minority shareholder in United Soccer League to compete with MLS

US private equity firm BellTower Partners has made a strategic investment in the United Soccer League and become a minority shareholder, announced the governing body of the second, third and fourth divisions of football in the United States, on 23/09/2025. The value of the transaction has not been communicated.

Kewsong Lee, founder and CEO of BellTower and previously CEO of the US private equity firm Carlyle (from 2018 to 2022), has joined the USL board of directors as vice chair alongside Alec Papadakis (CEO) and Rob Hoskins (chairman).

This investment comes seven months after the USL indicated its intention to launch a men's first division in 2027-28, in competition with MLS. This development would be accompanied by a promotion/relegation system with the USL Championship (2^nd division) and USL League One (3^rd division), already organised by the League, whereas Major League Soccer, like the other major American leagues (NBA, NHL, MLB, NFL), operates a closed league system.

This new league will be launched around a year after the 2026 World Cup co-hosted by the United States (with…