Lee brings decades of global and financial leadership to the USL during a period of advancement
The United Soccer League (USL), the largest and fastest-growing soccer organization in the United States, today announced that BellTower Partners (BellTower), the private investment firm founded by global business leader Kewsong Lee, has made a strategic investment in the USL. In connection with this partnership, Lee will also join the USL Board of Directors as Vice Chair, serving alongside Chief Executive Officer Alec Papadakis and Chairman Rob Hoskins.
With more than three decades of experience leading large, complex organizations and driving growth across industries, Lee's involvement marks a significant addition to the USL. He served as CEO of The Carlyle Group from 2018 to 2022, leading a period of rapid growth and diversification into new business segments for the firm. Earlier in his career, Lee spent over two decades as an investor and leader at Warburg Pincus, where he was a partner and member of the Executive Management Group.
"Kewsong and BellTower are joining the USL at a moment of tremendous opportunity," Papadakis said. "The investment underscores their confidence in, and alignment with, our vision for the future of the USL. It strengthens our ability to deliver on that promise by advancing top-tier Division One, introducing promotion and relegation, and aligning American soccer more closely with the global game. As we enter this next chapter, we have charted a bold course for the sport in the United States. With Kewsong's strategic perspective, operational acumen, and proven leadership, we gain an invaluable partner in the ongoing effort to bring that vision to life."
This investment comes at a time of rapid momentum for the USL, which owns and operates a multi-tier soccer ecosystem spanning the men's and women's game, from youth to the professional level. The USL recently unveiled plans to launch a new Division One professional men's league in 2028, a structure that will have promotion and relegation for the first time in American soccer or in any major U.S. professional sport. The USL's top-tier Gainbridge Super League for women, the first U.S. soccer league with a title sponsor, kicked off its second season last month. New expansion teams and stadium-anchored districts are also underway in multiple markets as investment across the league continues to accelerate.
"The USL has built something rare in American sports an independent, multi-tier league system of scale that is both high-growth and impactful," Lee said. "We see durable demand for authentic, community-focused clubs; a favorable environment for public-private partnerships; and significant upside for all stakeholders as the USL continues to expand its men's and women's pathways. We are excited to partner with the USL's management team and share their commitment to realizing the USL's next phase of its journey."
Soccer in the U.S. is at an inflection point, fueled by rising youth participation and the country hosting several upcoming global sporting events including the 2026 FIFA World Cup and 2028 Olympic Games in Los Angeles. This national spotlight is expected to deepen existing fan engagement, create new fans, and drive demand for professional soccer across U.S. markets of all sizes an opportunity the USL is uniquely positioned to capture.
Since its founding in 2023 by Mr. Lee, BellTower has taken ownership stakes with influential roles across a diversified group of industries including Ascot Group Limited, a leading global specialty insurance company, and Patricof Co, a private investment and advisory firm focused on the world's elite athletes and the broader sports asset class. In addition to serving as Chair of both Ascot Group Limited and Patricof Co, Mr. Lee is also deeply engaged in civic and cultural organizations, serving as Chair of Lincoln Center Theater's Board of Directors and Vice Chair of Partnership for New York City.
The BellTower-led investment is a purchase of a minority equity stake in the USL. Financial terms of the transaction were not disclosed.
About the United Soccer League
Founded in 1986, the United Soccer League is the largest and fastest-growing soccer organization in the United States, impacting more than 200 communities nationwide. It is the first and only organization to offer a complete youth-to-professional pathway for both men and women under one ecosystem. The USL operates four men's leagues: the newly announced top-tier professional Division I league, the USL Championship (Division II), USL League One (Division III) and USL League Two (pre-professional). On the women's side, it oversees the Gainbridge Super League (Division I), which launched in 2024, and the USL W League, the country's top pre-professional women's league. The USL also runs the USL Academy and USL Youth programs to support talent development and youth engagement.
With long-term media rights deals across CBS Sports, ESPN, TUDN, and Peacock, the USL is the most accessible soccer league in the country.
About BellTower Partners Kewsong Lee
BellTower Partners (https://belltowerpartners.com) is a private investment firm supporting operating platforms focused on scalable, lasting growth. Deploying patient and permanent capital, the firm acquires meaningful ownership stakes in well-positioned businesses. BellTower's integrated operator and investor perspective enables trust-based partnerships with management teams to accelerate business building and value creation over the long-term. Since its founding in 2023, BellTower's investments have grown to include significant interests in industry leaders such as Ascot Group Limited (https://www.ascotgroup.com/), a global specialty insurance company, and Patricof Co (https://www.pco.com/), a private investment and advisory firm focused on the world's elite athletes and the broader sports asset class.
BellTower was founded by Kewsong Lee, the former CEO of The Carlyle Group. Prior to Carlyle, Mr. Lee was a partner and a member of the Executive Management Group at Warburg Pincus, where he spent 21 years. Mr. Lee currently serves as the Chair of Ascot Group Limited, Chair of Patricof Co, Chair of the Lincoln Center Theater Board of Directors (https://www.lct.org/) and Vice Chair of the Partnership for New York City (https://pfnyc.org/). He previously served on numerous public and private boards including TransDigm, Aramark, and Arch Capital.
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Contacts:
Prosek Partners
pro-USL@prosek.com
