Lisa Bhathal Merage

Lisa Bhathal Merage
Born
United States
EducationUniversity of Southern California undergraduate
OccupationBusinesswoman
Known forRAJ Sports, co-owner of Sacramento Kings, owner of Portland Thorns and Portland Fire, Revitate
SpouseRichard Merage

Lisa Bhathal Merage is an American business executive who invests in sports, real estate and commercial brands. Her RAJ Capital investment business' RAJ Sports division co-owns the NBA's Sacramento Kings, and owns the NWSL's Portland Thorns and the WNBA's Portland Fire, the latter set to begin play in 2026. She is the controlling owner and NWSL governor for the Thorns. She also co-owns the Revitate investment platform, with her brother Alex.

Early life and education

Bhathal Merage was born in California and attended Corona del Mar High School.[1] She attended University of Southern California and joined her family's RAJ Swim swimwear business after graduating.[2]

Career

RAJ Manufacturing

In 2007, after assuming day-to-day responsibilities of RAJ Swim and its holding company RAJ Manufacturing, she and her brother Alex became co-presidents, and took over the company.[3] In 2008, Bhathal Merage, then named Vogel, launched a line of swimwear called Luxe by Lisa Vogel.[4]

RAJ Capital

RAJ Capital is the Bhathal family business, founded in 2007 by Bhathal Merage and her brother Alex.[5] RAJ Capital was spun off from the family's RAJ Manufacturing swimwear business, which the siblings bought back from private equity, and is part of RAJ Capital.[6] The firm focuses on investments in sports, real estate and consumer products.[7]

RAJ Sports

RAJ Capital consolidated its investments in several sports teams into RAJ Sports.[8] In January 2024, the group purchased the Portland Thorns of the National Women's Soccer League for $63 million.[6] Bhathal Merage was named controlling owner and NWSL governor.[9] In September 2024, the group was awarded an expansion franchise for a Portland WNBA team, to begin play in 2026.[8] The franchise was later named the Portland Fire.[10]

RAJ Sports also manages the family's stake in the NBA's Sacramento Kings.[6] The family also has additional holdings in the AAA baseball club Sacramento River Cats, NBA-G League's Stockton Kings and the Kings Guard NBA 2K e-sports team.[9]

Revitate

In 2021, the siblings launched Revitate, an extension of the RAJ Capital family business into an investment platform.[11][12] Revitate focuses on sports, real estate and commercial brands.[7][13] The platform is open to outside investors.[12] As of 2023, Revitate was working on multifamily and industrial developments in secondary cities like Indianapolis; Charleston, South Carolina; and Albuquerque, New Mexico.[5]

Revitate also operates the RevOZ platform, founded by Bhathal Merage and her brother Alex to invest in opportunity zones, a program created by the Tax Cuts and Jobs Act of 2017.[14][15] An initial $125 million investment included apartment complexes in Sacramento, a healthcare center in San Bernardino, California, and an eco-friendly hotel in Redmond, Oregon.[14]

Philanthropy

Bhathal Merage sits on the board of the UC Irvine Langston Museum of Art, and co-chaired their opening gala.[16][17] She also works with the Angels of the Arts support group for Segerstrom Center for the Arts in Costa Mesa, California.[18]

Personal life

As of 2024, Bhathal Merage was married to Richard Merage, a hedge fund investor and son of Paul Merage, the donor and namesake for UC Irvine's Paul Merage School of Business.[19][20]

References

  1. ^ "Mother-Daughter Duo Hosts Segerstrom's Candlelight Gala". Modern Luxury. December 4, 2019. Retrieved April 15, 2026.
  2. ^ "Lisa Vogel". Haute Living. July 30, 2012. Retrieved April 15, 2026.
  3. ^ "Swimsuit Heirs Acquire Control of Raj Manufacturing". www.apparelnews.net. March 30, 2007. Retrieved April 15, 2026.
  4. ^ Hart, Kelli (December 11, 2008). "Laguna resident's swimwear line flourishes, though economy's all wet". Orange County Register. Retrieved April 15, 2026.
  5. ^ a b Murar, Katie (March 22, 2023). "Alex Bhathal: Building the Raj Empire". Orange County Business Journal. Retrieved April 15, 2026.
  6. ^ a b c "Commentary: Why buying into Portland Thorns and the NWSL was 'a no-brainer' for one family". Los Angeles Times. January 23, 2024.
  7. ^ a b Yoshida, Yuika (April 6, 2026). "Lisa Bhathal Merage Builds a Women's Sports Empire". Orange County Business Journal. Retrieved April 15, 2026.
  8. ^ a b "WNBA awards Portland expansion team that will start play in 2026". September 19, 2024 – via The Straits Times.
  9. ^ a b "Portland Thorns finalize sale for new ownership: What Bhathal family, RAJ Sports mean for NWSL side". CBS Sports. January 3, 2024.
  10. ^ Peterson, Anne M. (July 15, 2025). "Expansion WNBA team brings back the original Portland Fire name". AP News.
  11. ^ "ALEX BHATHAL & LISA BHATHAL MERAGE". Orange County Business Journal. November 17, 2025. Retrieved April 15, 2026.
  12. ^ a b "Bhathal Family Revamps Investment Platform". Orange County Business Journal. October 4, 2021. Retrieved April 15, 2026.
  13. ^ Linehan, Meg (December 8, 2023). "Portland Thorns sale to Bhathal family nears completion; expected to close in early 2024" – via NYTimes.com.
  14. ^ a b Bertoni, Steven. "NBA Owner Makes Big Bet On Opportunity Zones As Biden Presidency Sparks Fresh Start For OZs". Forbes.
  15. ^ Brennan, Peter (November 14, 2023). "Revitate's ESG Returns". Orange County Business Journal. Retrieved April 15, 2026.
  16. ^ "Top Orange County Philanthropists Transforming Lives 2022". Modern Luxury. October 31, 2022. Retrieved April 15, 2026.
  17. ^ "The Crowd: 'Utopian Black Tie' donned by guests of OCMA's gala opening party that raises $2.1 million". Daily Pilot. October 15, 2022.
  18. ^ Conway, Ann (March 15, 1993). "Angels of Arts: A Decade of Flying High". Los Angeles Times.
  19. ^ Savitz, Eric J. (December 30, 2019). "Groupon Has a New Activist Investor. He's the Founder of the Company That Invented Hot Pockets". Barrons. Retrieved April 15, 2026.
  20. ^ Effinger, Anthony (January 3, 2024). "Merritt Paulson Sells Portland Thorns to Bhathal Family of Southern California". Willamette Week.
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