"I think it's important to support women and women's professional athletes - not just in the United States, but all over the world," Ovechkin said.
"It was also important for me to support the D.C. community. I support everybody in this town. Me and my wife love to go watch a soccer game, watch football and baseball. We all win. If I have this opportunity, I think it's very important for me to do it, because it also shows we care."
The NWSL - which was established in 2013 - features 10 teams across the United States. The Spirit are scheduled to begin their 2021 campaign May 16.
Ovechkin says he's intrigued by other ownership opportunities after he retires.
"I would love to be in (Capitals owner Ted Leonsis') spot, I can't lie to you," Ovechkin said. "But seriously, I don't know what I'd like to do. I still think I have a couple years left playing, then we'll see."
Ovechkin, 35, is an unrestricted free agent after the 2021 campaign. However, he's said he intends to finish his NHL career with the Capitals. The future Hall of Famer has 42 points in 48 games this season.