July 18 – Angel City have agreed terms for the sale of a ‘majority’ stake in the LA-based NWSL club to Willow Bay and Bob Iger, giving the club a $250 million valuation, the highest of any women’s team in professional sport worldwide.
Willow Bay, who is the Dean of the USC Annenberg School for Communication and Journalism, and Bob Iger, who is CEO of the Walt Disney Company, are paying in the region of $87 million for at least 35% of the stock and have committed to put another $50 million “to support the Club’s future growth”, said an Angel City announcement.
Under NWSL rules a ‘controlling owner’ must own 35% or more of the club’s stock.
Bay “will serve on and have full control of the ACFC Board of Directors, will serve as the Controlling Owner for National Women’s Soccer League, LLC (NWSL) purposes and will represent ACFC on the NWSL’s Board of Governors,” said the club.
Club founders Natalie Portman, Julie Uhrman, and Alexis Ohanian (who was the controlling owner), will continue to serve on the board.
The club had been looking for new investors since March when Ohanian expressed frustration with power struggles within the board in a Wall Street Journal article. Investment bank Moelis & Company led the search for new money.
“ACFC and these incredible athletes have already had a tremendous impact on the NWSL, women’s soccer, and the Los Angeles community. With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL. Working with the team and Board, and the incredible community of ACFC fans, we are committed to advancing the Club’s mission of driving equity on and off the field,” said Bay.
Only in their fourth season of play, Angel City lead the NWSL in attendance, sponsorship revenue and total revenue ($31 million last year), and have the largest season ticket membership. They have $55 million of revenue booked through 2025.
They do not own their own ground, instead playing at LAFC’s BMO Stadium in the Exposition Park neighbourhood of Los Angeles. A new stadium they could call their own could open up revenue streams but so far their infrastructure development has been limited to talk about building their own training facility.
NWSL club valuations have become rocket propelled over the past year with the San Diego Wave sold for a then league record $113 million in March, following on from the sale of the Portland Thorns in January for $63 million. Bay FC who launched this year paid a franchise fee of $53 million, the same that has been paid for a new franchise in Boston.
The Chicago Red Stars sold for £35.5 million in 2023, while the Seattle Reign completed a $58 million sale in June.
The ACFC Board of Directors said in a joint statement: “Willow and Bob bring unparalleled operational experience, expertise, and passion to ACFC and to the NWSL. They’re lifelong sports fans who have been supporters of ACFC since the team’s founding. They are deeply committed to the Los Angeles community, having been residents, leaders, and philanthropists in the city for almost three decades and have a long track record of dedicating their time and resources to support local Los Angeles organizations.
“We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC’s position as a preeminent organization and brand in women’s sports and to championing the team’s broader mission, including the advancement of equity for athletes and women-founded businesses. With their leadership, we will continue to harness the industry’s momentum and build on ACFC’s strong foundation of fan and community support.”
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