In a landmark move for women's sports, Angel City FC has signed a groundbreaking new ownership agreement that makes the Los Angeles-based NWSL club the most valuable women's professional sports team in the world, the club announced Wednesday.
Walt Disney CEO Bob Iger and his wife, Willow Bay, dean of the University of Southern California's Annenberg School of Communication and Journalism, will take over control of Angel City from Reddit co-founder Alexis Ohanian. A landmark sale for women's sports, the sale values the club for a record-breaking $250 million, shattering the NWSL's previous record of $120 million when the San Diego Wave was sold last March.
“This is a historic moment in sports and a historic moment for women's sports,” Bay told USA Today Sports. “What we're seeing right now is breathtaking and this is just the beginning of the climb, not only for women's sports but for Angel City Football Club.”
“Women's sports is experiencing a culture-defining moment,” Bay added. “The talent of our players on the field, court and pitch defines a culture where excellence is a priority, regardless of gender.”
The sale, which was unanimously approved by the Angel City board of directors, includes an additional $50 million investment by Iger and Bay in the club, with Bay joining the board and assuming full control of the board. The transaction is subject to closing conditions, including NWSL approval, but is expected to close within the next 30 to 60 days, the club announced.
“We know [Iger and Bay] “They are the right partner to lead in this new era,” Angel City's board of directors said in a joint statement. “They are committed to further strengthening ACFC's position as the preeminent organization and brand in women's sports and advancing the team's broader mission, which includes advancing equality for athletes and women-founded companies.”
Angel City's self-described mission is to be “the fiercest, most inclusive community in global soccer.” Since being founded in 2020 by actress Natalie Portman, venture capitalist Karla Nortman and video game entrepreneur Julie Urman, the club has been run by an ownership group made up mostly of women, including minority shareholders who are pioneers in women's sports, such as 13 former U.S. women's national soccer team players, including Billie Jean King, Candace Parker, Julie Foudy and Mia Hamm.
“The female founders, along with investor Alexis Ohanian, have built Angel City Football Club into a record-breaking franchise thanks to the talent and competitive spirit of its players on the pitch,” Bay said. “They've done it through operational excellence. They've built a purpose-driven brand with a mission, vision and values that align with their business model.”
The club will make its NWSL debut in the 2022 season and boasts a star-studded roster that includes Christen Press, Sydney Leroux and sisters Alyssa and Gisele Thompson. Last year, the club led the league in attendance, revenue and season ticket memberships.
But for Bay, these records are “just the beginning.”
“With the leadership, support and access to capital, we can continue to accelerate the growth of this team. We believe the growth of the team is limitless, and with it, the league and the world of women's sports,” Bay said.
Ultimately, Bay said, this opportunity with Angel City is not only an economic opportunity for women's sports, but also a chance to drive social change.
“Any opportunity to bring people together and foster a sense of community and belonging is incredible, especially during a time when the world seems so polarized and divided,” Bay said. “Sports has the power to not only reflect culture, but shape culture.”
