The statement did not say how much Bay and Iger would put into the deal, but did say they would become controlling owners of the team. Under league rules, controlling owners must own at least 35% of a team, meaning Bay and Iger would need to spend at least $87.5 million on the deal.
The deal signals a rapidly growing popularity of women's sports nationwide and comes on the heels of a historic women's college basketball season that's been marked by one record-breaking television broadcast after another.
“We know they are the right partners to lead us into this new era. They are committed to furthering ACFC's position as the preeminent organization and brand in women's sports and advancing the team's broader mission, including advancing equality for athletes and women-founded businesses,” Angel City Football Club's board of directors said in a statement. “Under their leadership, we will continue to capitalize on the industry's momentum and further ACFC's strong foundation of fan and community support.”
C. Keith Harrison, a sports business professor at the University of Central Florida, said the move shows that women's sports are gaining “respect and recognition” across the country, adding that it also shows that women's sports are a viable investment.
“This moment marks an important benchmark for women's sports and society at large,” Harrison said in an email.
The news release added that Bey and Iger will invest a further $50 million in the club's “future growth” and said Bey will represent the team on the National Women's Soccer League (NWSL) Board of Directors.
The deal is subject to NWSL approval and is expected to close within 30 to 60 days.
Bay and Iger have been supporters of the club since its founding in 2020. The team generated the highest revenue of any women's club in the world last year, according to a news release.
“ACFC and these incredible athletes have already made a tremendous impact on the NWSL, women's soccer and the Los Angeles community,” Bay said in a statement. “With this investment of resources and capital, we hope to accelerate the growth of the club and the NWSL.”
The club, which had the highest attendance and sponsorship revenue in the NWSL last year, was founded by actress Natalie Portman, venture capitalist Karla Nortman and entrepreneur Julie Urman. Reddit founder Alexis Ohanian has an initial controlling interest in the team and will continue to serve on the team's board of directors.
ACFC's ownership group also includes a number of celebrities and sports icons, including Billie Jean King, WNBA's Candace Parker, former U.S. Women's National Team player Mia Hamm, Olympic gold medalist Lindsey Vonn, NFL quarterback Matthew Stafford, and actresses Uzo Aduba, America Ferrera and Eva Longoria.
The NWSL was founded in 2012 and consists of 14 teams.
