Disney CEO Bob Iger and his wife, Willow Bay, who is also dean of the Annenberg School of Southern California, are on the verge of buying a controlling stake in Los Angeles women's soccer team, Angel City FC, the most valuable women's sports team in the world.
The investment from Bay Iger Group represents new capital at a pre-money valuation of $250 million, two people familiar with the deal said, a staggering figure that raises the stakes in women's sports. One of the people declined to disclose the size of the investment but said the team's current valuation is more than $300 million, suggesting the new investment is at least $50 million. The couple will replace Reddit co-founder Alexis Ohanian as controlling shareholders of the team.
Another person close to the deal said investor Marc Lasry and Manchester United owner Abby Glaser also made competitive bids, but Bay and Iger pitched their long-term commitment to the business and building the brand over the long term.
They're also keen to have a woman own the team, highlighting Bay's role in the deal. Dylan Byers of The Pack first reported The deal was terminated and Bay was reported to be the buyer. Other shareholders in the team include actresses Natalie Portman and Eva Longoria, and soccer players Abby Wambach and Mia Hamm.
Iger and Bey attended Angel City's loss to a Kansas City team on Sunday.
Big money, including from professional investors, has been flowing into sports in recent years, but Jessica Berman, president of the U.S. Women's Soccer League, said at a Semaphore event last week that while she welcomes Wall Street money (the NWSL is the first professional league to allow institutional investors to outright own teams), she seems to prefer a simpler model: the rich.
“It's really important to know that you have someone you can trust to make decisions that can tie up capital without relying on an investment committee or a group of people who have to get investor approval,” she said. “Especially since our league is growing so fast, we move very quickly.”
Semaphore has obtained the presentation they circulated, in which they promised to “raise expectations for more” for the club.