In a watershed moment for women’s sports, Angel City FC finalized a landmark new ownership agreement that will see the Los Angeles-based NWSL club become the highest-valued 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 USC Annenberg School for Communication and Journalism, are set to take over controlling ownership of Angel City from Reddit co-founder Alexis Ohanian. Marking a milestone in the business of women’s sports, the sale will value the club at a record-breaking $250 million, shattering the previous NWSL record of $120 million for the sale of the San Diego Wave last March.
“This is a historic moment in sports, as well as a historic moment for women’s sports,” Bay told USA TODAY Sports. “I think what we’re seeing right now is breathtaking, and we are only at the beginning of the ascent for women’s sports, but also for Angel City Football Club.”
“Women’s sports are having a culture-defining moment,” Bay added. “The talent of these athletes on the field, on the court, on the pitch, is defining our culture as one where excellence prevails regardless of gender.”
The sale, unanimously approved by Angel City’s Board of Directors, includes an extra investment of $50 million into the club by Iger and Bay, the latter of whom will join and assume full control over the Board. Although the transaction is still subject to closing conditions, including approval from the NWSL, it is expected to close in the next 30 to 60 days, the club said.
“We know [Iger and Bay] are the right partners to lead us into this new era,” a collective statement from Angel City’s Board of Directors read. “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.”
Angel City’s self-described mission is to be “the fiercest, most inclusive community in world football.” Since its founding by actress Natalie Portman, venture capitalist Kara Nortman and video game entrepreneur Julie Uhrman in 2020, the club has been led by an ownership group comprised of primarily women, including minority owners who are trailblazers in women’s sports, such as Billie Jean King, Candace Parker and 13 former players from the United States women’s national soccer team including Julie Foudy, Mia Hamm.
“The women founders, along with investor Alexis Ohanian, have built Angel City Football Club into a record-shattering franchise, and they have done that thanks to the talent and competitive spirit of the athletes on the pitch,” Bay said. “They’ve done it with their operational excellence. They’ve built a brand that is purpose-driven with mission, vision and values aligned with its business model.”
The club made its NWSL debut during the 2022 season and features 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 membership.
For Bay, though, these records are “just the beginning.”
“With leadership, with support, with access to capital, we can continue to accelerate the growth of this team, which we believe is limitless, and along with it, the league and women’s sports globally,” Bay said.
Ultimately, according to Bay, this opportunity with Angel City not only represents a financial opportunity for women’s sports, but a chance to drive social change.
“The opportunity to bring people together, to create a sense of community and a sense of belonging, particularly at a moment where the world seems so polarized and fragmented, is remarkable,” Bay said. “Sports have the power to not just reflect culture, but to shape it.”