- Angel City FC announced Willow Bay and Bob Iger had agreed to an investment of an undisclosed amount that values the team at $250 million.
- Last year, Angel City FC generated the highest revenue of any women’s team in the world. It was also No. 1 in NWSL attendance and sponsorship revenue.
Willow Bay and Bob Iger will take a controlling stake in Angel City Football Club, the world’s most valuable women’s professional sports team.
On Wednesday, Angel City of the National Women’s Soccer League announced the couple had agreed to an investment of an undisclosed amount that values the team at $250 million. The club said Bay and Iger will invest an additional $50 million in the club’s future growth.
According to NWSL bylaws, controlling owners must own at least 35% of the team, which puts the pair’s purchase agreement at a minimum of $87.5 million.
Bay will serve on and have full control of the Angel City FC board, the team said.
Last year, Angel City FC generated the highest revenue of any women’s team in the world. It was also No. 1 in NWSL attendance and sponsorship revenue.
“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,” the ACFC Board of Directors said in a statement.
Angel City FC was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Urhman.
The ownership group also includes a long list of sports icons including Billie Jean King, Abby Wambach, and Lindsey Vonn.
Reddit cofounder Alexis Ohanian had been the club’s controlling owner.
Bay, who also serves as Dean of the USC Annenberg School for Communication and Journalism, said she’s committed to advancing the club’s mission of driving equity on and off the field.
“With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL,” she said in a statement.
Source: Business - cnbc.com
