LOS ANGELES:
Angel City is set to become the world’s most valuable professional women’s sports team after finalising a landmark new ownership agreement with Walt Disney CEO Bob Iger and his wife Willow Bay, the Los Angeles-based club announced on Wednesday.
Iger and Bay, dean of the USC Annenberg School for Communication and Journalism, will become the controlling owners of Angel City in a sale that will value the club at $250 million.
The value shatters the $120 million for the San Diego Wave sale in March, which was then a record-breaking price for a National Women’s Soccer League team.
Bay said as fans and friends of the club she and Iger are thrilled to join ACFC “as owners at this historic moment in sports.
“ACFC and these incredible athletes have already had a tremendous impact on the NWSL, women’s soccer, and the Los Angeles community,” she said in a statement. “With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL.”
The sale, which is pending league approval, will see Iger and Bay invest an undisclosed amount of which $50 million will be used as an injection of capital to fund the club’s future growth.
“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.
Bay will serve on and have full control of the club’s board, which will continue to include the club’s previous and founding controlling owner and Reddit founder Alexis Ohanian, actress Natalie Portman, entrepreneur Julie Uhrman and early investor Gillian Berry.
The club was founded in 2020 by Portman, Uhrman and venture capitalist Kara Nortman, and have numerous smaller investors including retired athletes Billie Jean King, Abby Wambach and Lindsey Vonn and actresses Jennifer Garner and Eva Longoria.
“This is really just the start. I’m excited to see this continued investment and to keep building Angel City into what I know can be the biggest brand in all of women’s professional sports,” Ohanian, husband of tennis great Serena Williams, told Reuters recently.
Angel City have amassed numerous commercial partners and season-ticket holders and have played in packed stadiums since their debut season in 2022. In 2023, the club generated the highest revenue of any women’s team in the world, and topped the NWSL in attendance, sponsorship and total revenue.
The team play their home games at BMO Stadium, which is also home to Major League Soccer men’s team Los Angeles FC.
