Willow Bay and her husband, Disney CEO Bob Iger, are on the verge of buying a controlling stake in Angel City FC. No word has been released on when the deal will close, but the new ownership group and the amount of their investment (roughly $300 million) are reigniting a debate about the valuation of NWSL clubs and the rapid growth of women’s soccer here in the United States.
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Angel City forward Christen Press, who is also the team’s first player, spoke to The Athletic on her way to training Wednesday morning. Press was quick to say she has been following the potential sale through media reports. Press’s reaction, and that of her teammates, was one of excitement.
Press said these numbers shouldn’t come as a surprise to anyone, at least not to anyone who’s been listening carefully.
“As a player and as someone with a strong interest in the business of women’s sports, when you start looking at the valuations, two things happen,” she continued. “Your first thought is, ‘Yes,’ this is exactly how it should be, right? On our podcast, we talked with Ali Krieger about how, as a novice announcer, she’s making more money than she did as a player. Sales and deals like these are going to change that.”
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As for his second point, Press said Angel City has done a lot of things well in the league’s first few years: the game-day experience, the business, the community — all of those things are already working well.
“The club has a lot to get right and this sale is a great gain for the club,” Press said. “It allows the club to continue to professionalize and push the boundaries of expectations for the women’s game, and I think Angel City recognizes there is plenty of room to grow on that front.”
Angel City is reportedly valued at $300 million, which would be a record-breaking valuation (Photo: Elsa via Getty Images)
Press called the team a “zero to one project,” but going from one to two requires a different level of funding. That’s the same as what one early investor told the Los Angeles Times back in March when news broke that Angel City was considering selling a controlling stake.
“It’s truly incredible what we’ve built in just three years in the City of Angels. It’s common for any fast-growing company to take a step back and ask, ‘What do we need to continue this growth?'” said Hello Sunshine CEO Sarah Harden. “The board of directors decided that now was the right time to bring on a new lead investor, and that’s it. That’s our story.”
Of course, Angel City is not the only NWSL team considering selling, but they are more forward-thinking in their willingness to move. Also in March, San Diego Wave FC made headlines by setting a new record, when the club’s majority owner, Rob Burkle, agreed to sell to the Levin Leichtman family for a total of $120 million. The valuations of NWSL teams are also attracting attention on a global scale. Chelsea, for example, has begun considering the idea of selling a minority stake in its women’s team, based on Angel City’s previous valuation of $180 million.
“Every metric in women’s sport right now is growing, and I think the NWSL is at the forefront of that,” Pete Giorgio, head of Deloitte’s global and U.S. sports practice, told The Athletic in March. “These big valuations and big deals are a testament not only to the foresight, but also to the investment that many of them made as first-timers.”
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As a women’s soccer analyst Kim McCauley pointed outMichelle Kang raised many questions after she was seen as paying a high price to the Washington Spirit in 2022. Kang had originally offered $21 million to take control of the team. She signed for $35 million, which seemed like an outrageous amount just two years ago.
When Michelle Kang said “I know this is only worth $20 million right now, but I’d pay $30 million to get this done with minimal hassle,” people thought she was crazy lol https://t.co/ks2mueCsJG
— Kim McCauley (@kimischilling) July 3, 2024
The sale of Seattle Reign FC was finally completed last month when the Seattle Sounders and Carlyle Group acquired the club for $58 million (the sale of the club was the result of John Texter’s purchase of Lyon and focusing on the men’s team, with Olympique Lyonnais also being sold to Caen). Prior to that, the sale of Chicago Red Stars (total bid $60 million, purchase price $35.5 million) and Portland Thorns FC ($63 million) were also finalized, two changes that came in the wake of the league’s abuse scandal.
“When an ownership group has to step out, it’s really hard to compartmentalize that. I think we’ve seen in Chicago and Portland how it affected the players,” Press said. For her, the situation is different in Los Angeles, where owners and investors regularly attend games. “It can only be a positive in that respect. We know the ownership group.”
The NWSL is undergoing an incredible transformation. While some of these changes and investments have been positive, it’s understandable that some fans and supporters are a little nervous about this influx of money and how it will change the sport. Some of these changes are absolutely necessary, while others will undoubtedly impact the culture of women’s soccer in the United States.
Press has been part of what she calls a “generation of change,” whether it be with her fight for equal pay and a new collective bargaining agreement with the U.S. Women’s National Team or her NWSL career, which began with the Red Stars in 2014. “I can’t even remember the name of the first field I played on in Chicago, but I drove an hour and a half outside the city to go to a grass field.” The Red Stars’ home field is Benedictine University, and the team averaged 2,949 fans in 2014.
“We don’t want to hang on to those memories,” Press said. “There’s an absolute connection between us and the fans as we’ve fought to improve the league, because the fans have had such an impact on that fight and our success. We really connect with the community and feel like we’re all in this together.”
Press played for the Red Stars from 2014 to 2017. (Photo by Quinn Harris via Getty Images)
Press isn’t worried about that connection being lost — she believes the trend is heading in the right direction, as players now have a lot less to worry about off the field and can achieve stardom more quickly — but those who become superstars must be supported through brands, teams, marketing and media.
“It’s about storytelling, it’s about investment. And as that continues to grow, there’s a huge opportunity for that relationship to change with our fans. And as we continue to fight for fair recognition, fair pay and equality, we’ll maintain a strong connection with the fans who help us achieve these things.”
Even as the sale to the Bay Eiger Group is under discussion, Angel City still has more immediate goals to achieve: the new ownership group, acquired by Semaphore, has made “improving team performance, player support and retention” their number one policy, which includes the specific goal of building a new facility to serve as the team’s headquarters and training ground.
Angel City is currently in 11th place in the NWSL but is only three points off the playoff spot line. In their final game before the league goes on an extended break for the Olympics, Angel City will face Gotham FC.
Press said the team will rely on the existing trust between the players and ownership group to ensure the sale process goes according to plan and isn’t overshadowed by the desperate need to pick up three points at home this weekend.
“The whole group’s focus is on the game,” she promised.
(Photo by Catherine Lotze/Getty Images)