On Wednesday, USC Annenberg School Dean Willow Bay and Disney CEO Bob Iger purchased a controlling interest in the NWSL club for $250 million, making Angel City FC the most valuable team in women’s sports.
The club noted that “the agreement is subject to customary closing conditions, including approval by the NWSL.”
Angel City FC said in a statement that Bey and Iger would invest a further $50 million “to support the club’s future growth.”
“We think that player development and support is definitely a priority when you look at the areas of opportunity,” Bay told ESPN’s Jeff Kasuff.
According to Sportico reporter Eben Novi-Williams, the sale would break the previous NWSL franchise valuation record, set in March by the San Diego Wave in a two-part deal worth between $113 million and $120 million.
Angel City FC was formed in 2020 with Alexis Ohanian, co-founder of Reddit and husband of tennis legend Serena Williams, as its founding controlling shareholder. According to Angel City, Ohanian will not sell his shares and will remain on the franchise’s board of directors following the sale.
Angel City FC says the club has grown in the three seasons since its inception and is on track to be the highest-revenue women’s sports team in 2023.
This lines up with valuations published by Sportico’s Kurt Badenhausen in October 2023, which ranked Angel City first in the NWSL with an estimated franchise valuation of $180 million. The next most profitable franchise, San Diego Wave FC, was valued at $90 million, with an average of $66 million, according to Sportico.
Angel City FC’s top ranking in the NWSL is due in part to the club’s projected revenue of $31 million, of which Badenhausen estimates $11 million will come from sponsorships, which he noted are “more than some MLS teams” in total.
In addition to having the most sponsorship deals, Angel City FC also ranked first in the NWSL in attendance, sponsorship revenue, total revenue and season ticket memberships for the 2023 season, the club announced.
The sale marks both improved profitability for the NWSL, which last November inked the largest broadcast rights deal in the history of a women’s sports league, and progress for Angel City on its path to a $1 billion valuation. Angel City FC president Julie Erman, who will remain on the franchise’s board of directors after the sale, told The Athletic’s Steph Yang last year that the team’s goal is to achieve ten-figure revenue by 2028.