Willow Bay and Bob Iger will acquire a majority stake in Angel City Football Club, the most beneficial skilled women's sports team on this planet.
On Wednesday, Angel City of the National Women's Soccer League announced that the pair had investment of an undisclosed amount, which puts the team's value at $250 million. The club said Bay and Iger will invest a further $50 million within the club's future growth.
Under NWSL bylaws, majority owners must own no less than 35% of the team, bringing the pair's purchase price to no less than $87.5 million. Bay will sit on Angel City FC's board of directors and have full control over it, the team said.
The sale comes at a time when women's sports and the NWSL are experiencing an explosion in viewership and attendance and are attracting increasing investment.
Last 12 months, Angel City FC generated the best revenue of any women's team on this planet. The team was also primary in attendance and sponsorship revenue within the NWSL.
“We know they are the right partners to lead us into this new era. They are committed to further strengthening the ACFC's position as the preeminent organization and brand in women's sport and supporting the team's broader mission, including promoting equality for female athletes and women-founded businesses,” the ACFC board said in a press release.
Angel City FC was founded in 2020 by actress Natalie Portman, enterprise capitalist Kara Nortman and entrepreneur Julie Uhrman.
Owners also include quite a few sports icons, including Billie Jean King, Abby Wambach, Lindsey Vonn and 13 former U.S. Women's National Team players. The team emphasizes female ownership and equal pay for girls.
Reddit co-founder Alexis Ohanian was the bulk owner of the club.
The unique ownership structure had created tensions by way of funds and operations. According to reports, considered one of the explanations for a sale.
All current owners will remain with the club in the brand new team structure, the club announced on Wednesday.
Bay, who’s a lifelong sports fan and likewise serves as dean of the USC Annenberg School for Communication and Journalism, said she is committed to furthering the club's mission of promoting equality on and off the sphere.
“With this investment of resources and capital, we hope to accelerate the growth of the club and the NWSL,” she said in a press release.
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