Bay, Iger to take controlling stake at $250 million value

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.

The sale comes as women’s sports and the NWSL have seen explosive growth in viewership and attendance and draw growing investment.

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, Lindsey Vonn and 13 former players from the U.S. Women’s National team. The team has prioritized female ownership and also equal pay for women.

Reddit cofounder Alexis Ohanian had been the club’s controlling owner.

The unique ownership structure had brought tensions over finances and operations, reportedly one of the motivations for a sale.

All of the existing owners will stay on with this new team structure, the club said Wednesday.

Bay, a lifelong sports fan, 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.