Angel City sells controlling stake at record price

Angel City FC is now the most valuable women’s sports team in the world following an agreement by Willow Bay and Bob Iger to purchase a controlling stake in the National Women’s Soccer League franchise at a $250 million valuation.

Bay, the dean of the USC Annenberg School for Communication and Journalism, and Iger, the CEO of the Walt Disney Company, will become the new majority owners of the Los Angeles-based club, pending league approval and the closing of the transaction.

“I can’t imagine a more exciting time in women’s sports,” Bay told ESPN. “It’s actually an historic moment in sports and an historic moment for women’s sports. It’s just breathtaking and it’s only the beginning of the ascent. I think to be part of the team, to be part of the future trajectory of this team, this sport and women’s sports, is incredibly exciting.”

Bay and Iger, who are married, will invest an additional $50 million into the club.

Their investment makes them the new controlling owners of Angel City, joining an ownership group that is otherwise unchanged.

The Walt Disney Company is the majority owner of ESPN.

Bay “will serve on and have full control of” Angel City’s board, according to the team, and she will also represent Angel City on the NWSL’s board of governors.

The transaction was unanimously approved by Angel City’s board of directors and is expected to close in the next 30 to 60 days. Angel City’s board will continue to include Natalie Portman, Julie Uhrman, Alexis Ohanian and Gillian Berry, according to the team.

In a collective statement, Angel City’s board said Bay and Iger “bring unparalleled operational experience, expertise, and passion” and that “they are committed to further strengthening ACFC’s position as a preeminent organization and brand in women’s sports.”

Bay said it was too early to share specifics on how the additional $50 million would be invested.

Angel City was founded by Portman, Uhrman and venture capitalist Kara Nortman.

Ohanian, who founded Reddit, was the club’s previous controlling owner. Ohanian previously stated that he was not selling any shares in the team.

The club has enjoyed success since its founding in 2020 and its first season in 2022. It sold more than 15,000 season tickets before playing a game, in a league that averaged fewer than 6,000 fans per game the year prior.

The team frequently sells out BMO Stadium in Los Angeles, creating an “unrivaled” experience, as Bay describes it.

Still, facilities have been one of Angel City’s challenges. BMO Stadium is one of the best venues in the NWSL, but Angel City is not the primary tenant and has battled issues that included the rescheduling of this year’s home opener.

The team also remains at a temporary training facility in a different county.

“When we look at areas of opportunity, we certainly think player development and player support is on the list of priorities without question,” Bay said.

Bay said that she and Iger have followed the team since its inception, and they frequently attend matches with their family. They also have personal connections to a robust ownership group that includes Billie Jean King among dozens of other celebrities.

NWSL valuations continue to rise. Angel City’s sale comes a few months after San Diego Wave FC set a league mark for a two-part transaction that values the club between $113 million and $120 million.

Bay said she is excited to join the “breadth of experience” among the league’s new owners at an important moment for the NWSL and women’s sports.

She stressed that Angel City is only getting started.

“The momentum here is strong and sustainable,” Bay said. “Angel City starts from an incredibly strong and, frankly, record-setting foundation of incredibly talented athletes, a passionate and committed fan base, and really strong ties to the community. We know that all of this is poised for growth.”