July 18 – Angel City have agreed terms for the sale of a ‘majority’ stake in the LA-based NWSL club to Willow Bay and Bob Iger, giving the club a $250 million valuation, the highest of any women’s team in professional sport worldwide.
Willow Bay, who is the Dean of the USC Annenberg School for Communication and Journalism, and Bob Iger, who is CEO of the Walt Disney Company, are paying in the region of $87 million for at least 35% of the stock and have committed to put another $50 million “to support the Club’s future growth”, said an Angel City announcement.
Under NWSL rules a ‘controlling owner’ must own 35% or more of the club’s stock.
Bay “will serve on and have full control of the ACFC Board of Directors, will serve as the Controlling Owner for National Women’s Soccer League, LLC (NWSL) purposes and will represent ACFC on the NWSL’s Board of Governors,” said the club.
Club founders Natalie Portman, Julie Uhrman, and Alexis Ohanian (who was the controlling owner), will continue to serve on the board.
The club had been looking for new investors since March when Ohanian expressed frustration with power struggles within the board in a Wall Street Journal article. Investment bank Moelis & Company led the search for new money.
“ACFC and these incredible athletes have already had a tremendous impact on the NWSL, women’s soccer, and the Los Angeles community. With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL. Working with the team and Board, and the incredible community of ACFC fans, we are committed to advancing the Club’s mission of driving equity on and off the field,” said Bay.
Only in their fourth season of play, Angel City lead the NWSL in attendance, sponsorship revenue and total revenue ($31 million last year), and have the largest season ticket membership. They have $55 million of revenue booked through 2025.
They do not own their own ground, instead…
Source link : https://www.insideworldfootball.com/2024/07/18/bay-iger-close-angel-city-deal-valuing-club-world-record-250m/
Author : Paul Nicholson
Publish date : 2024-07-18 10:40:45
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