Angel City Football Club is getting a financial boost from one of Los Angeles' most prominent couples: Willow Bay, dean of USC's Annenberg School for Communication and Journalism, and her husband, Walt Disney Co. Chief Executive Bob Iger.
The women's soccer club announced an agreement with Bay and Iger on Wednesday, allowing them to join the club as majority owners. As part of the deal, which is subject to approval by the National Women's Soccer League, the pair also agreed to provide $50 million in cash to expand Angel City FC's budget and pay down its debt.
The investment by Bay and Iger, which values Angel City at $250 million, making it the most valuable women’s sports team, comes amid rising popularity of women’s sports and a growing recognition that female athletes are often as big a draw as their male counterparts.
The couple's contribution exceeds $100 million, according to two people familiar with the deal who were not authorized to discuss financial terms.
Once the transaction is finalized, Bay will assume control of the team’s board of directors and become its representative in the league, replacing businessman Alexis Ohanian, the founding majority shareholder. Ohanian, co-founder of the online discussion site Reddit and husband of tennis legend Serena Williams, will remain on the board.
This season, Angel City FC is ranked 11th in the league, which features 14 teams. They have a record of four wins, three draws and nine losses.
“We’re really looking at this as a long-term commitment,” Bay said in an interview. “We know it’s a long road and that’s part of what we’re excited about.”
Angel City has long had connections to Hollywood.
The club was founded in 2020 by actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman. The seeds were planted as part of a heightened awareness of systemic gender inequalities in the workplace and in sports that emerged during the #MeToo movement and the formation of the now-defunct Time's Up coalition.
“Women’s sports are having a culturally defining moment,” Bay said. “Participation is up, viewership is up, and appreciation for the level of skill these athletes are demonstrating is up. We think all of those things contribute to the momentum we know exists for this team.”
Because of his position at Disney overseeing sports streaming giant ESPN, Iger will recuse himself from all business matters related to the women's soccer league, Bay said.
Late last year, the league announced a $240 million broadcast rights deal with CBS, ESPN, Amazon Prime Video and Scripps’ ION Network, which has been instrumental in expanding the league’s revenue and visibility. So far this season, more than 7 million viewers have watched the league’s national broadcasts, according to the club.
There has been tension over the team’s spending. While Angel City generated the most revenue in the NWSL last year at $31 million, it was also spending massive amounts, leading to significant debt. Bay and Iger’s investment helps solve that problem.
Angel City's board of directors unanimously approved the deal, which is expected to close in the next 30 to 60 days.
Bay said she and Iger are confident the club's prospects are bright.
The team plays its home games at BMO Stadium, near USC, south of downtown Los Angeles. The club is in its third season. Olympic gold medalist Angela Hucles Mangano is the general manager and Becki Tweed is the head coach.
Bay did not disclose the family's ownership percentage.
To become a controlling shareholder, owners must own more than a 35% stake, according to a person familiar with the matter who is not authorized to comment publicly.
“We have followed the team as fans and friends since the beginning,” Bay said. “We have attended games, we have brought our children and grandchildren… We love what we do.” [the team] has brought this community.”
Angel City has a great ownership group that includes current and retired sports stars Billie Jean King, Ilana Kloss, Candace Parker, Julie Foudy, Mia Hamm, Lauren Cheney Holiday, Abby Wambach and Lindsey Vonn.
Music star Becky G and notable actors Uzo Aduba, Jessica Chastain, America Ferrera, Jennifer Garner, Eva Longoria and Lilly Singh also make appearances, as do activist Glennon Doyle and NFL players Matthew Stafford and Ryan Kalil.
“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 championing the team’s broader mission, including advancing equity for athletes and women-founded businesses,” Angel City FC’s board of directors said in a statement.
Times staff writer Kevin Baxter contributed to this report.
