Angel City FC is now the most valuable women's sports team in the world following an agreement between Willow Bay and Bob Iger to purchase a majority stake in the National Women's Soccer League franchise for a valuation of $250 million.
Bay, dean of USC's Annenberg School for Communication and Journalism, and Iger, chief executive of the Walt Disney Company, will become the new majority owners of the Los Angeles-based club, pending league approval and closing of the transaction.
“I can't imagine a more exciting time in women's sports,” Bay told ESPN. “It's actually a historic moment in sports and a historic moment for women's sports. It's just awesome and it's just the beginning of the rise. I think being a part of the team, being a 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 in the club.
Their investment makes them the new controlling owners of Angel City, joining an otherwise unchanged ownership group.
The Walt Disney Company is the majority owner of ESPN.
Bay will “serve and have full control” on Angel City's board of directors, according to the team, and will also represent Angel City on the NWSL board of governors.
The transaction was unanimously approved by Angel City’s board of directors and is expected to close within the next 30 to 60 days. Angel City’s board of directors 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 of directors said Bay and Iger “bring unparalleled operational experience, expertise and passion” and 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 details about how the additional $50 million would be spent.
Angel City was founded by Portman, Uhrman and venture capitalist Kara Nortman.
Reddit founder Ohanian was the club's previous majority owner. Ohanian had previously stated that he would not sell 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 previous year.
The team frequently sells out BMO Stadium in Los Angeles, creating an “unparalleled” experience, as Bay describes it.
Still, facilities have been one of Angel City’s challenges. BMO Stadium is one of the top venues in the NWSL, but Angel City is not the primary tenant and has had to deal with issues that included rescheduling this year’s opening game.
The team also remains at a temporary training facility in a different county.
“When we look at areas of opportunity, we certainly believe that player development and support are at the top of the priority list without a doubt,” Bay said.
Bay said she and Iger have followed the team since its inception and frequently attend games with their family. They also have personal connections to a strong ownership group that includes Billie Jean King, among dozens of other celebrities.
NWSL valuations continue to rise. Angel City’s sale comes just months after San Diego Wave FC set a league record for a two-party transaction valuing the club between $113 million and $120 million.
Bay said she is excited to join the “deep pool of experience” among the league’s new owners at an important time for the NWSL and women’s sports.
He stressed that Angel City is just getting started.
“The momentum here is strong and sustainable,” Bay said. “Angel City is building on an incredibly strong and, frankly, record-breaking foundation of incredibly talented athletes, a passionate and engaged fan base and very strong ties to the community. We know that all of this is poised for growth.”
