Kicking women’s soccer to new heights, Willow Bay and her husband, Disney chief Bob Iger, clinched a deal to acquire a controlling stake in Los Angeles pro team Angel City Football Club.
Iger and Bay, who is the dean of the USC Annenberg School for Communication and Journalism, will become the new controlling owners of Angel City FC following the closing of the transaction. The deal gives Angel City FC an enterprise value of $250 million — which the team said makes it the most valuable women’s sports team in the world. Bay and Iger will invest an additional $50 million into the team. Reports of the couple’s nearing a deal to acquire the team emerged earlier this month.
Bay will serve on (and have full control of) the Angel City FC board. She also will serve as the controlling owner for National Women’s Soccer League purposes and will represent ACFC on the NWSL’s board of governors. The deal is subject to customary closing conditions, including the approval of NWSL. The transaction was unanimously approved by ACFC’s board and is expected to close in the next 30-60 days.
Bay said, “As fans and friends of ACFC, we are thrilled to join this team as owners at this historic moment in sports. 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.”
According to the team, the $50 million in additional capital invested by Bay and Iger “will support and elevate ACFC in its ongoing efforts to be an innovative, best-in-class organization that can achieve success on and off the pitch in a way that is consistent with the community- and equity-driven mission and values that have been fundamental to the club since its inception.”
In a collective statement, the ACFC board of directors said: “Willow and Bob bring unparalleled operational experience, expertise, and passion to ACFC and to the NWSL. They’re lifelong sports fans who have been supporters of ACFC since the team’s founding. They are deeply committed to the Los Angeles community, having been residents, leaders and philanthropists in the city for almost three decades and have a long track record of dedicating their time and resources to support local Los Angeles organizations. 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. With their leadership, we will continue to harness the industry’s momentum and build on ACFC’s strong foundation of fan and community support.”
Angel City FC was founded in 2020 by actor and activist Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman. Alexis Ohanian, founder of Reddit and venture-capital firm Seven Seven Six and husband of tennis star Serena Williams, was the team’s founding controlling owner. Together with founding investors David Nathanson and Brian Weinstein, who served as independent board members, and early investor Gillian Berry, this group constituted ACFC’s founding board. Chris Frank, who has served as a board observer, and Sidley Austin partner Eric Geffner have been advisers to this group since inception.
Following the closing of the deal, ACFC’s board of directors will continue to include Portman, Uhrman, Ohanian and Berry.
In 2023, ACFC generated the highest revenue of any women’s team in the world. The club was No. 1 in NWSL attendance, sponsorship revenue and total revenue, and has the largest season ticket membership. In addition, ACFC developed a sponsorship model that allocates 10% of sponsorship revenue back into the Los Angeles community organizations. Currently in its third season in the NWSL, ACFC’s roster includes former USWNT players Christen Press and Sydney Leroux, New Zealand National Team captain Ali Riley, and local stars Alyssa and Gisele Thompson.
The ACFC ownership group also includes sports icons Billie Jean King and Ilana Kloss; WNBA legend Candace Parker and her daughter Lailaa; 13 former players from the United States Women’s National Team including Julie Foudy, Mia Hamm, Lauren Cheney Holiday and Abby Wambach; Olympic gold medalist and alpine skiing legend Lindsey Vonn; USMNT and MLS alum Cobi Jones; Latin pop superstar Becky G; actors Uzo Aduba, Jessica Chastain, America Ferrera, Jennifer Garner, Eva Longoria and Lilly Singh; author and activist Glennon Doyle; current and former NFL players Matthew Stafford and Ryan Kalil; and entertainment executive Cindy Holland.
Allen & Co. is serving as the financial adviser and Milbank is serving as the legal adviser to Bay and Iger. Moelis & Co. is serving as the exclusive financial adviser to ACFC and Sidley Austin is serving as legal advisor to the club. The Levinson Group is serving as strategic communications adviser. Legal advisers to members of ACFC’s board of directors included Paul, Weiss, Rifkind, Wharton & Garrison, Venable and Craig Jacobson.
Source Agencies
