The Angel City Football Club is getting stronger financial wings, thanks to 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 on Wednesday announced an agreement with Bay and Iger, allowing them to join the club as controlling owners. As part of the arrangement, which is subject to the National Women’s Soccer League’s approval, the couple also agreed to provide $50 million in cash to expand Angel City FC’s budget and erase its debt.
Bay and Iger’s investment — which values Angel City at $250 million, making it the most valuable women’s sports team — comes amid increasing popularity of women’s sports and a growing recognition that female athletes often are as big a draw as their male counterparts.
The couple’s contribution tops $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 league representative, replacing entrepreneur Alexis Ohanian, the founding controlling 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 ranks 11th in the league, which has 14 teams. It has 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 this is a long road and that’s part of what excites us.”
Angel City long has had Hollywood connections.
The club was founded in 2020 by actor Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman. The seeds were planted as part of a heightened awareness of systemic gender inequities in the workplace and in sports that came about during the #MeToo movement and formation of the now-defunct Time’s Up coalition.
“Women’s sports is having a culture-defining moment,” Bay said. “Participation is on the rise, viewership is on the rise, and appreciation for the level of the skill that these athletes demonstrate also is on the rise. All of those things, we really believe, add up to the momentum that we know exists for this team.”
Due to his position at Disney overseeing sports broadcasting behemoth ESPN, Iger will recuse himself from all business matters dealing with the women’s soccer league, Bay said.
Late last year, the league unveiled a $240-million media rights deal with CBS, ESPN, Amazon Prime Video and Scripps’ network ION, which has been central to 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 also was spending enormous amounts, creating significant debt. Bay and Iger’s investment helps solve that issue.
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 home matches at BMO Stadium near USC, south of downtown L.A. The club is in its third season. Olympic gold medalist Angela Hucles Mangano is 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 hold more than a 35% stake, according to a knowledgeable person not authorized to comment publicly.
“We’ve followed the team as fans and friends since its inception,” Bay said. “We’ve attended games, we’ve brought our kids and granddaughters. … We love what [the team] has brought to this community.”
Angel City has a large 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 prominent actors Uzo Aduba, Jessica Chastain, America Ferrera, Jennifer Garner, Eva Longoria and Lilly Singh also hold stakes, as does 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 to championing the team’s broader mission, including the advancement of equity for athletes and women-founded businesses,” Angel City FC’s board said in a statement.
Times staff writer Kevin Baxter contributed to this report.