Investment by Bay and Iger will value the Club
at $250 million, the highest
valuation ever for a women's professional sports team, establishing
a new era for investment in women's sports.
LOS
ANGELES, July 17, 2024 /PRNewswire/ -- Today,
Angel City Football Club (ACFC) announced that it has entered
into a definitive agreement with Willow
Bay, Dean of the USC Annenberg
School for Communication and Journalism, and Bob Iger, CEO of the Walt Disney Company, which
will make Bay and Iger the new controlling owners of the Club
following the closing of the transaction. Bay and Iger will acquire
the controlling stake in ACFC at an Enterprise Value of
$250 million, making it the most
valuable women's sports team in the world. 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.
Bay and Iger will invest an additional $50
million to support the Club's future growth.
The transaction, which is subject to customary closing
conditions, including the approval of NWSL, marks a historic
development for the business of women's sports and the beginning of
a new era for ACFC. The transaction was unanimously approved by
ACFC's Board of Directors and is expected to close in the next
30-60 days. The additional capital and leadership from 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."
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."
ACFC was founded in 2020 by actor and activist Natalie Portman, venture capitalist Kara Nortman, and entrepreneur Julie Uhrman. Reddit and 776 founder
Alexis Ohanian was the Club's
Founding Controlling Owner. Together with founding investors
David Nathanson and Brian Weinstein, who served as independent board
members and played an active and critical role in the growth of the
Club, and early investor Gillian
Berry, this group constituted ACFC's founding Board of
Directors. Chris Frank, who has
served as a Board observer and Sidley Austin LLP Partner Eric
Geffner, have been trusted advisors to this group since inception.
Following the closing of the transaction, ACFC's Board of Directors
will continue to include Natalie
Portman, Julie Uhrman,
Alexis Ohanian and Gillian Berry.
In 2023, ACFC generated the highest revenue of any women's team
in the world. The Club was #1 in NWSL attendance, sponsorship
revenue and total revenue, and has the largest season ticket
membership. In addition, ACFC created an innovative sponsorship
model that allocates 10% of sponsorship revenue back into the
Los Angeles community. 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
phenoms 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 legend 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.
Moelis & Company LLC is serving as the exclusive financial
advisor to ACFC. Sidley Austin LLP is serving as the legal
advisor to ACFC. The Levinson Group is serving as strategic
communications advisor.
Allen & Company LLC is serving as the financial advisor and
Milbank LLP is serving as the legal advisor to Bay and Iger.
Legal advisors to members of ACFC's Board of Directors included
Paul, Weiss, Rifkind, Wharton & Garrison LLP, Venable LLP and
Craig Jacobson.
ABOUT ANGEL CITY FOOTBALL CLUB
Angel City Football Club (ACFC), a member of the National
Women's Soccer League, is now in its third season at BMO Stadium in
downtown Los Angeles. The team is
founded by Academy Award-winning actress and activist Natalie Portman, technology venture capitalist
Kara Nortman, media and gaming
entrepreneur Julie Uhrman. Two-time
Olympic Gold Medalist Angela Hucles
Mangano is the team's General Manager. Becki Tweed is Head Coach. Learn more about ACFC
at www.angelcity.com and follow the team on social media
@weareangelcity.
ABOUT WILLOW BAY
Willow Bay is a broadcast
journalist, media pioneer and digital communication leader, who
serves as dean of the USC Annenberg
School for Communication and Journalism. The first female dean of
USC Annenberg, Bay has led academic and
research innovations while strengthening USC Annenberg's connections with the communication
fields. Bay has also increased USC
Annenberg's public engagement around critical issues such as the
role of communication technology in advancing equity and access,
digital media literacy, gender equity in media and communication,
and sports and social change.
Bay came to USC Annenberg from her
post as senior editor and senior strategic advisor of The
Huffington Post, where she managed editorial content and growth
initiatives for the pioneering online news site. Her prominent
broadcast experience includes reporting and anchoring for ABC News'
Good Morning America/Sunday and serving as a correspondent
for Good Morning America and World News Weekend. She
was the first woman to co-anchor CNN's flagship daily financial
news program Moneyline. At NBC, she co-hosted NBA Inside
Stuff, the NBA's weekly magazine show, and served as a
correspondent for the Today Show. She was also a special
correspondent for Bloomberg TV and host of Women to Watch, a
primetime program that profiled the next generation of women
leaders.
Originally from New York, Bay
graduated cum laude from the University of
Pennsylvania with a BA in literature and received her MBA
from New York University's Stern School
of Business.
ABOUT BOB IGER
Robert A. Iger is Chief Executive
Officer of The Walt Disney Company, having returned to the company
in November of 2022 after serving as CEO and Chairman from 2005 to
2020, and then as Executive Chairman and Chairman of the Board
through 2021.
Since returning as CEO, Iger has led a significant,
enterprise-wide transformation to restore creativity to the center
of the company and position Disney's streaming business for
sustained growth and profitability. During his more than 15 years
at the helm of Disney, Iger has served as steward of the world's
most respected and beloved brands. His strategic vision focuses on
three fundamental pillars: generating the best creative content
possible; fostering innovation and utilizing the latest technology;
and expanding into new markets across the globe.
Widely recognized as one of the world's most consequential
business leaders, Iger has built on Disney's rich history of
unforgettable storytelling with the acquisitions of Pixar (2006),
Marvel (2009), Lucasfilm (2012), and 21st Century Fox (2019), and
the landmark opening of Disney's first theme park and resort in
mainland China, Shanghai Disney
Resort. He is the author of the New York
Times best-selling book The Ride of a Lifetime:
Lessons Learned from 15 Years as CEO of The Walt Disney
Company, and a graduate of Ithaca
College.
Press Contact:
The Levinson Group
acfc@tlgcommunications.com
(212) 202-2754
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SOURCE Angel City Football Club