(Bloomberg) -- Willow Bay and her husband, Walt Disney Co. Chief Executive Officer Bob Iger, are taking over the Los Angeles women’s soccer team Angel City Football Club.
Bay, dean of the University of Southern California’s journalism and communications school, will become the controlling owner in a deal that values the team at $250 million, the parties said in a statement Wednesday. Angel City competes in the National Women’s Soccer League and is the world’s most valuable women’s sports team, they said.
She and Iger have been fans of the team since its inception, attending matches with family, friends and students.
“We’ve watched in wonder and awe as they have built this team,” Bay said in an interview. “I love a good story. It’s a great business story. This is a great community story. It’s a great sports story. It’s also a great story of culture and equity.”
The growing interest in women’s sports, both in terms of live events and TV viewing, make this an opportune time to invest, she said, predicting the team will be worth $1 billion in the “modestly near term.”
In addition to what they’re paying for their controlling stake, Bay and Iger will invest $50 million to fund the club’s growth. Other financial terms weren’t disclosed. Among the possibilities is a new training facility for the team, she said.
Angel City was founded in 2020 by actor Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman. Alexis Ohanian, a co-founder of Reddit Inc., was the club’s controlling owner. Other investors included tennis great Billie Jean King and actor Eva Longoria.
The ownership group wrestled in the past with issues of control. Despite its high valuation, the team isn’t as successful on the field, where it ranks in 11th place of out 14 teams.
Portman, Uhrman, Ohanian and investor Gillian Berry will continue as board members after the sale, which is subject to customary closing conditions, including the approval of the league.
In 2023, Angel City generated the highest revenue of any women’s sports team, according to the statement. It was the league’s top club in attendance and sponsorship revenue, and had the largest season ticket membership. The team generated about $33 million in revenue last year.
Disney’s ESPN airs some of the league’s games, as part of a $240 million deal announced last year that included CBS, Amazon and Scripps. The investment by Iger was reviewed by Disney’s board, and he will recuse himself from any negotiations between the league and the company.
Bay intends to keep her job at the university, which is near the stadium where Angel City plays. A staffer there already gave her biscuits like the ones the team owner receives in the Apple TV hit Ted Lasso.
“I’m not planning on making any changes to my day job, particularly because I can walk to BMO Stadium,” she said.
(Updates with details of Bay’s role in second paragraph.)
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