ANGEL CITY FOOTBALL CLUB ENTERS INTO DEFINITIVE AGREEMENT WITH WILLOW BAY AND BOB IGER TO BECOME THE NEW CONTROLLING OWNERS OF THE WORLD'S MOST VALUABLE WOMEN'S PROFESSIONAL SPORTS TEAM

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.

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SOURCE Angel City Football Club