Latest news with #womensoccer
New York Times
14 hours ago
- Business
- New York Times
Down to Business: Multi-club ownership is growing in women's soccer, but ‘execution is everything'
In today's increasingly high-stakes world of sports investment, a handful of women's soccer investors aren't betting on one team, they're building empires. The same multi-club ownership (MCO) model that dominates men's soccer is not-so-quietly being replicated in women's soccer. However, the profiles of those backing women's teams are vastly different: a mix of experienced operators with deep pockets that have sports acumen and conviction that the women's game is not charity, but good business — something that is still relatively rare in sports ownership circles. Advertisement Michele Kang, one of the National Women's Soccer League's (NWSL) most powerful figures, has led the way in going global. She owns OL Lyonnes, widely considered the most accomplished women's soccer team in Europe, as well as the Washington Spirit in the U.S. and London City Lionesses, which was recently promoted to the English Women's Super League (WSL). In 2024, Kang folded all three teams under her Kynisca Sports International, a multi-team global women's soccer organization. 'We will provide opportunities for girls and women worldwide to access high-level sport, reach their potential under the best conditions, and play football in the clubs of the global elite,' she said in a statement at the time. Out of her three clubs, only the Spirit have shown profits, but Kang is not stopping anytime soon. She said she is looking into buying more clubs around the world to add to her multi-club portfolio. 'Women's soccer around the world needs investment,' Kang told ESPN right before closing the OL deal in 2023. 'It's not just the U.S. For us to take women's soccer to the next level — Europe, Asia, South America, Latin America — they all need to come up. I wanted to accelerate that trend.' She is also not the only NWSL operator who is betting big on global MCO. Earlier this month, Kansas City Current owners Angie and Chris Long announced they are expanding their footprint in women's soccer by acquiring Denmark's HB Køge Women, a top-flight women's soccer club competing in the country's highest division. 'I think the way to view this investment is evolutionary,' Chris Long told me when I asked him if owning multiple clubs was something they thought of from the beginning. 'It's just like in any investment business, you're always looking for great investments.' Elsewhere, Monarch Collective, led by managing partner Kara Nortman, holds minority stakes across several women's teams, including Angel City FC, the San Diego Wave, and the newly launched Boston Legacy FC in the NWSL. However, Nortman does not consider her model to be MCO. Advertisement Nortman's fund takes a more nuanced approach when it comes to investing in multiple teams. Rather than acquiring full control, Monarch holds minority stakes across several women's teams. It's a strategy that emphasizes influence and alignment over consolidation, allowing for strategic support while preserving each club's unique identity. 'We do not consider ourselves in multi-club ownership in the multi-club model. We invest in multiple clubs, which is different,' Nortman told The Athletic over Zoom. 'Multi-club philosophy is shared services, shared identity, shared sponsorships, etc, whereas what we look at is: how do we add hands-on value, or invest in a way that adds value to each individual club in a unique way.' According to Nortman, best practices in club operations often overlap between men's and women's sports. Roughly 80 percent of what drives success is universal: foundational strategies that define high performance. The key is knowing what excellence looks like, holding the bar there, and being prepared to adjust when challenges arise. 'But the remaining 20 percent is where the real magic happens — the part that's deeply specific to the club, the sport, and the local market,' Nortman said. 'That's why each club must be treated as its own distinct entity, with its own identity and tailored approach, rather than forced into a one-size-fits-all model.' While the strategy is emerging as a smart play on the women's side, it remains a controversial and often criticized approach on the men's side, where concerns about competitive integrity, talent hoarding, and diluted club identity continue to stir debate. Multi-club ownership isn't new. Groups like Abu Dhabi-based City Football Group (CFG), which owns sports clubs on four continents, including Premier League's Manchester City, as well as Red Bull, which owns teams in Germany, Austria, the U.S., France and Brazil have turned the model into a finely tuned machine in the men's game. They've created economies of scale, streamlining player development across continents. Kang has been open about the negative connotations of multi-club on the men's side but she said she believes on the women's side, MCO is a 'necessity, not a luxury, or greed.' She also said clubs will benefit from sharing resources, but she isn't going to sacrifice one team to make another team successful. Advertisement 'Absolutely not. Our goal is to make every team the champion in each of their leagues,' she told Forbes last year. On Monday, Spirit head coach Jonatan Giráldez was named the next head coach of OL Lyonnes in France after just one year in Washington, casting doubt on Kang's earlier statements as she shuffled her best coach off one team and on to the next. Sources — speaking on the condition of anonymity to protect their positions — told The Athletic last week that this was not planned, but rather something that came about after Lyonnes coach Joe Montemurro made clear his intentions to lead Australia. '(Multi-club model) is a great idea, but like all great ideas, execution is everything,' said Assia Grazioli-Venier, founding partner at Muse Capital and an early investor in NWSL's Washington Spirit. 'What we're seeing on the women's side is that some of these ownership groups are led by former operators — people who've built businesses, scaled brands, and navigated complex systems before stepping into sports. They're not just financiers; they're builders first.' She is not wrong. Abu Dhabi-based CFG, Saudi Arabia's Public Investment Fund (PIF), which owns multiple Saudi soccer clubs and Newcastle United in England, and the failed 777 Partners, which at one point owned Genoa in Italy, Vasco de Gama in Brazil, Standard Liege in Belgium, Red Star F.C. in France, Bundesliga's Hertha BSC and minority stakes in Sevilla in Spain and Melbourne Victory in Australia, all came into the game from a strict investment perspective. 'We have a unique opportunity to learn from men's sports, especially from those investing across multiple teams. It's a chance to examine how best practices are shared, how shared services are thoughtfully implemented, and how emotional intelligence is integrated with operational excellence to maximize impact,' Nortman said. 'There are solid models to reference, but we also have the freedom to build something more intentional — evolving gradually and authentically in a way that truly reflects the values of women's sports.' The difference to people like Kang and the Longs is that they are heavily ingrained in the operational side of their clubs. Advertisement When Kang paid $35 million for the Spirit in 2022, people thought she was wildly overpaying, an industry insider told me. The 66-year-old from South Korea entered women's soccer in 2020, first as a minority owner of the Spirit. Following a two-year battle to gain control of the club, she acquired the majority stake of the franchise from co-owners Steve Baldwin and Bill Lynch. NWSL was still selling franchises for well under $10 million and many investors were hesitant to allocate funds to women's sports assets. Without concrete data on the fanbase, viewership, and sponsorship dollars, as an experienced investor, Kang was not oblivious to these facts. But she still bought her first club. Just two years after Kang bought the Spirit, San Diego Wave was sold for $113 million, more than three times what Kang paid. The Longs carved out their new Danish women's club from the men's operation, similar to what Kang did with OL Lyonnais Féminin (now branded OL Lyonnes) when she separated the women's side from the men's team in 2023, and by Chelsea, which transferred ownership of its women's squad to affiliated company BlueCo earlier this year. With a passionate fanbase, a strong soccer foundation, and major growth potential on the business side, the Longs said HB Køge Women had the same core ingredients as the Current. With key revenue streams such as ticketing, merchandise, and sponsorship remaining largely untapped due to limited prior investment, they believe they can bring their experience in operating the most financially successful NWSL club, with the highest revenue within the league last year, according to Sportico's latest valuations, to Europe. And like Kang, they are not going to stop looking for the next club either. 'But only if done the right way.' 'It's important to us that we do it with excellence,' Angie Long explained. 'And to think this offers an opportunity to learn how to first become a multi-club model, and then really build on it.' One thing is clear: the goal is to run the clubs with a focus on off-pitch revenue and on-pitch wins. Another group, Mercury/13, launched in August 2023. It set out with the goal of building a global multi-club women's football platform, but has so far acquired just one team, securing a controlling stake in Italy's FC Como Women in March 2024. Advertisement Before landing in Como, Mercury/13 explored other opportunities, including a potential deal for third-tier English side Lewes FC, but those talks fell through before reaching the finish line. In 2024, the group secured backing from Avenue Sports Fund — the sports investment arm of former Milwaukee Bucks owner Marc Lasry's Avenue Capital — for an undisclosed amount. Mercury/13 has publicly committed to adding four more clubs to its portfolio by the end of 2026. Why the rush? Because the women's game is living through its hockey-stick growth moment. Global viewership records are being shattered after each big tournament. Sponsors are flocking to meet those eyeballs. Valuations are going up. But unlike the men's side, where investing is almost limited to sovereign wealth funds, on the women's side, there's still room to buy low and build, not just infrastructure but global brands. But it is not a philanthropic hustle either. Investors like Kang, the Longs, Monarch Collective and Mercury/13 are betting that women's soccer is the asset class of the future. 'It remains to be seen if it will be successful,' Grazioli-Venier said. 'But my hunch is they'll do well because they know how to execute on a grand plan and have the operational experience of connecting the right dots to take advantage of that portfolio.'
Associated Press
3 days ago
- General
- Associated Press
On the day transgender women soccer players face a ban in England, they play on
LONDON (AP) — For soccer-loving transgender women in England, it's been a tough day, as the ban on their participation in women's teams came into force. To show its solidarity with the community and against the decision by the governing body of English soccer (football), Goal Diggers Football Club, a London-based trans-inclusive women's team, held a tournament Sunday. The message was clear. Yes, it's a sad day, but no one will stop us playing the sport we love. Around 100 people — women, trans women, non-binary and gender non-conforming players —took part in the 'Let The Dolls Play Tournament' in Islington, north London. And everyone present appeared to find comfort in their solidarity despite the occasional foul, intentional or not. 'You know they're not going take away this community, my friends,' said Paula Griffin, a 60-year-old transgender woman. 'And there's such a powerful message coming from that, that the people who care about women's sport are the people who play the women's sports. And these are the people that are my friends.' Griffin, like the others, are still dismayed by the decision last month by England's Football Association to ban transgender women from playing on women's soccer teams from June 1 following a U.K. Supreme Court ruling in April. The F.A. said it had decided to change its rules that had allowed transgender athletes to play in women's soccer teams if they had reduced testosterone levels. The decision came in the wake of the ruling from the U.K.'s Supreme Court that defined a woman for anti-discrimination purposes as someone born biologically female. The head of the Equality and Human Rights Commission said after the ruling that transgender women would be excluded from women's toilets, hospital wards and sports teams. While the ruling was cheered by some feminist groups, it was condemned by trans-rights groups who said it would have a broad and detrimental impact on daily life. 'It's really upset me,' said Billie Sky, a 28-year-old transgender woman. 'I have to say, this has been a really hard week. I've struggled to get out of bed at times. I'm doing my best to get through work and come to things like this, but it's, it's really difficult.' The issue has been polarizing in the U.K. and beyond, particularly in the United States, where President Donald Trump has signed executive orders to prohibit participation of transgender athletes in sports and to use a rigid definition of the sexes, rather than gender, for federal government purposes. The orders are being challenged in court. For those present at the tournament in north London on Sunday morning, the fight will go on but for now, it's about keeping the sport they love close. 'I think that's the whole point of today, is we're trying to just reclaim the day and make it a really joyous time to spend together,' said Jahnavi Kalayil, a 26-year-old woman. 'And I think it's definitely happened, everyone's had a really great time. Whether winning or losing the games, it's more about just coming together as a community and making sure we're standing up for our trans siblings.'
The Independent
3 days ago
- General
- The Independent
On the day transgender women soccer players face a ban in England, they play on
For soccer-loving transgender women in England, it's been a tough day, as the ban on their participation in women's teams came into force. To show its solidarity with the community and against the decision by the governing body of English soccer (football), Goal Diggers Football Club, a London-based trans-inclusive women's team, held a tournament Sunday. The message was clear. Yes, it's a sad day, but no one will stop us playing the sport we love. Around 100 people — women, trans women, non-binary and gender non-conforming players —took part in the 'Let The Dolls Play Tournament' in Islington, north London. And everyone present appeared to find comfort in their solidarity despite the occasional foul, intentional or not. 'You know they're not going take away this community, my friends,' said Paula Griffin, a 60-year-old transgender woman. "And there's such a powerful message coming from that, that the people who care about women's sport are the people who play the women's sports. And these are the people that are my friends.' Griffin, like the others, are still dismayed by the decision last month by England's Football Association to ban transgender women from playing on women's soccer teams from June 1 following a U.K. Supreme Court ruling in April. The F.A. said it had decided to change its rules that had allowed transgender athletes to play in women's soccer teams if they had reduced testosterone levels. The decision came in the wake of the ruling from the U.K.'s Supreme Court that defined a woman for anti-discrimination purposes as someone born biologically female. The head of the Equality and Human Rights Commission said after the ruling that transgender women would be excluded from women's toilets, hospital wards and sports teams. While the ruling was cheered by some feminist groups, it was condemned by trans-rights groups who said it would have a broad and detrimental impact on daily life. 'It's really upset me,' said Billie Sky, a 28-year-old transgender woman. "I have to say, this has been a really hard week. I've struggled to get out of bed at times. I'm doing my best to get through work and come to things like this, but it's, it's really difficult.' The issue has been polarizing in the U.K. and beyond, particularly in the United States, where President Donald Trump has signed executive orders to prohibit participation of transgender athletes in sports and to use a rigid definition of the sexes, rather than gender, for federal government purposes. The orders are being challenged in court. For those present at the tournament in north London on Sunday morning, the fight will go on but for now, it's about keeping the sport they love close. 'I think that's the whole point of today, is we're trying to just reclaim the day and make it a really joyous time to spend together,' said Jahnavi Kalayil, a 26-year-old woman. "And I think it's definitely happened, everyone's had a really great time. Whether winning or losing the games, it's more about just coming together as a community and making sure we're standing up for our trans siblings.'
CNA
7 days ago
- Health
- CNA
Trans women find safe space in London soccer club after UK gender ruling
LONDON :For the transgender players at London's Goal Diggers FC, the landmark UK court ruling that the legal definition of a woman should be based on biological sex has left the soccer team questioning who they can play against, and where. Last month's Supreme Court statement that only biological and not trans women met the definition of a woman under equality laws has implications for workplaces, hospitals, prisons, schools, associations, and sports teams. The country's equality watchdog will issue new guidelines shortly, but its interim guidance has stated that transgender people should be banned from using facilities, including toilets and changing rooms, of the gender they live as. Goal Diggers was founded in 2015 with the aim of making football more accessible to all women and non-binary people, regardless of experience or ability. It says it has already quit one league that is aligned with the English Football Association, which will ban transgender women from women's soccer from June 1, and says it will quit any other league that follows the rules. "They can stand by the FA but we will stand by our trans members," club founder Fleur Cousens told Reuters. "We'll work towards creating more (inclusive) spaces as a result." The FA said on May 1 it was contacting registered transgender women playing soccer to explain the changes and how they could continue to stay involved in the game, without giving details. Transgender rights have become a highly political issue in Britain and elsewhere. Some critics say the conservative right has weaponised identity politics to attack minority groups, while others argue that liberal support for transgender people has infringed on the rights of biological women. Different countries have taken different approaches when it comes to sport - U.S. President Donald Trump has sought to exclude transgender girls and women from female sports - and lawyers and campaigners disagree over the UK ruling. Jane Sullivan, sports coordinator at the Women's Rights Network lobby group, welcomed the ruling. She argues that transgender women could have a physical advantage having been born male, and that single sex spaces should be observed. She said her organisation would be watching those which did not comply with the new rules. Seema Patel, a sports law expert at Nottingham Law School, said the FA ban had been "premature" in acting before the equalities watchdog issued its full guidance, and said there should be distinct approaches to amateur and elite sport. Sammy Rees, a 26-year-old transgender woman who plays for the inclusive London club along with other LGBTQ+ people, said the intense focus brought on transgender people by the ruling had been difficult. "I've been more judgmental of myself, more critical ... thinking (more) about how other people would view me in a negative light," Rees said. "It definitely takes its toll," she said, adding that she still hoped it was all "just a bad dream".
Reuters
7 days ago
- Health
- Reuters
Trans women find safe space in London soccer club after UK gender ruling
LONDON, May 29 (Reuters) - For the transgender players at London's Goal Diggers FC, the landmark UK court ruling that the legal definition of a woman should be based on biological sex has left the soccer team questioning who they can play against, and where. Last month's Supreme Court statement that only biological and not trans women met the definition of a woman under equality laws has implications for workplaces, hospitals, prisons, schools, associations, and sports teams. The country's equality watchdog will issue new guidelines shortly, but its interim guidance, opens new tab has stated that transgender people should be banned from using facilities, including toilets and changing rooms, of the gender they live as. Goal Diggers was founded in 2015 with the aim of making football more accessible to all women and non-binary people, regardless of experience or ability. It says it has already quit one league that is aligned with the English Football Association, which will ban transgender women from women's soccer from June 1, and says it will quit any other league that follows the rules. "They can stand by the FA but we will stand by our trans members," club founder Fleur Cousens told Reuters. "We'll work towards creating more (inclusive) spaces as a result." The FA said on May 1 it was contacting registered transgender women playing soccer to explain the changes and how they could continue to stay involved in the game, without giving details. Transgender rights have become a highly political issue in Britain and elsewhere. Some critics say the conservative right has weaponised identity politics to attack minority groups, while others argue that liberal support for transgender people has infringed on the rights of biological women. Different countries have taken different approaches when it comes to sport - U.S. President Donald Trump has sought to exclude transgender girls and women from female sports - and lawyers and campaigners disagree over the UK ruling. Jane Sullivan, sports coordinator at the Women's Rights Network lobby group, welcomed the ruling. She argues that transgender women could have a physical advantage having been born male, and that single sex spaces should be observed. She said her organisation would be watching those which did not comply with the new rules. Seema Patel, a sports law expert at Nottingham Law School, said the FA ban had been "premature" in acting before the equalities watchdog issued its full guidance, and said there should be distinct approaches to amateur and elite sport. Sammy Rees, a 26-year-old transgender woman who plays for the inclusive London club along with other LGBTQ+ people, said the intense focus brought on transgender people by the ruling had been difficult. "I've been more judgmental of myself, more critical ... thinking (more) about how other people would view me in a negative light," Rees said. "It definitely takes its toll," she said, adding that she still hoped it was all "just a bad dream".
