Disney CEO Bob Iger, wife Willow Bay on verge of purchasing controlling stake in NWSL's Angel City FC: reports
Reddit co-founder Alexis Ohanian is the franchise's current controlling shareholder
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Bob Iger is one of the most powerful figures in the media. The longtime Walt Disney Co. CEO and his wife, Willow Bay, the dean of USC's journalism school, appear to be close to striking a deal that would see them make a significant investment in a professional women's sports franchise.
The pending investment from Iger and Bay would allow the couple to succeed Reddit co-founder Alexis Ohanian as Angel City FC's largest shareholder.
The deal would also see the sports franchise's value jump to a record-setting $300 million, as first reported by Semafor.
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Disney CEO Robert Iger and his wife Willow Bay arrive for the 2023 Met Gala at the Metropolitan Museum of Art in New York on May 1, 2023. (Angela Weiss/AFP via Getty Images / Getty Images)
Angel City FC plays home games at BMO Stadium in Los Angeles and is a member of the 14-team National Women's Soccer League (NWSL). The investment from Iger and Bay would likely be around $50 million.
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According to the Los Angeles Times, Ohanian raised concerns about the team's finances last year. The franchise's board then hired New York investment bank Moelis & Co.
A fan waves an Angel City FC flag during a game between Angel City FC and Bay FC at BMO Stadium in Los Angeles on March 17. (Katharine Lotze/Getty Images / Getty Images)
The previous valuation for a NWSL franchise was set in March by the San Diego Wave, when the team sold for $120 million.
Los Angeles was awarded the expansion team in 2020. Angel City FC kicked off their inaugural season in 2022.
Alexis Ohanian, Principal Owner, Angel City Football Club & Los Angeles Golf Club, looks on during a conversation with Olympic sprinter Gabby Thomas during the Business of Women Sport Summit presented by Deep Blue Sports and Axios at Chelsea Fact … (Elsa/Getty Images / Getty Images)
Since its inception, the team has been led by a majority female ownership group which includes actress Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman, as well as Ohanian and other investors. Ohanian has represented the franchise on the NWSL's board of governors.
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Angel City FC reportedly rejected an offer from Avram Glazer to take a controlling stake in the team. Glazer is a part-owner of the Premier League's Manchester United, and the Glazer family also owns the NFL's Tampa Bay Buccaneers.