Christen Press on the possible sale of Angel City: “This will enable the club to further professionalize”

Willow Bay and her husband, Disney CEO Bob Iger, are close to acquiring a majority stake in Angel City FC. There is no public timeline for when the deal will be completed. Still, the new ownership group – and the numbers surrounding their investment, which total around $300 million – have reignited discussions about the valuation of NWSL clubs and the rapid growth of women’s soccer here in the United States.

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Angel City striker Christen Press, who was also the team’s first new signing, spoke with The athlete on her way to training on Wednesday morning. She immediately realized that she had been following the possible sale herself through media reports. Her reaction – and that of her teammates – was one of excitement.

According to Press, these numbers should not surprise anyone. At least not if you have listened carefully.

“When you start looking at the valuations as a player and as someone who has a huge interest in the business of women’s sports, there are two things,” she continued. “The first thing I think is, ‘Sure.’ That’s exactly how it should be, right? On our podcast, we just talked to Ali Krieger about how she makes more money as an inexperienced commentator than she does as a player. These types of sales and deals are working to change that.”

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Second, Press said Angel City has done a lot of things right in its first few years in the league. Whether it’s the gaming experience, business or community, all of those things are already working.

“They also have to do a lot of things right, and a sale like this brings a lot of money to the club,” Press said. “It allows the club to continue to professionalize and exceed expectations for women’s sports. I think Angel City recognizes they still have a lot of room to grow in that regard.”

Angel City’s reported $300 million valuation would be a record. (Photo by Elsa, Getty Images)

Press called the team a “zero-to-one project” that would need another level of financing to go from one to two, which is similar to what an early investor told the Los Angeles Times in March when it was announced that Angel City was considering selling a majority stake.

“What Angel City has built in just three years is just incredible. And it’s totally normal for high-growth companies to take a step back and think, ‘what do we need to continue this growth?'” said Sarah Harden, CEO of Hello Sunshine. “This board has decided that this is the right time to bring in a new major investor. That’s it. That’s the story.”

Of course, Angel City wasn’t the only NWSL team to consider selling – although they can boast the more positive distinction of readily considering a move. Also in March, San Diego Wave FC made headlines when the club’s principal owner, Rob Burkle, agreed to a sale to the Levine Leichtman family for a total value of $120 million. Valuations of NWSL teams are also watched around the world. Chelsea, for example, have begun exploring the idea of ​​selling a minority stake in their women’s team, using Angel City’s previous valuation of $180 million as a benchmark.

“All the standards for women’s sports are evolving right now, and I think the NWSL is at the forefront of that,” Pete Giorgio, head of Deloitte’s global and U.S. sports practice, told The athlete in March. “These high valuations and these large transactions confirm both the foresight and the investments that many people have made in the first place.”

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As an analyst for women’s football Kim McCauley pointed outMichele Kang faced numerous questions when she seemingly overpaid for the Washington Spirit in 2022. Kang had originally offered $21 million for a majority stake in the team. She closed the deal at $35 million, which seemed like an absurd sum just two years ago.

when Michele Kang said “I know this is only worth $20 million right now, but I’ll pay $30 million to get this done with minimal effort,” people thought she was crazy lol https://t.co/ks2mueCsJG

– Kim McCauley (@kimischilling) July 3, 2024

Seattle Reign FC finally completed its sale last month, with the Seattle Sounders and the Carlyle Group acquiring the club for $58 million (the sale of that club was the result of John Textor’s acquisition of Lyon and a focus solely on the men’s team, with Olympique Lyonnais also sold to Kang). Previously, the sales of the Chicago Red Stars – a total bid of $60 million, with $35.5 million as the purchase price – and Portland Thorns FC for $63 million were also completed, with both changes coming after the league’s abuse scandal.

“When you have an ownership group that needs to get out, it’s really hard to seal that off, and I think we saw in Chicago and Portland the impact that had on the players,” Press said. For her, it’s different in Los Angeles, as she pointed to the regular presence of owners and investors at games. “For that, it’s only a positive. We know our ownership group.”

The NWSL is going through an incredible transformation. Despite the positive impact of some of these changes and investments, it’s not hard to understand why some fans and supporters are getting a little nervous about the large sums of money involved and the potential impact on the sport. Some of these changes are much needed and others will definitely impact the culture of women’s soccer in America.

Press was part of what she called a “generation of change,” whether in the USWNT’s fight for equal pay and a new collective bargaining agreement or in her NWSL career, which began with the Red Stars in 2014. “I can’t even remember the name of the first field I played on in Chicago, but I drove an hour and a half out of town to get to an artificial turf field.” The Red Stars’ home stadium was Benedictine University; in 2014, the team averaged 2,949 spectators.

“I don’t think we want to hold on to those memories,” Press said. “There’s definitely a connection between those of us who fought for improved standards in the league and our fans, because the fans had so much influence on that fight and our success. It really connected us to our community in a way that makes it feel like we’re all doing this together.”

Press played for the Red Stars from 2014 to 2017. (Photo by Quinn Harris, Getty Images)

Press isn’t worried that that connection will be lost. She believes the trend is heading in the right direction, especially because players have far less to worry about off the field and can jump straight into stardom. But players who become superstars need to be supported – by brands, by teams, by marketing and by the media.

“That’s storytelling and that’s investment. So as it continues to grow, there’s a huge opportunity to transform the relationship with fans. And because we continue to be in the fight for legitimate ratings, fair pay and equality, we’ll be able to maintain such a strong connection with the fans that help us achieve those things.”

Angel City has more pressing goals to accomplish, even as the potential sale to the Bay-Iger Group is in the works. On the pitch deck acquired by Semafor, the new ownership group’s first guiding principle is “improving team performance, player support and retention,” which includes the specific goal of building a new facility that could serve as the team’s headquarters and training ground.

Angel City currently sits 11th in the NWSL but is just three points away from the playoff cut. They face Gotham FC in their last game before the league takes an extended break for the Olympics.

Press said the team can rely on the existing trust between the players and the ownership group to allow the sales process to proceed as planned and not overshadow the urgent need for three points on the field – at home – this weekend.

“The group’s entire focus is on the game,” she promised.

(Photo: Katharine Lotze/Getty Images)