Willow Bay explains why she and Bob Iger bought Angel City FC: ‘Culture-defining moment’

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As a movie reviewer with a background in sports journalism and a deep appreciation for women’s soccer, I can’t help but be thrilled by the latest developments at Angel City Football Club (FC). The announcement that Willow Bay, dean of USC’s Annenberg School for Communication and Journalism, and her husband Bob Iger, chief executive of The Walt Disney Co., are joining as controlling owners is a game-changer for this team.

The Angel City Football Club is experiencing financial growth with the support of a notable Los Angeles couple: Willow Bay, dean of USC’s Annenberg School for Communication and Journalism, and her husband, Robert Iger, who is CEO of The Walt Disney Company.

As a passionate cinephile, I’m thrilled to share that on a recent Wednesday, the women’s soccer club I adore made an exciting announcement. They reached an agreement with Bay and Iger, who will now become our new controlling owners. This deal is pending approval from the National Women’s Soccer League. In addition to their new leadership roles, this dynamic duo pledged an impressive $50 million in cash to enhance our team’s budget and alleviate any financial struggles we’ve faced.

I’m excited to be part of the investment led by Bay and Iger, which values Angel City at an impressive $250 million, making it the most valuable women’s sports team currently in existence. This significant investment comes as women’s sports continue to gain popularity, and we acknowledge that female athletes can draw equally large crowds as their male counterparts.

Two sources with knowledge of the transaction have revealed that the couple has made a donation exceeding $100 million, although they are unable to disclose the specific financial details.

After the deal is completed, Bay will take over as chair of the team’s board and serve as its league representative, effectively replacing Alexis Ohanian in these roles. However, Ohanian, who founded Reddit and is married to tennis star Serena Williams, will still be a member of the board.

As a devoted cinema enthusiast, I’d put it this way: This year, Angel City FC finds itself at the 11th spot in our league, home to a vibrant roster of fourteen teams. Our tally includes just four victories, three hard-fought draws, and nine disappointing losses.

Bay expressed his viewpoint during the interview, stating, “This isn’t just a short-term project for us. We’re prepared for the long haul, and that’s what makes it appealing.”

Angel City long has had Hollywood connections.

In 2020, Natalie Portman, an actor, Kara Nortman, a venture capitalist, and Julie Uhrman, an entrepreneur, established the club. This was born out of increased recognition of the pervasive gender imbalance in workplaces and sports, sparked by the #MeToo movement and Time’s Up coalition.

“Women’s sports are experiencing a pivotal period of growth,” Bay commented. “The number of women participating and the audience tuning in are increasing. Moreover, people’s recognition and admiration for the athletic abilities of these players are also surging. We firmly believe that this trend signifies the significant progress and potential we see for our team.”

Because Iger holds a prominent role at Disney managing ESPN’s sports broadcasting giant, he will abstain from any business affairs concerning the women’s soccer league, according to Bay.

Towards the end of last year, the league announced a media rights deal worth $240 million with CBS, ESPN, Amazon Prime Video, and ION from Scripps. This significant deal has been instrumental in boosting the league’s income and publicity. Over 7 million viewers have tuned in to the league’s national broadcasts during this current season, as per the club’s reports.

As a movie lover and an avid fan of the NWSL, I’ve noticed that there’s been quite a buzz surrounding the financial management of some teams. Despite Angel City leading the league in revenue generation with a whopping $31 million last year, they’ve also been known for their significant spending. In simpler terms, even though we brought in a lot of money, we were also splurging quite a bit.

The Angel City board of directors came to a consensus and endorsed the agreement, with the anticipated completion within the next thirty to sixty days.

Bay said she and Iger are confident that the club’s prospects are bright.

At BMO Stadium, situated south of downtown Los Angeles near the University of Southern California, the team holds its home games during their third sports year. Angela Hucles Mangano, an Olympic gold medalist, serves as the general manager, while Becki Tweed takes on the role of head coach.

Bay did not disclose the family’s ownership percentage.

As a devoted cinema-goer and investor, I’ve learned that to take the reins as a controlling shareholder, one needs to own over 35% of the shares in question. This information was shared with me confidentially by someone in the know.

“Since the beginning, we’ve been devoted supporters and companions of the team,” Bay expressed. “We’ve made it a point to be present at the matches, even sharing the experience with our families: children and granddaughters. The team holds a special place in our hearts because of the positive impact it has had on this community.”

A notable number of owners in Angel City are distinguished athletes, among them Billie Jean King, Ilana Kloss, Candace Parker, Julie Foudy, Mia Hamm, Lauren Holiday, Abby Wambach, and Lindsey Vonn, who have all made significant contributions to their respective sports.

Becky G, well-known musician, joined by actors Uzo Aduba, Jessica Chastain, America Ferrera, Jennifer Garner, Eva Longoria, and Lilly Singh, as well as activist Glennon Doyle, NFL’s Matthew Stafford, and Ryan Kalil, are all invested stakeholders.

“Angel City FC’s board is confident that these partners will guide us successfully into the next phase – they are dedicated to enhancing ACFC’s standing as a leading organization and brand in women’s sports, and to promoting our mission of equality for athletes and female entrepreneurs,” the statement from Angel City FC’s board reads.

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2024-07-18 21:35