NWSL Commissioner, Jessica Berman once said Angel City FC‘s owners changed the narrative of investing in women’s sports. With a valuation of over $180 million, Angel City, co-owned by Alexis Ohanian, Kara Nortman, Natalie Portman, and Julie Urham, is currently the NWSL’s most valuable franchise. However, the club may soon find a new investor to assume control of the board. Per reports, the LA-based outfit is open to welcoming a new majority owner because of a rift between its original owners over excessive spending.

Angel City’s 4 primary owners have now voted to hire the New York-based investment bank, Moelis & Co. to seek a new investor. According to many sources, tech entrepreneur, Alexis Ohanian was unhappy with the club’s excessive overspending. Notably, the high-spending club is not profitable. Despite being Angel City’s earliest investor and owning its majority stake, Ohanian shares the board’s powers with the aforementioned trio. This is quite rare in pro sports franchise ownership, where the majority owner doesn’t have the final say in financial matters. Hence, the concerns over the club’s profligate spending have now prompted an unexpected search.

Meanwhile, media entrepreneur and one of Angel City’s earliest investors, Sarah Harden, hinted that the club is not for sale. She views the search for a new investor as fundraising. “Angel City is exactly where it needs to be as a club. In high-growth companies it is absolutely normal to step back and look at ‘what do we need to continue this growth?’” said Sarah Harden.

Furthermore, Ohanian confirmed through an email that he is not selling his equity, as per the LA Times. While tensions and excessive spending mar Angel City’s controlling ownership group, they revolutionized the prospects of investing in women’s sports by attracting a myriad of A-list investors.

Angel City’s A-list ownership group influenced other celebrities to splurge on the NWSL

Natalie Portman is not the only A-lister in Angel City’s ownership group. The likes of Serena Williams, Eva Longoria, Jessica Chastain, America Ferrera, Candace Parker, and Becky G, among others, have also splurged on the LA club. Now that the club is seeking a new owner, reports suggest that the Milwaukee Bucks co-owner, Marc Lasry is interested in investing in the club. Furthermore, Angel City’s stakeholders have reportedly spoken to Lasry as well. Boasting such an impressive group of elite investors, Angel City arguably pioneered the trend of welcoming such sporting and cultural icons to invest in the NWSL.

The NWSL today has several star investors in its portfolio. 3x Super Bowl champion Patrick Mahomes, 2x-NBA champion Kevin Durant, NBA veteran Andre Iguodala, the Tisch family that owns the New York Giants, and the Ricketts family that owns the Chicago Cubs, among others, have invested across NWSL franchises.

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While being a haven for investors, Angel City needs to resolve the chaos within its board and become a profitable venture soon.

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