Market note · Women's sport
The state of women's sport: an investor's perspective
Valuations and media deals are breaking records in North America while Europe lags behind. What it takes for women's clubs to become investable propositions.
InTheBoardroom · First published 12 June 2025 by Sport Investment Studio · 5 min read · Figures as of June 2025
What is happening in women's sport?
Over the twelve months to June 2025, women's sport recorded a series of valuations that caught investors' attention. The WNBA's New York Liberty was valued at $450 million when investors acquired a 20% stake. Disney CEO Bob Iger and journalist Willow Bay bought NWSL side Angel City FC for $250 million, four years after the club was founded. Forbes valued the Kansas City Current at $275 million, and Alexis Ohanian's purchase of a 10% stake in Chelsea FC Women valued the club at $265 million.
These valuations rest on growing audiences and media revenue: new broadcast deals for the WNBA ($200 million a year), the NWSL ($60 million a year) and England's WSL (around £13 million a year), and record attendance across these leagues.
Why North America leads
The success is not sudden. Decades of investment in girls' and college sport built a deep talent pipeline and a ready-made fan base. The closed, franchise-based economics of U.S. leagues then packaged those athletes into scarce assets that national broadcasters could buy in a single rights deal, allowing revenue to scale quickly.
Why Europe lags behind
In Europe, women's teams developed as extensions of century-old men's clubs rather than as stand-alone franchises. Their finances, governance and media rights remain bundled within larger entities. Grassroots investment has been limited, there is no equivalent of the U.S. college system, stadium access is restricted and recognition of women's sport as a commercial product is still catching up.
The gap shows in revenue. A typical NWSL club generates around $20 million a year, while FC Barcelona, the European women's team with the highest revenue, generated about $19 million. Individual sports such as tennis, athletics and pickleball, where pay parity is more advanced, are better placed to scale, as shown by CVC's $150 million investment in the WTA in 2023.
Three conditions to become investable
Build stand-alone brands. Investors such as Michelle Kang, with OL Lyonnes and London City Lionesses, and the Mercury/13 consortium are creating independent women's football brands, aiming to move club valuations toward the revenue multiples seen for leading U.S. franchises.
Watch new formats. Properties such as the Kings League, with its Queens League, and emerging sports with equal pay are attracting capital alongside traditional leagues.
Invest in commercial and digital presence. On-pitch success is not enough. Arsenal, which reported a 48% year-on-year increase in commercial revenue in 2024 and played 11 women's matches at the Emirates Stadium against 6 the previous year, show how a proactive commercial approach builds value.
Frequently asked questions
Why are women's sports teams in the U.S. valued so highly?
Because they combine scarce franchise assets, fast-growing media contracts and record audiences, built on decades of investment in college sport.
What holds back women's football in Europe?
Teams that depend on men's clubs, bundled rights, limited grassroots investment and stadium access, and commercial strategies that are only now emerging.
Sources
Original note: Sport Investment Studio, "The state of women's sports: an investor's perspective", 12 June 2025. Figures as reported at the time by Forbes, The Athletic, Deloitte and club disclosures.