Angel City co-founder Alexis Ohanian stirred the pot this week, divulging the circumstances behind the NWSL club's 2024 sale on Front Office Sports podcast "Portfolio Players" on Tuesday — and calling the original ownership model of the 2022 expansion team "a terrible idea."
Ohanian said he regretted relinquishing control to three of his co-founders — actor Natalie Portman, venture capitalist Kara Nortman, and current club CEO Julie Uhrman — claiming they invested "no money" themselves.
"I was [the] founding control owner in the eyes of the league, so it's my ass on the line," Ohanian continued, adding that last year's $250 million sale of Angel City directly stemmed from the celebrity-driven investment group's unsustainable startup-like ownership structure. "That works great in tech. In sports, it's a terrible idea."
Following a clash between Ohanian and his fellow ACFC owners on the team's operational and financial future, Disney CEO Bob Iger and USC dean Willow Bay stepped in to purchase the team, aligning board control with stakeholder interest.
"I think the best outcome here is, you got Bob and Willow, they have board control, and it's good," he said. "It's a rebuild."
Angel City did not immediately respond to Ohanian's interview, with Portman and Uhrman remaining on the club's board of directors while Nortman is a non-voting investor.