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Angel City FC leads Sportico’s NWSL team valuations at $180 million

Alyssa Thompson takes a selfie with Angel City FC fans at BMO Stadium. (Jessica Alcheh/USA TODAY Sports)

NWSL team valuations continue to soar, according to new calculations from Sportico.

Not a single team’s market value is below $40 million, per Sportico’s market value calculations. The Chicago Red Stars are at the bottom of the ranking at that amount, and the median valuation sits at $51 million.

Angel City FC is atop the table with a valuation of $180 million, double that of the second-place San Diego Wave. The two California clubs joined the league in 2022 but have established themselves as premier franchises — a promising indicator for Bay FC, which will join the NWSL in 2024 with a $125 million investment from the start.

In terms of revenue, Angel City is bringing in an estimated $31 million in 2023, while San Diego is bringing in $16.3 million. Angel City is raising money at valuations approaching $200 million, according to Sportico, and has the goal of becoming the first billion-dollar club in women’s sports.

For Angel City investor Alexis Ohanian, the increase in valuation across the league shows the commitment of the league’s new era of owners. Four franchises have joined the league since 2021, and two more are coming in 2024.

“There was pent-up energy for treating women’s professional soccer in America like a real business with big enterprise value ambitions,” Ohanian told Sportico. “There’s now a lot more people who see this potential and have been pushing forward on it, and I love it.”

Michele Kang is one of the league’s newest owners, having bought the Spirit for $35 million in 2022. Now, the club is valued at $54 million, with Kang planning even more investment for the team.

Laura Ricketts, co-owner of the Chicago Cubs, led a group in purchasing the Red Stars at a $35.5 million valuation. The group intends to invest $25 million in upgrades, which could up the Red Stars’ value.

And all of the clubs could see an even bigger increase beyond their own revenue and fundraising, as the league is in the midst of securing new media rights deals that could represent a financial windfall.

“We’re still in the early days,” Ohanian said about the league overall, “and there’s a lot more.”