Angel City is seeking a new owner, according to Sportico, having hired a bank to start the process.
According to Sportico's report, Moelis & Company has been hired to explore the sale of equity to a new owner that would give them board control. Permission has reportedly been granted from all four primary owners – Alexis Ohanian, Kara Nortman, Natalie Portman and Julie Uhrman – to look for someone who would buy a stake that includes board control.
Currently, Ohanian is the team’s largest shareholder, but he does not control the board.
In addition to four primary owners, the team has a number of smaller investors, many of them celebrities.
The group has reportedly already had interest from some potential buyers, including former Milwaukee Bucks co-owner Marc Lasry, according to Sportico. He is looking to make investments via Avenue Capital’s new sports fund.
In an email, Ohanian said that he wasn’t selling his equity. He, as well as representatives for Moelis, Angel City and the NWSL declined to comment on the report.
The club is currently valued at $180 million, which is the highest in the league, but Sportico also reports that the club is not profitable: "Angel City has by far the most revenue in NWSL, but it also spends the most."
Last week, Ron Burkle agreed to sell the San Diego Wave in a deal with the club valued at $113 million, nearly doubling the previous NWSL record.