Culture
How Angel City became 'the most valuable women’s sports team in the world'
On Wednesday, Angel City FC became “the most valuable women’s sports team in the world” after the club entered into a definitive agreement for Willow Bay and Bob Iger to become the new controlling owners.
The team’s board of directors unanimously approved the sale via a vote, but it still must be approved by the NWSL, the sport’s top women’s league in the United States. The sale is expected to close in the next 30 to 60 days.
Bay, dean of the Los Angeles-based USC Annenberg School for Communication and Journalism, and Iger, CEO of The Walt Disney Company, have acquired the controlling stake of the club at a total valuation of $250million (£192m), and have committed to an additional $50m in investment. Bay will serve as the club’s primary representative on the NWSL board of governors and also serve on and control Angel City’s board.
“We are so excited to be here,” Bay told The Athletic before the announcement. “I keep thinking how historic this moment is — historic in sports and in women’s sports. What we’re seeing now is breathtaking, and it’s only the beginning of the ascent, and that’s for women’s sports but particularly for this team.”
The dollar figures attached to the sale will make history.
According to Angel City’s official press release, the $250million enterprise valuation makes it “the most valuable women’s sports team in the world”. While there’s no official list, a $250m valuation outstrips the most valuable team in women’s basketball’s WNBA (the Las Vegas Aces at $140m, per Sportico, earlier this year) and the Women’s Super League in England (Chelsea has explored the sale of a minority stake in its women’s team with a total valuation around $200m).
Doug Emhoff, the second gentleman of the United States, recently visited Angel City’s practice facility to highlight the efforts of Kamala Harris, the U.S. vice president, to promote gender equality. He called the sale a “great statement” for the league.
“The fact that people like Bob Iger and Willow Bay are potentially investing in that team is a great statement about the health of the league and the prospects going forward, especially with the media,” Emhoff told The Athletic on Tuesday during the Olympics send-off game for the U.S. women’s national team.
Originally founded by actor Natalie Portman and entrepreneurs Kara Nortman and Julie Uhrman, the expansion team was the unexpected result of connections between Portman, Nortman and the USWNT players’ association via Time’s Up. The three brought on businessman Alexis Ohanian as the club’s largest shareholder and controlling owner before the team’s launch in 2020. Despite that title, Ohanian did not actually control the Angel City board, writing on social media that it was “one of many hard lessons (he) learned as a first-time sports team owner”.
For all the reporters who keep reaching out: when I bought the franchise to launch @weareangelcity in 2019, I didn’t setup board control for myself. (One of many hard lessons I learned as a first-time sports team owner). But as I’ve said from jump, I’m not selling any shares in…
— Alexis Ohanian 🇦🇲 (@alexisohanian) July 3, 2024
The club also added dozens of smaller investors, among them former USWNT players, including Abby Wambach, Mia Hamm, Julie Foudy and Lauren Holiday, as well as celebrities and other famous athletes, such as Billie Jean King, Jennifer Garner and Uzo Aduba.
Angel City has largely struggled on the field since starting play in 2022 — though they did make the 2023 NWSL playoffs before being knocked out in the first round — but the team has been a runaway success from a business perspective.
Wednesday’s $250million valuation is a massive step up from last year’s Sportico figures, which Angel City led at $180m, and the Los Angeles club laps the rest of the NWSL in revenue. It makes more than $30m a year, about double that of the next highest, fellow Californians San Diego Wave.
This year, Angel City’s four primary owners voted to hire New York investment bank Moelis & Company to find a new controlling owner, with that decision becoming public in March after reports of squabbling among the board. Four months later, the board collectively announced the club’s sale to Bay and Iger, but individual founding owners were not made available to the media.
“Willow and Bob bring unparalleled operational experience, expertise and passion to Angel City and the NWSL,” the club statement begins.
“They are the right partners to lead us into this new era — they are committed to strengthening Angel City’s position as a preeminent organization and brand in women’s sports and to championing the team’s broader mission, including the advancement of equity for athletes and women-founded businesses.
“With their leadership, we will continue to harness the industry’s momentum and build on Angel City’s strong foundation of fan and community support.”
Portman, Uhrman, Ohanian and another early investor and board member, Gillian Berry, will continue their roles on the board once the sale is completed. But Bay will soon be at the head of the table, along with Iger, hoping to advance the existing Angel City mission. Bay believes that the work ahead must be done as part of a local community, even as Angel City’s reach extends globally.
“We’re committed to doing whatever it requires — leveraging expertise, capital and our networks to continue building and elevating this franchise on and off the pitch,” Bay said on Tuesday
When Angel City unveiled itself as a new NWSL expansion team four years ago, no one could have predicted that it would be up for a $250million sale, even with all the excitement of Hollywood connections, USWNT star power, and the anticipation for the return of women’s professional soccer to Los Angeles for the first time since 2010.
The team brought in forward Christen Press as their first signing, then pulled out all the stops for their home opener in May 2022, with a sold-out crowd of 22,000 watching them eke out a win over North Carolina Courage.
“What you see here (with Angel City) is a combination of so many people getting together and going, ‘No. It can be different. It can be this, don’t do that’. We can make this whatever we want,” Wambach said before that 2-1 victory.
That’s largely been the story of Angel City’s approach: leverage the knowledge and experiences of Wambach, Hamm and the rest across various former leagues — WUSA, WPS, even the early days of the NWSL — then combine it with the ambition of new investors who are bound by the historical fear of a league folding too soon. For the most part, it has worked — though not perfectly.
Chief among the criticisms of Angel City has been that the club has been more interested in building a brand than an actual soccer team. While most of the team’s early language has been scrubbed from its website, the business-centric theme is still present in the page description for its online store: “Angel City is not just another football club. We’re a brand on a mission to make a difference in this world. We’re born of the streets of Los Angeles and stand side-by-side with our community.”
Since March, however, the team has been followed by reports of infighting on its board as it decided to find a new controlling owner.
The Los Angeles Times reported Ohanian was unhappy over the team’s spending. This week, The Wall Street Journal went in-depth on power struggles within Angel City’s leadership, primarily between Ohanian and Uhrman. According to that report, internal documents show team officials complained about Uhrman’s “financial and personnel management”, with Ohanian cited as having concerns over her spending, the hiring of her sister as a team executive, and her temperament.
The Wall Street Journal also reported there is disagreement over Uhrman continuing as the team’s president. That decision would fall to Bay as the new controlling owner, with Uhrman herself mentioning that in the Journal’s story. However, Wednesday’s confirmation that Uhrman (and Ohanian) will remain on the board following the sale’s closure shows she will still have some role with the team moving forward.
Still, there was always going to be incredible interest in the club’s controlling stake thanks to the growth of Angel City, the NWSL and women’s sports as a whole.
Angel City had the NWSL’s highest attendance in 2022, was barely off San Diego Wave’s pace the following year, and leads the league again in 2024. According to the club, they also top the league in season ticket membership and sponsorship revenue.
“We’re going to be the first women’s team to have a billion-dollar valuation in five years,” Uhrman told The Athletic last year. “There’s no better investment today than women’s sports.”
On the league front, when Angel City was still building its ownership group in 2019, team valuations had not yet exploded. In December of that year, OL Groupe bought out Seattle Reign for just $3.5million. Last month, when a group led by Seattle Sounders of MLS and investment firm Carlyle finalized its purchase of the Reign from OL Groupe, it was for $58m. Just before the Angel City news broke in March about the search for a new controlling owner, San Diego Wave sold for $120m.
Valuations can’t be viewed in a vacuum, however, with media rights, facilities, attendance and other metrics weighing in. The NWSL has enjoyed good news on those fronts, too, whether it’s the purpose-built stadium in Kansas City, last year’s media-rights deals, or increases in attendance and engagement figures in 2024.
Women’s sports, in general, are having an extended moment.
Global financial company Deloitte had to revise its initial predictions on women’s sports revenue, predicting that 2024 would be the year that it would surpass $1 billion. North America is expected to account for 52 percent of that revenue, with soccer’s revenue forecast figure ($555m) the highest among all sports.
It is not surprising that there were interested bidders, though a representative of Bay’s declined to comment on other bids or the bidding process itself. Marc Lasry, former owner of the NBA’s Milwaukee Bucks and CEO of Avenue Capital Group, as well as Avram Glazer, part owner of the Premier League’s Manchester United and the NFL’s Tampa Bay Buccaneers, were linked as potential bidders, with sources confirming to The Athletic this month that Glazer had pursued Angel City’s controlling interest.
The Bay-Iger bid emerged as the favorite this month, with the deal already close to completion.
It is easy to assume that Angel City — a product of the connections formed between women — would want a woman as its controlling owner, they could do one step better: someone who had been a fan since day one.
“The team has been on our radar since its inception,” Bay said, calling herself and Iger, her husband, members of the Angel City community — but she also knew two of the founding investors, Uhrman and Nortman, so she took particular interest in their new project. Bay and Iger have attended games, but Bay has gone further and included Angel City in her role as a professor at the University of Southern California.
“I bring students as part of my sports class to visit Angel City, to learn about the trajectory of the team and its development,” she said, adding she has also hosted the team’s co-founders on campus. “It’s important to offer a platform to this team, part of this community, and these women who have helped create it.”
Bay, who has a lengthy media and journalism resume that spans Huffington Post, Good Morning America, Moneyline, the Today Show and NBA Inside Stuff, loves a narrative.
“This is a great business story, a great sports story, a great community story, and certainly a great story about driving equity with a purpose-driven brand,” she said. “So for all those reasons, I’ve followed this team since the beginning.”
Asked about changing her mindset from fan to owner, Bay didn’t want to get into too many specifics about the club’s new day-to-day. To her, there is time ahead to dig into priorities, strategic planning and the decisions that have to be made. The sale is a month or two from being finalized, and she’s still embracing the moment to celebrate. Bay is in big-picture mode, not the nitty-gritty logistics.
That said, the purchase of Angel City has repercussions beyond just the club. Bay will be one of 15 (eventually 16, once the next expansion team is chosen) governors who can help shape the league’s future.
“There have never been limits for this team,” Bay said. “That also applies to the NWSL, with this new infusion of energy, capital resources, and incredible people joining this ownership group. There are certainly no limits to what we can expect from these athletes.”
One of those athletes, Press, addressed the player side of the sale, acknowledging that the team does have “a lot of things that they need to get right”. The deal — plus that extra $50million of investment — means a lot of money is about to flow in.
“It allows the club to continue to professionalize. Angel City recognizes that they have a lot of room to grow on that end,” Press told The Athletic this month.
While Bay promised the specifics of priorities would come later, she did say that facilities are absolutely on the list, “particularly with player development and player support”.
That’s not new information. The Bay-Iger group’s pitch deck, acquired by news website Semafor, shows that the group wants to “improve team performance, player support and retention”, which does include a training facility — but Bay and Iger also offer their expertise on media, content creation, and managing brands.
A pitch deck is one thing, reality can be another. Bay, unsurprisingly, said the first couple of months once the sale closes will be filled with a lot of listening.
“It’s premature to even speculate about where we land first and what we do first, but we’re committed to listening, understanding where the opportunities are, then making decisions about how to prioritize resources,” she said. Player support and development across the board, including players, technical staff and front office staff, are areas they have already circled.
As of Wednesday, they’re one step closer to the real work ahead.
(Top photo: Angel City in recent action against visitors San Diego Wave; Ronald Martinez/Getty Images)
Culture
The Bears need a coach who holds players accountable. Look no further than Ron Rivera
In 1982, George Halas reached into Chicago Bears history to find a head coach and hired Mike Ditka.
In 2025, the team Halas founded needs to consider its history again.
There are candidates with no ties to the Bears who deserve consideration.
Foremost among them is Mike Vrabel, who never should have been fired by the Tennessee Titans and can win Super Bowls — plural — in the right situation. If Ben Johnson of the Detroit Lions is as dazzling as a head coach as he is as an offensive coordinator, he will transform an organization. His defensive counterpart in Detroit, Aaron Glenn, seems to have leadership and coaching qualities that few have. Steve Spagnuolo’s long history of building defenses and relationships may be evidence he could thrive with a second chance. The way Joe Brady has easily lifted the Buffalo Bills offense suggests he can handle more plates on the bar.
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And there are others. Maybe in the final analysis, one of them is best suited for the job.
However, only one person has had a football role on both Bears Super Bowl teams. Ron Rivera was a linebacker on the 1985 champions. On the 2006 Bears that lost to the Indianapolis Colts, he was their defensive coordinator.
Now he should be first in line to interview.
Rivera’s 2006 defense allowed the third-fewest points in the NFL. Without justification, he was fired after that season, and the Bears took a cold plunge. In the 19 seasons since, they have made the playoffs three times and have a .439 winning percentage.
Drafted by Jim Finks, built up by Ditka and mentored by Mike Singletary, Rivera, more than any potential candidate, comprehends what it means to be a Bear. He knows where Chicago’s potholes are. He understands the organizational strengths and limitations, the fan base and the local media.
There is no doubt Halas would have endorsed interviewing Rivera. Same for Walter Payton, who sat across from Rivera on plane rides to and from games.
Ditka was not the only former Bears player to become their coach. In their first 54 years, every one of their coaches except Ralph Jones was a former player for the team. Halas himself played for the Bears. The other Bears players who became the franchise’s head coach were Luke Johnsos, Hunk Anderson, Paddy Driscoll, Jim Dooley and Abe Gibron.
The Bears have been criticized — justifiably — for not considering former Bear Jim Harbaugh as a head coaching candidate. Ignoring Rivera would be making a similar mistake.
History is not the only reason Rivera should be considered. Like Harbaugh, Rivera is a proven coaching commodity. His coaching journey began humbly as a quality control coach for his Bears in 1997. Two years later, he went to work for Andy Reid in Philadelphia as a linebackers coach before returning to Chicago to coordinate the defense in 2004.
When he was head coach of the Carolina Panthers, Rivera’s teams made it to the playoffs four times and the Super Bowl once. He was voted coach of the year twice, which makes him one of 13 to be honored more than once. Seven of the 13 are in the Pro Football Hall of Fame, with Halas and Ditka among them.
After new Panthers owner David Tepper fired him in 2019, Rivera was unemployed for less than a month when he agreed to lead Dan Snyder’s Washington Redskins, who became the Football Team and then the Commanders in Rivera’s tumultuous tenure as their coach. And he wasn’t just their coach. He was their de facto general manager. Then he became Snyder’s frontman/shield when workplace culture transgressions and financial improprieties came to light and Snyder went underground.
Rivera arguably was the most sought-after coach in the 2020 cycle. The four regrettable years he spent with Snyder, arguably the worst owner in the NFL’s history, changed perceptions. Rivera was not the first to have his reputation diminished by the association.
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In his tenure with Washington before Snyder, the great Joe Gibbs won 67 percent of his games and three Super Bowls. After retiring and returning with Snyder as owner, he went 30-34. As a college coach, Steve Spurrier won 71 percent of his games and a national championship. With Snyder, he won 37 percent of his games. Mike Shanahan, who should be on his way to the Pro Football Hall of Fame, had a .598 career winning percentage and two Super Bowl rings as a head coach before partnering with Snyder. In Washington, his winning percentage was .375.
Rivera’s winning percentage before Snyder was .546, one percentage point better than Vrabel’s. In Washington, it was .396.
Some will question if a defensive-minded coach like Rivera is right for the Bears because of the presence of quarterback Caleb Williams, as if a coach without an offensive background should be disqualified. Hiring a head coach with one player in mind when 53 need to be led is an absurdity.
Tom Landry, Chuck Noll, John Madden, Don Shula, George Allen, Bill Parcells, Marv Levy, Dick Vermeil, Tony Dungy, Bill Cowher and Jimmy Johnson have busts in the Pro Football Hall of Fame. Almost assuredly on their way to Canton are Bill Belichick, John Harbaugh and Mike Tomlin. None of them had offensive backgrounds before becoming head coaches.
In 2011, when Rivera was hired in Carolina, there were similar concerns about his ability to handle an offense. With the first pick in the draft, the team chose a quarterback, Cam Newton. Rivera sent offensive coordinator Rob Chudzinski, quarterbacks coach Mike Shula and offensive quality control coach Scott Turner to Auburn to meet with the school’s offensive coordinator, Gus Malzahn, and try to understand what Malzahn did with Newton in helping him win a national championship and Heisman Trophy.
Panthers coaches implemented concepts Newton succeeded with at Auburn, including RPO plays that weren’t widely used at the time. Newton was named offensive rookie of the year. Four years later, Newton was voted the NFL’s most valuable player — while playing for a defensive-minded coach.
Rivera connects with players. He earns respect with authenticity, class and toughness. And apparently, these Bears need a coach who will hold players accountable.
The year after Newton was the league’s MVP, Rivera benched him because he refused to follow a team rule requiring players to wear ties on the plane. When Newton showed up tieless, Rivera tried to give him a tie to wear. Newton said it didn’t match his outfit. Rivera told him there would be repercussions, and Newton subsequently was held out the first series of a game. Newton later apologized to the team.
Rivera, who learned about aggressive strategies from Buddy Ryan and his Eagles defensive coordinator Jim Johnson, never has been afraid to take a chance. Before they called the head coach of the Lions Dan “Gamble,” they called Rivera “Riverboat Ron.”
In his first training camp in Washington, Rivera was diagnosed with squamous cell cancer in a lymph node. That season, he had 35 proton therapy treatments and three chemotherapy treatments. Rivera lost 25 pounds and grew so weak he had to be brought into the office with one arm around his wife’s shoulder and one around the team trainer’s. He never stopped coaching and leading, though, and his team rallied, winning five of its last seven games to make the playoffs.
Rivera eventually rang the bell and is cancer-free. For his perseverance, the Pro Football Writers of America voted him the recipient of the George Halas Award, which is given for overcoming adversity.
The significance of Rivera winning the award named after the founder of the Bears should not be lost on those entrusted with maintaining the Halas legacy.
(Top photo: Scott Taetsch / Getty Images)
Culture
‘A long road. A big mountain to climb’: Inside Matt Murray’s emotional journey back to the NHL
BUFFALO, N.Y. — Matt Murray looked up to the scoreboard above him, counted down the seconds as they disappeared and finally pumped his fist.
It had been 638 days since Murray last felt the feeling washing over him.
Bilateral hip surgery forced the Toronto Maple Leafs goalie out of the entire 2023-24 season, the final of a four-year contract. There was no guarantee the oft-injured Murray would play in the NHL again. A one-year contract offered him a lifeline to continue grinding far out of the spotlight in the AHL, with only one goal.
And over a year and a half later, Murray was back to where he had fought to be: in the NHL win column after stopping 24 shots in a 6-3 win over the Buffalo Sabres.
“A long road. A big mountain to climb. But I kept this moment in the front of my mind on the days it felt tough,” Murray said.
The 30-year-old’s eyes grew more red with every word he spoke after the game. His voice quivered.
“A big release,” he said, struggling to find the words to put nearly two years away from the NHL into perspective. “A rush of emotions.”
The typical goalie hugs with teammates after the win were tighter, longer. In a physical game where a player’s career can turn on a dime, Murray’s return resonated far more heavily than the 2 points the Leafs also added on the day.
“It’s good to see (Murray) smiling,” Steven Lorentz said, “because you know he’s back doing what he loves.”
In the dressing room, Max Domi immediately handed Murray the team’s WWE-style wrestling belt as player of the game. Murray’s up-and-down performance was secondary.
“He was getting that thing, 100 percent, he deserved it,” Domi said. “The ability to stick with it mentally, out of all those days that I’m sure he had a lot of doubt, it’s a long road to recovery. We’re all super proud of him.”
It’s easy to quantify just how long Murray’s road back to the NHL was in days: 628 of them between his last two appearances.
It’s far more difficult to accurately describe just how arduous that road is.
Injuries have dogged Murray throughout his career after winning back-to-back Stanley Cup titles in his first two seasons in the NHL with the Pittsburgh Penguins. His games played tapered off every season from 2018 to 2022. After he was traded to the Leafs in summer 2022, he struggled through his first season. It was fair to wonder whether hip surgery would be the final dagger in his NHL career.
But Murray would still hang around teammates at the Leafs’ practice facility during his rehabilitation last season, feeling so close but so far away from the league he once conquered.
“The fact that he’s just on his way back here says a lot about his character, his dedication to the game,” Lorentz said.
Murray kept a stall full of his gear at that facility that was never used. An important and humane gesture from the Leafs organization, but still a reminder that Murray was not playing NHL games.
Even after re-signing with the Leafs on a one-year, $875,000 deal, he felt like the organization’s No. 4 goalie. When the Leafs needed a netminder to replace the injured Anthony Stolarz, they called up Dennis Hildeby. The lanky Hildeby is seven years’ Murray’s junior.
How could Murray not wonder whether his NHL return would ever come?
“There were definitely times when it felt really difficult,” Murray said. “But whenever I felt like that, I had a great group of people around me. That’s the only reason why I’m here.”
All Murray could do was work his tail off, far away from public sight, quietly hoping for the return that finally came Friday night.
“The emotions were high today,” Murray said.
Those emotions perhaps ran highest before the game. The typically stoic Murray allowed himself to stop and appreciate how far he’s come.
“I was able to take a moment in warmups and during the anthem and look around and appreciate the long journey that it’s been and think of all the people who helped me get here,” Murray said.
It was the kind of game that reminded onlookers of the fragility of an NHL career. Just a few short years separated Murray from being a Stanley Cup winner to being largely written off from the NHL, all essentially before the age of 30.
“You feel for a guy like that because he works so hard and he wants it so bad,” Lorentz said. “We’re all rooting for him.”
Murray moved well enough in his return. He swallowed most of the 27 shots the Sabres threw at him, looking every bit the veteran he is. Murray had two goals against called back upon video review. His sprawling save on Sabres forward Alex Tuch was a reminder of the athleticism he can provide now that he’s fully healthy, too.
They’re all qualities Leafs fans might have forgotten. But they’re qualities that are still front of mind for Murray’s Leafs teammates.
“It hasn’t been forgotten in my mind what he’s accomplished in this league in his career,” Leafs forward Max Pacioretty said, himself no stranger to debilitating injuries that threaten a career. “It’s hard to almost remember what you’ve done, what you’ve accomplished because it seems like all the noise is always in the moment, whether it’s the injury or what has happened lately.”
Perhaps the Leafs win could have been predicted ahead of time. Sure, they were playing a reeling Sabres team that has now sputtered through 12 losses in a row. And they were buoyed by an upstart, white-hot line of Max Domi, Bobby McMann and Nick Robertson. They’re the third line in name only: The trio combined for three goals and 6 points against the Sabres.
But the opponent shouldn’t denigrate what was front of mind not just for Murray but also for the Leafs in Buffalo. They wanted to do right by a player who has done everything in his power to return to the NHL. You didn’t have to squint to see a defenceman like Jake McCabe throwing Sabres out of Murray’s crease with a little extra gusto.
“It gives you some incentive to go the extra mile because you know (Murray) has gone that extra mile just to get back to this position to where he’s at right,” Lorentz said. “It’s not like he half-assed it to get back to this point and he expected to be here. Surgeries and injuries like that, that he went through, that can stunt your career for a long time. You might never be able to recover to your old form.”
But Murray is working on getting back to the Matt Murray of old. And the Leafs’ need for Murray won’t end when they head north on the QEW back to Toronto.
The earliest Stolarz will likely return from a knee injury will be mid-to-late January. Hildeby doesn’t exactly have the full confidence of the Leafs organization right now after allowing a few soft goals during a recent call-up against the Sabres at home, combined with a less-than-stellar AHL season so far. He’s likely going to be an NHL player down the road, but there’s room for him to grow and develop more confidence in his game.
But Murray has what no other goalie in the Leafs organization has: experience. And that matters to Brad Treliving and Craig Berube: Both value games played and would rather lean on veterans whenever possible.
They’ll lean on Murray because of everything he’s done, and gone through, in his career.
After Friday night, that career looks drastically different.
“In reality, you’ve got to take each day as it comes and you never know when it’s going to be all over,” Pacioretty said. “So you don’t want to take days for granted.”
After Murray had dried his eyes and slowly taken off the pounds of goalie gear heavy with sweat, he sat on his own in the dressing room. The Leafs equipment staff all stopped unloading bags from the dressing room to give him a quiet pat on the back.
Murray looked up to see a note written on a whiteboard in the dressing room. The Leafs bus would be leaving in 20 minutes. There was another NHL game on the horizon.
He could smile once again knowing it certainly won’t be 628 days between being able to do what he loved.
(Top photo: Timothy T. Ludwig / Imagn Images)
Culture
How Merseyside became America’s 51st state
Beyond the dust of Liverpool’s dock road and the huge lorries rolling in and out of the city’s port, the glass panels of Everton’s new home at the Bramley-Moore Dock sparkle impressively, radiating ambition.
The site, expected to open next year, is a feat of engineering considering the narrow dimensions of the fresh land below it, where old waters have been drained to create a 52,888-capacity arena that has been earmarked to host matches at the 2028 European Championship.
The Everton Stadium, as it is currently known, has been nearly 30 years in the making and nothing about its construction has been straightforward. There were three other proposed sites — including one outside Liverpool’s city boundaries, in Kirkby — which never materialised; a sponsorship deal collapsing due to Russia’s invasion of Ukraine; three owners, Peter Johnson, Bill Kenwright and Farhad Moshiri, departing; and several flirtations with relegation.
Ultimately, Dan Friedkin, a Texan-based billionaire, will have the honour of being in post when it is inaugurated after his group’s long-awaited takeover was completed on Thursday.
It has been a momentous week for Everton, and for the region as a whole. The Friedkin Group’s takeover means both of Merseyside’s Premier League clubs are now controlled by Americans. Meanwhile, a third, League Two side Tranmere Rovers, could join them if the English Football League (EFL) ratifies a takeover by a consortium led by Donald Trump’s former lawyer Joe Tacopina.
In football terms, Liverpool is on the verge of becoming the USA’s 51st state — the name of the 2001 movie starring Samuel L Jackson and Robert Carlyle, which was filmed in the city and used Anfield, the home of Liverpool FC, as a backdrop.
It is a huge cultural shift from the days — back when that film was released — when Liverpool and Everton had local owners and an American takeover of the city’s most celebrated sporting organisations seemed unthinkable.
And for all the excitement that Everton and Tranmere’s takeovers have generated, there remains an underlying caution — born of years of fear and frustration over the direction their clubs have taken — over what U.S. ownership will mean.
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Everton is a club of contrasts.
Much of their mainly local support comes from some of the United Kingdom’s most economically challenged districts in the north end of Liverpool, near Walton where Goodison Park is located, and the ‘People’s Club’ — as former manager David Moyes christened them — has long taken pride in not being connected to big business, particularly in comparison to their near-neighbours Liverpool.
“One Evertonian is worth twenty Liverpudlians,” said former local captain Brian Labone, who led the team he supported as a boy in the 1960s.
Yet it hasn’t always been this way. At that time, it was Everton — not Liverpool — who were the city’s big spenders under their chairman John Moores, the founder of Littlewoods Pools. Then, their nickname was the ‘Mersey Millionaires’ and the club’s modus operandi was unapologetically ruthless: one manager, Johnny Carey, was sacked in the back of a taxi.
Moores would detail several innovations that would grow the sport, making it more attractive to business. They included the creation of a European Super League (sound familiar?), the rise of television, as well as the removal of the maximum wage, leaving a free market in which the best players would go to the richest clubs.
When Liverpool started to dominate English football and Goodison Park experienced a dip in gates, Moores tried to raise more cash. One of his solutions was to bring corporate hospitality to Goodison, as well as more advertising boards around the pitch but the move experienced pushback.
“Fans didn’t like it,” says Gavin Buckland, who recently published a book entitled The End, which looks at some of the longer-term causes of Everton’s struggles. “They felt the boards intruded on their match day routine — an in-your-face commercialism.”
Attitudes haven’t changed much since, in part because successive Everton owners haven’t been able to expand Goodison which is hemmed into Walton’s warren of terraced streets. Under Kenwright, Everton played on that reputation of the plucky underdog punching above its weight; it was only when Moshiri, a Monaco-based British-Iranian steel magnate, arrived as co-owner in 2016 that the waters were muddied.
Under Moshiri, Everton became two clubs in one. Like Kenwright, Moshiri operated from London but unlike the theatre impresario, he had no natural connection with Merseyside. While Moshiri aimed for the stars, spending big on players and managers, Kenwright — who remained chairman and still had influence until his death last year — had a more corner-shop mentality. There was a lack of clarity over decision-making.
Enter Friedkin. Perversely, Everton’s fallen state is a major reason they represent such an attractive proposition to the San Diego-born businessman, who identified them as one of, if not the last, purchasable English football club where there is room for significant growth.
On Merseyside, there is some concern about what this might mean: Americans have tended to develop dubious reputations as owners of English football clubs due to their appetite for driving non-football revenues and seeing their investments as content providers.
Will the new stadium, for example, become a shopping mall experience, complete with hiked-up ticket prices? Buckland speaks of a “cliff edge”, where Everton are moving into a new home, necessitating new routines for matchgoing fans, while a new foreign owner with a reputation for keeping his distance gets his feet under the table. For some, all of this at once might be too much.
Given that Friedkin cannot claim to have played a leading role in the stadium move, he is likely to be judged quickly on the team that he delivers. Any new revenue-driving schemes will only float if fortunes improve on the pitch, otherwise his priorities will be questioned.
For proof, simply look across Stanley Park. In 2016, thousands of Liverpool fans walked out of Anfield in the 77th minute of a Premier League game against Sunderland after FSG announced that some ticket prices in the stadium’s new Main Stand would be priced at £77.
Liverpool had won just one trophy in six years of FSG ownership at that point and local fans, especially, felt like their loyalty was being exploited, given the organisation’s policy of investing its own money in infrastructure but not the team. The protest led to an embarrassing climbdown.
Liverpool was once described by the Guardian newspaper as the “Bermuda Triangle of capitalism”. It has since been framed absolutely as a left-wing city even though voting patterns suggest it should be described as a dissenting one. Its football supporters, whether blue or red, tend to confront perceived injustices, especially if it involves outsiders making money at the expense of locals, and even more so if they are not delivering on the pitch.
FSG were only able to buy Liverpool at a knockdown price, which its former American owner Tom Hicks described as an “epic swindle”, due to the response of the supporters who unionised themselves in an attempt to drive both Hicks and his partner George Gillett out following a series of broken promises, as the club veered dangerously towards deep financial problems from 2008.
“The missteps of Hicks and Gillett put power in the hands of the fans,” reminds Gareth Roberts from Spirit of Shankly, the fans group which is still active 16 years after its formation and which now has members on the club’s official supporters board. The latter became enshrined in Liverpool’s articles of association after FSG apologised for its leading role in the attempt to create a European Super League in 2021.
This came after several other high-profile PR blunders that eroded trust. It remains to be seen whether figures like John W. Henry, FSG and Liverpool’s principle owner, will listen to the board rather than pay lip service and carry on regardless with his own plans. Roberts says the ongoing challenge is “getting them to understand the culture”, and it does not help the relationship when Henry’s business partner, Tom Werner (Liverpool’s chairman), speaks so enthusiastically about taking Premier League fixtures away from Anfield and potentially hosting them in other parts of the world.
There was a time when either Everton or Liverpool’s local owner not showing at a match would dominate conversations in pubs and get reported in the local paper. Now, that only happens if they actually turn up.
Leading FSG figures usually fly in from Boston, Massachusetts, attending a couple of games a season — Werner was at Liverpool’s recent game against Real Madrid, while Henry was in the stands for the first home game of the season against Brentford. They appoint executives and dispatch them to Merseyside, or London, where the club has long had an office, to run the business on their behalf. Such individuals are under pressure to drive revenues as far as they can, in theory improving the economic possibilities of the team.
Roberts says ticketing is an especially thorny issue at Liverpool due to the popularity of the club. It feels like locals are under attack: that there is a race to get the richest person’s bum onto a seat.
As far as Roberts is concerned, a club that markets its image from the energy that Anfield occasionally creates is treading on dangerous ground. “The Kop still has power,” he insists. “But if you squeeze the fans and they drop off, there is a risk that the place gets filled with spectators rather than supporters and with that, you kill the golden goose.”
This, he adds, should act as a warning to Evertonians as they embark on their own American adventure.
Like Roberts, Liverpool metro mayor Steve Rotheram is a season ticket holder at Anfield and he understands such anxieties. In October, he spent a fortnight in North America exploring trade opportunities and the experience made him realise how powerful a brand Liverpool has abroad due to its connections with football and music, as well as its central role as a port in the movement of the Irish diaspora that spread across the Atlantic in the 19th century.
He says such history helps start conversations with American businesses from sectors like bioscience and digital innovation, which are now interested in investing in Merseyside due to the availability of land near the waterfront on both sides of the Mersey river, a hangover from the harsh economic measures of the 1980s and the decline that followed.
Rotheram says football, especially, plays a significant role in the visitor economy to the region, which in 2018 was worth £6.2billion. A thriving Everton playing at a stadium that does a lot more than host football matches every fortnight has the potential to add to that pot. The site at Bramley-Moore promises to regenerate the area around it and, currently, there are small signs of that change. Now Everton’s immediate financial concerns have gone away, perhaps businesses hoping to move in can proceed with more confidence.
GO DEEPER
How Liverpool 2.01 was built – and FSG abandoned any plans to sell
To reach the third professional football club on Merseyside attracting American investment, you have to cross the river.
If Rotheram gets his way, a walkable bridge will connect Liverpool to Wirral, the home of Tranmere Rovers, and potentially boost the peninsula’s economy. But for the time being, there are just two transport options: a tunnel under the Mersey or, more pleasurably, a ferry which takes less than seven minutes to sail from the Pier Head, beneath the famous Liver Buildings, to Seacombe.
In the middle of this journey, as the ferry juts north, there is a different view of Everton’s new stadium, positioned between a scrapyard and a wind farm, both of which are in the shadow of a brooding tobacco warehouse that is the biggest brick building in the world. Everton’s new home is much closer to the city and might seem enormous from the land, glistening from whichever angle you look at it, but it does not dominate the skyline from the brown, scudding channels of the Mersey.
When the novelist Nathaniel Hawthorne sailed across the same stretch of water in 1854, he recalled a scene that he thought neatly captured the personality of the Liverpudlians he’d encountered over the previous six months, having been sent to the city as American consul.
There, on the ferry, was a labourer eating oysters using a jack knife taken from his pocket, tossing shell after shell overboard. Once satisfied, the labourer pulled out a clay pipe and started puffing away contentedly.
According to Hawthorne, the labourer’s “perfect coolness and independence” was mirrored by some of the other passengers. “Here,” Hawthorne wrote, “a man does not seem to consider what other people will think of his conduct but whether it suits his convenience to do so.”
Hawthorne did not specify whether the labourer was from Liverpool or the piece of land to the west now known as Wirral. To any outsider, the places and their residents tend to be viewed as one of the same.
On Merseyside, however, distinctions are made: Liverpudlians tend to identify themselves as tougher and sharper, while those from “over the water”, tend to have softer accents and are once removed from the struggles of the city.
In truth, both areas suffered in the late 1970s and 80s when unemployment ripped through its docks and shipyards. Whereas Liverpool’s city centre has been transformed in the decades since, the Wirral’s waterfront feels less promising. Whereas Liverpool has the Albert Dock, museums and a business district punctuated by glassy high rises, Wirral has very few distinguishable features from the river beyond its scaly, grey sea wall.
Three miles or so from the terminal in Seacombe lies Prenton, the home of Tranmere, a football club that returned to the Football League in 2018, having fallen on hard times since the early 1990s when it threatened to reach the Premier League.
That history is one of the reasons why an American consortium led by Tacopina has an application with the EFL to try and buy the club from former player, Mark Palios, who later acted as the chief executive of the English Football Association.
The Athletic reported in September that Tacopina was attempting to “harness the power of his celebrity contacts” to try to propel Tranmere up the divisions from League Two. In a report the following month, it was revealed on these pages that rapper A$AP Rocky and Las Vegas Raiders defensive end Maxx Crosby were two of the investors.
According to a source involved in the deal, who would like to remain anonymous to protect working relationships, there is a belief the takeover will be completed in early 2025. While the source suggests it has taken longer than expected to reach this point after an unnamed investor dropped out, The Athletic has been told separately that an unnamed investor’s application was rejected by the EFL. This led to the buying group trying to source a replacement. The EFL declined to comment.
Tacopina has been involved in Italian football for a decade, with mixed success. He knows Tranmere is not a sexy name but neither was Wrexham before they were taken over by the Hollywood actors Ryan Reynolds and Rob McElhenney in 2021. While Tranmere has a fight this season to retain its Football League status, Tacopina would be taking on a club that more or less breaks even.
Palios is naturally cautious. For years, he’s wanted to find a minority partner but interested parties have tended to find there isn’t much up-side for such investment. Palios has since been able to convince Tacopina that Tranmere has significant potential with a full takeover, that the club has geography on its side and could become the region’s third wheel.
More than 500,000 people live on the Wirral but the majority cannot get tickets for Liverpool or Everton. There is an interest in Tranmere but many Wirral residents are only would-be fans. That would surely change with an upwardly mobile team, as Tranmere were in the 1990s when it tried to reach the top flight and a packed Prenton Park witnessed a series of exciting cup runs.
Tranmere is worth around £20million in assets. Even if the club reached the Championship, the gateway to the Premier League, the value would increase significantly, potentially leaving Tacopina with a profit if he decided to sell. Importantly, the stadium is owned by the club and Tacopina would be inheriting that. Tacopina takes confidence from the stories of clubs like Bournemouth and Brentford, who are now established in the Premier League despite playing in similar-sized stadiums to Prenton Park (Bournemouth’s is actually considerably smaller) and with little history of success at the top level.
Prenton Park, however, does not have the facilities to generate much revenue outside of matchdays. In the boom of the early 90s, the venue was rebuilt on three sides but that did not include the main stand, which remains a relic of corrugated iron and brick. Lorraine Rogers, the chairperson before Palios, suggested the stand was costing Tranmere £500,000 a year to maintain. In 2021, a League Two game with Stevenage was postponed after a part of the roof flew off during a storm.
Palios has explored other stadium options. From the Mersey, the West float slipway leads to Bidston, where a site has been discussed but diehard fans are not enthusiastic about a move three miles away which would take the club away from its roots and potentially position it next to a waste plant, and where there are few pubs and transport links are limited.
Last summer, Palios suggested the zone was ripe for redevelopment in an interview with Liverpool Business News. “I advise my children, if ever they invest in property, invest in the south bank of the river,” he said. “As sure as apples fall from trees, this place is going to get developed.”
Any relocation, however, would need assistance from Wirral Waters as well as a council that for a decade has carefully been trying to manage its budgets due to cuts from central government. At the start of December, the Liverpool Echo reported that the council will be asking the government for a £20million bailout to prevent it from having to declare bankruptcy.
While it is generally accepted the Palios era is near an end and Tranmere needs to find a way to move forward, there is a wariness and some Tranmere supporters are questioning whether they want someone who has represented Trump in a rape trial running their club.
Matt Jones, the presenter of the Trip to the Moon podcast, speaks of “excitement, curiosity and fear”. Two years ago, he tracked down Bruce Osterman, Tranmere’s previous American owner (and the first in English football), to San Francisco.
Osterman told Jones that in 1984, he was able to complete a takeover because Tranmere were “days away from shutting its doors”. Yet Osterman was humble enough to admit that he was ill-prepared for the challenges that followed, despite investing £500,000 in cash. “I didn’t know what the hell I was doing,” he admitted. “I had no experience in this area. I was a trial lawyer… I had no understanding of the history, or where we were going.”
Osterman says that if he had his time again, he “would probably have paid more attention to the team’s relationship with the community”. Over the next three and a half years, Tranmere’s financial position became bleaker and he ended up selling the club at a loss to Palios’ predecessor Peter Johnson, the son of a butcher who became a millionaire businessman in the food industry.
Johnson ended up buying Everton where he was much less popular. His story is a reminder that it is not just American owners who move around clubs, as Friedkin has. Johnson grew up a Liverpool fan, an inconvenient factoid which put him on the back foot at Goodison, where he encountered suspicious minds and hardened attitudes.
Cynicism is deeply embedded among Everton fans, who might wonder how long it will take for their club to see the benefits of being at a new stadium and under new ownership.
Yet Friedkin’s arrival potentially draws a line under much of the uncertainty. Simon Hart, a journalist and author who has written extensively about the club, speaks about the last few years being battered by “existential concerns relating to the club’s future to the extent you are largely numb, hoping just to survive. The impression that Friedkin seems reasonably sensible and hasn’t destroyed Roma is something to grasp and be grateful for.
“At the moment, the thing that needs answering is whether Everton can go into the new stadium as a Premier League club that is secure. There is a sense that anything that keeps the club alive is acceptable.”
Excitement is not the right word but relief might be. Hart thinks Goodison is irreplaceable, a venue where the terraces hang over the pitch and some of the timberwork dates back to the Victorian era. It is as much a part of the club’s identity as the Liver Buildings are to Liverpool. A departure inspires mixed emotions that swirl around the freezing reality that Everton has not won a trophy of any kind since 1995.
As the years pass and the record extends, it becomes harder to escape. Hart describes Goodison as his “special place”, but it feels like “disappointment is soaked into every brick now”. He attended the 0-0 draw with Brentford in November when the visiting team were down to 10 men and it felt as though Goodison was weighed down by negative emotion.
Perhaps their new home allows the club to embrace a fresh start and, as he puts it, “allow Evertonians to look forward rather than back.”
(Top image: Getty Images/Design: Eamonn Dalton)
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