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
Natalie Portman, Julie Uhrman and Kara Nortman in 2023 (Allison Zaucha/Bloomberg via Getty Images)
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.”
Angel City’s Claire Emslie, left, celebrates her goal against NJ/NY Gotham in 2022 (Ira L Black – Corbis/Getty Images)
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.
Bob Iger and Willow Bay at the Academy Awards in March (Jeff Kravitz/FilmMagic)
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.
Angel City’s Christen Press in 2022 (Katelyn Mulcahy/Getty Images)
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
Xia De-hong, 94, Dies; Persecuted in China, She Starred in Daughter’s Memoir
Xia De-hong, who survived persecution and torture as an official in Mao Zedong’s China and was later the central figure in her daughter’s best-selling 1991 memoir, “Wild Swans: Three Daughters of China,” died on April 15 in Chengdu, China. She was 94.
Ms. Xia’s death, in a hospital, was confirmed by her daughter Jung Chang.
Ms. Chang’s memoir, which was banned in China, was a groundbreaking, intimate account of the country’s turbulent 20th century and the iron grip of Mao’s Communist Party, told through the lives of three generations of women: herself, her mother and her grandmother. An epic of imprisonment, suffering and family loyalty, it sold over 15 million copies in 40 languages.
The story of Ms. Chang’s stoic mother holding the family together while battling on behalf of her husband, a functionary who was tortured and imprisoned during Mao’s regime, was the focus of “Wild Swans,” which emerged out of hours of recordings that Ms. Chang made when Ms. Xia visited her in London in 1988.
Ms. Xia was inspired as a teenager to become an ardent Communist revolutionary because of the mistreatment of women in the Republic of China, as well as the corruption of the Kuomintang nationalists in power. (Her own mother had been forced into concubinage at 15 by a powerful warlord.)
In 1947, in Ms. Xia’s home city of Jinzhou, the Communists were waging guerrilla war against the government. She joined the struggle by distributing pamphlets for Mao, rolling them up inside green peppers after they had been smuggled into the city in bundles of sorghum stalks.
Captured by the Kuomintang, she was forced to listen to “the screams of people being tortured in the rooms nearby,” her daughter later wrote. But that only stiffened her resolve.
She married Chang Shou-yu, an up-and-coming Communist civil servant and acolyte of Mao, in 1949.
It was then that disillusionment began to set in, according to her daughter. The newlyweds were ordered to travel a thousand miles to Sichuan, her husband’s home province. Because of Mr. Chang’s rank, he was allowed to ride in a jeep, but she had to walk, even though she was pregnant, and suffered a miscarriage as a result.
“She was vomiting all the time,” her daughter wrote. “Could he not let her travel in his jeep occasionally? He said he could not, because it would be taken as favoritism since my mother was not entitled to the car.”
That was the first of many times that her husband would insist she bow to the rigid dictates of the party, despite the immense suffering it caused.
When she was a party official in the mid-1950s, Ms. Xia was investigated for her “bourgeois” background and imprisoned for months. She received little support from Mr. Chang.
“As my mother was leaving for detention,” Ms. Chang wrote, “my father advised her: ‘Be completely honest with the party, and have complete trust in it. It will give you the right verdict.’ A wave of aversion swept over her.”
Upon her release in 1957, she told her husband, “You are a good Communist, but a rotten husband.” Mr. Chang could only nod in agreement.
He became one of the top officials in Sichuan, entitled to a life of privilege. But by the late 1960s, he had become outraged by the injustices of the Cultural Revolution, Mao’s blood-soaked purge, and was determined to register a formal complaint.
Ms. Xia was in despair; she knew what became of families who spoke out. “Why do you want to be a moth that throws itself into the fire?” she asked.
Mr. Chang’s career was over, and both he and his wife were subjected to physical abuse and imprisoned. Ms. Xia’s position was lower profile; she was in charge of resolving personal problems, such as housing, transfers and pensions, for people in her district. But that did not save her from brutal treatment.
Ms. Xia was made to kneel on broken glass; paraded through the streets of Chengdu wearing a dunce’s cap and a heavy placard with her name crossed out; and forced to bow to jeering crowds.
Still, she resisted pressure from the party to denounce her husband. And unlike many other women in her position, she refused to divorce him.
Twice she journeyed to Beijing to seek his release, the second time securing a meeting with the prime minister, Zhou Enlai, who was considered a moderate. Ms. Xia was “one of the very few spouses of victims who had the courage to go and appeal in Peking,” her daughter wrote in “Wild Swans.”
But Ms. Xia and her husband never criticized the Cultural Revolution in front of their children, checked by the party’s absolute power and the fear it inspired.
“My parents never said anything to me or my siblings,” Ms. Chang wrote. “The restraints which had kept them silent about politics before still prevented them from opening their minds to us.”
She was held at Xichiang prison camp from 1969 to 1971 as a “class enemy,” made to do heavy labor and endure denunciation meetings.
The camp, though less harsh than her husband’s, was a bitter experience. “She reflected with remorse on the pointlessness of her devotion,” her daughter wrote. “She found she missed her children with a pain which was almost unbearable.”
Xia De-hong was born on May 4, 1931, in Yixian, the daughter of Yang Yu-fang and Gen. Xue Zhi-heng, the inspector general of the metropolitan police in the nationalist government.
When she was an infant, her mother fled the house of the general, who was dying, and returned to her parents, eventually marrying a rich Manchurian doctor, Xia Rui-tang.
Ms. Xia grew up in Jinzhou, Manchuria, where she attended school before joining the Communist underground.
In the 1950s, when she began to have doubts about the Communist Party, she considered abandoning it and pursuing her dream of studying medicine, her daughter said. But the idea terrified her husband, Ms. Chang said in an interview, because it would have meant disavowing the Communists.
By the late 1950s, during the Mao-induced Great Famine that killed tens of millions, both of her parents had become “totally disillusioned,” Ms. Chang said, and “could no longer find excuses to forgive their party.”
Mr. Chang died in 1975, broken by years of imprisonment and ill treatment. Ms. Xia retired from her government service, as deputy head of the People’s Congress of the Eastern District of Chengdu, in 1983.
Besides Ms. Chang, Ms. Xia is survived by another daughter, Xiao-hong Chang; three sons, Jin-ming, Xiao-hei and Xiao-fang; and two grandchildren.
Jung Chang saw her mother for the last time in 2018. Ms. Chang’s criticism of the regime, in her memoir and a subsequent biography, made returning to China unthinkable. She told the BBC in a recent interview that she never knew whether her mother had read “Wild Swans.”
But the advice her mother gave her and her brother Xiao-hei, a journalist who also lives in London, was firm: “She only wanted us to write truthfully, and accurately.”
Culture
Why Is Everyone Obsessed With Bogs?
In prehistoric northern Europe, peatlands — areas of waterlogged soil rich with decaying plant matter — were considered spiritual sites. Since then, swords, jewelry and even human bodies have been found fossilized in their sludgy depths. More recently, however, many of these bogs have been depleted by overharvesting, neglect and development. But as awareness of their important role in removing carbon dioxide from the atmosphere grows, more wetlands are being restored, while also serving as unlikely creative inspiration. Here’s how bogs are showing up in the culture.
Fashion
At fall 2026 Paris Fashion Week, several houses — including Louis Vuitton (above left) and Hermès — staged shows amid mossy sets featuring spongy green structures and mounds of vegetation. And the Danish fashion brand Solitude Studios is distressing its eerie, grungy looks (above right) by submerging them in a local peat bog.
Contemporary Art
For her exhibition at California’s San José Museum of Art, on view through October, the Chalon Nation artist Christine Howard Sandoval is presenting sculptures, drawings and plant-dyed works (above) exploring how the state’s wetlands were once sites of Indigenous resistance and community. This month, at Storm King Art Center in New York’s Hudson Valley, the conceptual artist Anicka Yi will unveil an outdoor installation featuring six-foot-tall transparent columns holding algae-rich ecosystems cultivated from nearby pond water and soil.
Architecture and Design
The Bog Bothy (above), a mobile design project by the Dublin-based architecture practice 12th Field in collaboration with the Irish Architecture Foundation, was inspired by the makeshift huts once used by peat cutters who harvested the material for fuel. After debuting in the Irish Midlands last year, it’ll tour the region again this summer. In Edinburgh, the designer Oisín Gallagher is making doorstops from subfossilized bog-oak scraps carbon-dated to 3300 B.C.
Fine Dining
At La Grenouillère on France’s north coast, the chef Alexandre Gauthier reflects the restaurant’s reedy, frog-filled river valley landscape with dishes like a “marsh bubble” of herbs encased in hardened sugar. This spring, Aponiente — the chef Ángel León’s restaurant inside a 19th-century tidal mill on Spain’s Bay of Cádiz — added an outdoor dining area on a pier above the neighboring marshland, serving local sea grasses and salt marsh flowers alongside seafood (above) from the estuary.
Literature
The Irish British writer Maggie O’Farrell’s forthcoming novel, “Land,” about an Irish cartographer and his son surveying the island in 1865 after the Great Famine, depicts haunting encounters with the verdant landscape, including its plentiful oozing bogs.
Culture
Book Review: ‘Selling Opportunity,’ by Mary Lisa Gavenas
SELLING OPPORTUNITY: The Story of Mary Kay, by Mary Lisa Gavenas
Mary Kay, the cosmetics company whose multilevel marketing included sales parties and whose biggest earners were awarded pink Cadillacs, was really in the business of selling second chances. Or, at least, that’s what Mary Lisa Gavenas argues in “Selling Opportunity,” a dual biography of the brand and the woman behind it.
Mary Kathlyn Wagner, who would become Mary Kay Ash, “the most famous saleswoman in the world” and “maybe the most famous ever,” in Gavenas’s extravagant words, was born in 1918 to a poor family and raised mostly in Houston. Although a good student, she eloped at 16 with a slightly older boy. The young couple had two babies in quick succession.
Mary Kay’s creation was a combination of timing and good luck. Door-to-door sales was a thriving industry — but, traditionally, a man’s world: Lugging heavy samples was not considered feminine, and entering the homes of strangers, unsafe. But things began to change during the Great Depression, Gavenas suggests, thanks to a convergence of factors — financial pressures and the rise of the aspirational prosperity gospel espoused by Dale Carnegie’s self-help manuals.
At the same time, female-run beauty lines like Annie Turnbo Malone’s Poro and Madam C.J. Walker’s were finding great success in Black communities. And, coincidentally or otherwise, the California Perfume Company changed its name to Avon Products in 1939.
Ash began by selling books door to door, moving on to Stanley Home Products in the 1940s. She was talented, but direct sales was a rough gig. Every party to show off wares was supposed to beget two more bookings; these led to sales that resulted in new recruits. But there was no real security or stability: no salary, no medical benefits, no vacations. “Stop selling and you would end up right back where you started. Or worse,” the author writes.
Gavenas, a onetime beauty editor who wrote “Color Stories,” takes her time unspooling Mary Kay’s tale, with a great deal of evident research. We learn about direct sales, women’s rights and Texas history.
But, be warned: Readers must really enjoy both this woman and this world to take pleasure in “Selling Opportunity.” Mary Kay the person keeps marrying, getting divorced or widowed and working her way through various sales jobs (it’s hard to keep track of the myriad companies and last names). Gavenas seems to leave no detail out. Thus, the 1963 founding of the eponymous beauty company doesn’t come until almost 200 pages in.
Beauty by Mary Kay included a Cleansing Cream, a Magic Masque and a Nite Cream (which containined ammoniated mercury, later banned by the F.D.A.). The full line of products — which was how Mary Kay strongly encouraged customers to buy them — ran to a steep $175 in today’s money. (To fail to acquire the whole set, Ash said, was “like giving you my recipe for chocolate cake but leaving out an important ingredient.”)
Potential clients attended gatherings at acquaintances’ homes — no undignified doorbell-ringing here — where they received a mini facial, then an application of cosmetics like foundation, lip color and cream rouge — and a wig. The company made $198,514 in sales its first year.
Although Ash may have seemed a pioneer, in many ways Mary Kay was a traditionalist company, whose philosophy was “God first, family second, career third.” Saleswomen, official literature dictated, were working to provide themselves with treats rather than necessities so as not to threaten their breadwinner husbands.
And yet, they were also encouraged to sell sell sell. Golden Goblet pendants were awarded for major orders. After the company started using custom pink Peterbilt trucks for shipping, it began commissioning those Cadillacs for top consultants. (Mary Kay preferred gifts to cash bonuses, lest women save the money to spend on practical things rather than the licensed frivolities.) The Cadillacs, always driven on company leases, would become industry legend and part of American pop culture lore. “Never to be run-down, repainted or resold, the cars would double as shining pink advertisements for her selling opportunity,” Gavenas writes.
The woman herself was iconic, too. While Ash was a product of the Depression, she was also undeniably over-the-top. She wore white suits with leopard trim, lived in a custom Frank L. Meier house and brought her poodle to the office.
Mary Kay went public in 1968, making her the first woman to chair a company on the New York Stock Exchange. By the 1990s, the Mary Kay headquarters near Dallas was almost 600,000 square feet. They commissioned a hagiographic company biopic; there was a Mary Kay consultant Barbie; they were making $1 billion in wholesale. When she died, in 2001, Ash was worth $98 million.
And yet, Gavenas cites that at the company’s height, in 1992, sales reps made on average just $2,400 per year.
Instead of so much time in the pink fantasia of Mary Kay, it would have been nice for a few detours showing how infrequently the opportunities the company sold were truly realized.
SELLING OPPORTUNITY: The Story of Mary Kay | By Mary Lisa Gavenas | Viking | 435 pp. | $35
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