Willow Bay and Bob Iger agree to acquire Angel City FC in landmark women's sports deal

Zoom in: Bay and Iger will become the new controlling owners of the team following the close of the transaction, the club said in a statement announcing the deal.

• The pair is investing an undisclosed sum to take control of the team, of which $50 million will be used to support the club's future growth.
• NWSL league rules warrant that a controlling team owner must own at least 35% of a team, which would mean that Bay and Iger would have had to invest at least $87.5 million in the deal.
• Bay will serve on and have full control of the club's board. She will also become the controlling owner for the league's purposes and will represent the club on the NWSL's board.
• The deal is subject to closing conditions, including the approval of the NWSL.

Between the lines: Bay and Iger are buying in on an already successful venture.

• Angel City generated the highest revenue of any women's team in the world, the team noted in a statement.
• The club topped all other NWSL teams in attendance, sponsorship revenue and total revenue last year, and has the largest season ticket membership, it added.

What they're saying: "Willow and Bob bring unparalleled operational experience, expertise, and passion to ACFC and to the NWSL," the ACFC board said in a statement.

• "With this investment of resources and capital, we hope to accelerate the growth of the Club and the NWSL," Bay said. "Working with the team and Board, and the incredible community of ACFC fans, we are committed to advancing the Club's mission of driving equity on and off the field."

Catch up quick: ACFC was founded in 2020 by a group of prominent actors and investors, including Natalie Portman, venture capitalist Kara Nortman, and entrepreneur Julie Uhrman.

• Reddit founder and investor Alexis Ohanian was the Club's founding controlling owner. Other early investors, such as David Nathanson, Brian Weinstein, and Gillian Berry, also played a key role in the club's growth and sat on the team's board.

Behind the scenes: Portman, Uhrman, Ohanian and Berry will continue to serve on the club's board, alongside Bay, following the close of the deal.

• Members of the club's ownership group include a huge array of sports stars and celebrities, including Billie Jean King, Lindsey Vonn, Ilana Kloss, Becky G, Uzo Aduba, Jessica Chastain, America Ferrera, Jennifer Garner, Eva Longoria and Lilly Singh, Candace Parker, Lindsey Vonn, 13 former players from the United States Women's National Team, and many more.

The big picture: The deal marks a new era for investment in women's sports, following a landmark year for the industry, especially women's soccer.

• The NWSL signed a four-year $240 million TV rights deal last November.
• U.S. women's soccer team sales are surging, which is helping to bolster team valuations across women's sports broadly.

What's next: The transaction was unanimously approved by Angel City's board and is expected to close in the next 30-60 days, the team said.