For years, women’s soccer struggled to attract the investment needed to grow, but that didn’t deter clubs from keeping their heads down and continuing to build the game. That paid off because, in time, people started to take notice, and with them, investors.
Kang goes for the clubs
That’s how Michelle Kang entered the picture. Unsurprisingly, nobody noticed her at first. After all, the businesswoman bought a minority stake in the Washington Spirit at a time when many were starting to invest in NWSL clubs. But unlike many of them, she soon became a prominent figure in the women’s soccer sphere.
What makes her so controversial? While her investment has been widely welcomed, the way she’s doing that and the potential dangers that might come with it are making many raise an eyebrow.
Only two years after becoming the majority owner of the Spirit, Kang acquired a majority stake in the eight-time Champions League winner, OL Lyonnes (formerly Olympique Lyonnais), and the London City Lionesses. As a result of the creation of a multi-club ecosystem dedicated exclusively to women’s soccer for the very first time, many started to worry.
“I’m fully aware of the negative connotation of multi-club ownership on the men’s side,” Kang said back in June 2024 to The Guardian. “But I will submit to you that multi-club ownership is a necessity, not a luxury or greed, on the women’s side because we need to invest at the level that the players deserve to deliver on the potential of the women’s game.”
Multi-club ownership is not new. It dates back to the 2000s in men’s soccer. Back then, UEFA was forced to introduce rules to limit the potential conflict of interest when clubs under common ownership qualified for European competitions.
And just like it happened with men’s soccer, Kang’s multi-club ownership under the umbrella of Kynisca (the businesswoman’s global organization) has sparked concern and criticism.
The decision to move coach Jonatán Giráldez from Washington Spirit to Lyonnes just one year after arriving in the NWSL drew criticism among Spirit supporters. And now Kadidiatou Diani’s movement from Lyon to London City Lionesses is under scrutiny as well.
The transfer raised many questions, mostly about governance, valuation and independence. Was the transfer negotiated at market value? Was the decision made in the best interest of all the parties, including the player herself? Were both clubs acting independently?
So far, there is no evidence of wrongdoing in the transfer, but it raises questions about credibility. Moreover, this movement is right in the intersection of sporting, financial and ethical concerns. And the potential scenario where Lyonnes and London City meet in a European competition makes UEFA’s concerns about conflicts of interest real.
And speaking of independence, it will be important that each club maintains its own ambitions and not establish a hierarchy. If they keep moving players and staff between clubs, the lines will get blurry.
Could multi-club ownership also impact clubs outside the ecosystem created? Certainly. Independent, smaller clubs usually struggle to compete with these groups that can offer better resources, facilities, salaries and long-term career pathways. Their larger markets also make them more attractive to sponsors.
Sponsors are attracted to a multicontinental proposal rather than to small audiences, as is the case with small clubs, so that’s another hit to them. However, the biggest long-term concern is about how much influence these ownership groups can have in the future over competition formats, calendar changes, commercial rights or financial regulations.
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Gasol goes for the league
In June, Spain’s Liga F received an investment proposal, the biggest private investment in any women’s soccer league in the world. Two-time NBA champion and president of the IOC Athletes’ Commission, Pau Gasol, offered €55 million in investment to Liga F to strengthen its commercial and operational structure. Although some clubs voted against it, in the end, the league sealed the deal with Gasol16 Ventures and Fortified Partners.
In exchange, they asked for 35% to 49% of the league’s future commercial revenues until 2051. Unlike Kang investing in clubs, he’s investing in the league as a whole, focused on the commercial ecosystem. According to their official statement, they plan to improve Liga F’s commercial operations, increase international visibility, build a sustainable business model and increase the value of players as the league’s central asset.
All that sounds good, so where’s the problem? Clubs opposed to the deal, such as Real Madrid, argued that the league was giving away too much of the future commercial upside for too long in exchange for immediate cash.
Another question is, if the league’s commercial value grows exponentially in the next decade, then who will control it? If the investment succeeds, investors will want a say in decisions regarding sponsorships, broadcast rights, competition format, just to name a few. The interests of clubs, players, supporters and investors will overlap and people will start wondering who the sport is being run for.
Another potential danger is the commercial pressure. Since Gasol’s money is expected to be returned, they may push for decisions that could potentially increase the revenue. Additional competitions or international tours could be among those. Are those bad per se? No. We have already seen the interest Barcelona attracts wherever they go but if they focus too much on that just to get another penny, then there will be a change from sporting priorities to commercial ones. Not to mention other potential dangers such as tired legs, an increase in injuries and therefore clubs’ competitiveness being affected, and a bad final product overall.
Growing pains
Now, can governance keep pace with the investment? The challenge is not just that women’s soccer is smaller than the men’s side. There is also the fact that there are fewer elite clubs, the ecosystem is young and therefore, investors and governance structures are still developing.
The fact that women’s soccer is smaller than men’s makes any major investment have an outsized influence on governance, competition and player movement. Which is why strong regulation plays an important part. The investment is always welcome but at this stage, the sport is still figuring out the rules under which it will grow. Nobody wants to widen the gap between top clubs and the smaller. Nonetheless, without investors willing to accelerate the growth, clubs will remain in a semi-professional state and commercial development will be slower.
And that’s exactly where investors such as Kang and Gasol enter.
Her investment has allowed her clubs to operate like true elite professional organizations, raising standards in infrastructure, staffing, and player support. All that raises professional standards, which is a wake-up call for other clubs. Either they catch up, or they will be left behind.
On the other hand, Gasol’s money will benefit all the clubs in Liga F and a stronger commercial strategy will increase revenues. That won’t only benefit big clubs but smaller ones, which in turn will help to reduce the financial gap and help them to achieve a true level of professionalism. Greater visibility will help to attract more viewers who could potentially become fans, which in time could increase game attendance and help slow the talent drain from Liga F.
Women’s soccer has reached a stage where it is no longer seen as charity but as a real business opportunity. That shows growth. However, the question about which type of investment would produce a healthier version of the sport in the end hasn’t been answered yet.
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