FOLLOW US

The Angel City Football Club has agreed to sell a controlling stake to Bob Iger, CEO of the Walt Disney Co., and his wife, Willow Bay, dean of the USC Annenberg School for Communication and Journalism, at an enterprise value of $250 million, the team said Wednesday.

Willow $250M Deal For Angel City Football Club : Legal Teams Involved

At least four law firms are assisting with the $250 million deal for the Los Angeles-based National Women's Soccer League team. Sidley Austin LLP is advising the team, ACFC, while Milbank LLP serves as the legal adviser to Iger and Bay. ACFC's board is counseled by Paul Weiss Rifkind Wharton & Garrison LLP, Venable LLP, and attorney Craig Jacobson.

Record-Breaking Valuation

The transaction makes Angel City Football Club the most valuable women's sports team in the world, according to a Wednesday statement. Bay and Iger will also invest an additional $50 million to support the club's future growth. "With this investment of resources and capital, we hope to accelerate the growth of the club and the NWSL," Bay said in a statement. "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."

Willow $250M Deal For Angel City Football Club : Board Approval and Future Steps

The deal was unanimously approved by ACFC's board and is expected to close in the next 30 to 60 days. The closing is subject to customary conditions, including the approval of the National Women's Soccer League (NWSL). In a collective statement, the ACFC board said: "Willow and Bob bring unparalleled operational experience, expertise, and passion to ACFC and to the NWSL. We know they are the right partners to lead us into this new era—they are committed to further strengthening ACFC'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."

Leadership and Representation

Willow Bay will serve on and have full control of the ACFC board, act as the controlling owner for NWSL purposes, and represent ACFC on the NWSL's board. Following the closing, ACFC's board will continue to include actor Natalie Portman and entrepreneur Julie Uhrman, two of the team’s co-founders in 2020; Reddit and 776 founder Alexis Ohanian, the club's founding controlling owner; and Gillian Berry, an early investor, according to the statement.

Financial and Strategic Advisers

Moelis & Co. LLC is serving as the exclusive financial adviser to ACFC, and The Levinson Group is serving as the strategic communications adviser. Allen & Co. LLC is the financial adviser to Bay and Iger.

Willow $250M Deal For Angel City Football Club : Legal Counsel Details

The Paul Weiss team advising ACFC's board is led by corporate partner Neil Goldman. The Sidley team advising ACFC is led by M&A and entertainment, sports, and media-focused partners Eric Geffner and Charles Baker. Additional counsel team information was not immediately available.