Angel City Closes Sale of Controlling Stake in Willow Bay to Bob Iger

“When Kara, Natalie, and I were trying to raise funds, we initially went the traditional route and talked to high-net-worth family offices and individuals to find that one person who shared our vision, our mission, and our goals. We kept getting turned down. Finding people who believed in us, taking smaller checks, and bringing everyone together really made a difference.”

Bay, dean of the USC Annenberg School for Communication and Journalism, will be Angel City’s controlling owner and the NWSL board representative. Uhrman is expected to remain the team’s top executive. The club’s original board included Uhrman, Nortman, Portman, Ohanian, a longtime sports media executive David Nathanson3 Arts Entertainment Co-CEO Brian Weinstein and early investor Gillian Berry. Ohanian, Portman, Uhrman and Berry will retain their seats on the board.

“I think the founders sitting alongside Bob and Willow and our previous board members will be critical,” Uhrman said. “They’ll bring new expertise and experience to Angel City that will really help us grow over the next five years.”

Angel City has been the highest-revenue team in the NWSL since joining as an expansion team in 2022, earning $30 million in 2023. Despite limited success on the field, the team has consistently drawn crowds to BMO Stadium and has signed more than 30 corporate partners.

Nortman, who in addition to Angel City is an investor in Boston’s NWSL expansion team through her investment firm Monarch Collective, sees Bay and Iger joining the ranks of women’s sports team owners as a watershed moment for the industry.

“The more valuations, revenue levels and respected business leaders who have done real work, the more you attract high-quality capital, high-quality operators and sponsors from all parts of the ecosystem,” Nortman said.

Moelis & Co. served as exclusive financial advisor to Angel City, Sidley Austin served as legal advisor to the club, and The Levinson Group served as strategic communications advisor. Allen & Co. and Milbank LLP advised Bay and Iger.