40-42 Hatton
Garden London
EC1N 8EB
May 13, 2025
The sportswear industry is evolving, with consumer interest in health and wellness playing an increasingly significant role. But to what extent is this shift driving revenue growth for both dominant brands and emerging players? And how should investors assess the...
March 20, 2025
The remarkable comeback of Mikaela Shiffrin, a world-renowned ski racer, culminated in her achieving a 100th World Cup victory. This milestone is significant as it comes just months after she suffered a severe crash that required surgery. Shiffrin’s journey back...
February 13, 2025
Accelerate Ventures is thrilled to announce its investment in Camb.AI, an AI-powered language translation service tackling one of the world’s most pressing challenges: accessible, high-quality translation in a globalised world. The Problem: Bridging Linguistic Gaps Over 50% of internet content...
January 30, 2025
Introduction In a groundbreaking moment in late 2024, the Dallas Cowboys became the first sports team valued at over $10 billion. This achievement highlights a broader trend of skyrocketing sports team valuations. In 2017, the top 50 most valuable teams...
January 21, 2025
Accelerate Ventures is delighted to announce its investment in PlayerData, a company revolutionising performance tracking for sports teams. To date, the majority of the sports world has been priced out of performance tracking technology; the average customer spend with Catapult...
January 10, 2025
Accelerate Ventures is pleased to have led Betmate’s recent Series A funding round. Based in Liverpool, Betmate is a peer-to-peer sports betting and fantasy platform. The online sports betting market has enjoyed an explosion of growth in the past decade...
December 11, 2024
In the world of sports, nutrition has always been a cornerstone of athletic success. From carb-loading before marathons to electrolyte consumption during races, athletes rely on nutrition to fuel their bodies. Today, advancements in technology are transforming this field, enabling...
October 1, 2024
Introduction Artificial intelligence is transforming the sports industry, pushing the boundaries of performance and monitoring. As showcased at the SportsPro AI conference on September 23rd and 24th at the London Stadium, AI is set to redefine how we train, compete,...
September 17, 2024
Fan engagement What does it mean to be a fan of a football club? For many, the litmus test is whether or not you watch the club’s matches – if not from inside the stadium itself, then the next best...
September 3, 2024
Introduction The success of Major League Baseball (MLB) team Oakland Athletics in 2003 sparked a league-wide data-driven recruitment arms race. Other sports have been slower to adopt data-driven recruitment strategies, but have finally begun to catch up in the last...
August 27, 2024
Introduction What started as a $20,000 esports tournament in South Korea in 2000 has evolved into a global phenomenon, with the Esports World Cup in Riyadh now offering a staggering $60 million prize pool. Over the past 24 years, esports...
August 20, 2024
Introduction Professional women’s football has existed since the 1970s, when Italy became the first country with professional women’s players on a part-time basis. However, women’s sports has been slow to grow compared to men’s sports until recently, when a surge...
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Professional women’s football has existed since the 1970s, when Italy became the first country with professional women’s players on a part-time basis. However, women’s sports has been slow to grow compared to men’s sports until recently, when a surge in interest has accelerated progress. Deloitte predicts that football is set to dominate the elite women’s sport market in 2024, with the sport expected to generate over €500 million in global revenue and account for 26% of the elite women’s sports market. While the U.S. initially led this growth, the question we will consider is whether England’s Women’s Super League (WSL) can catch up and capitalise on this momentum.
The recent purchase by Willow Bay and Bob Iger of the US National Women’s Soccer League (NWSL) team Angel City FC for $250m is the highest valuation ever for a women’s professional sports team, marking a new era for investment in women’s sport. How has the NWSL grown to deliver this valuation for the team, four years after they entered the league at a $2m fee?
Sponsorship revenue
The total annual value of the NWSL’s current partnership portfolio stands at US$24.5m, which represents a four-fold increase in league-level sponsorship income since 2021.
Broadcast revenue
The NWSL recently announced a four-year deal with ESPN, CBS Sports, Amazon Prime Video and Scripps Sports, totalling $60m a year, which is a 40-fold increase on the annual value of the previous contract ($1.5m a year).
Matchday revenue
The league has seen record attendances each year since Covid-19; Chicago Red Stars vs Bay Area FC in June 2024 broke the NWSL attendance record.
Only Man Utd can claim to have revenues on par with NWSL teams, so what must WSL teams do to compete internationally?
Commercialisation of the WSL and increasing viewership
Sponsors and partners are eager to invest in women’s teams, as these partnerships offer access to a broader demographic and can yield a greater return on investment compared to the men’s game. All 12 WSL clubs had the same front-of-shirt sponsor as their affiliated men’s club in 2022/23, but this “bundling” may not be the best approach for every club; time will tell what approach clubs take. Additionally, clubs are looking to improve attendances. Clubs are increasingly hosting WSL games at their main stadiums, such as Arsenal Women playing the majority of home matches at the Emirates in the 24/25 season.
A new broadcast deal
To really drive revenues though, the WSL must secure a broadcast deal that aligns with the success seen in the WNBA and NWSL, where higher broadcast revenues have fuelled the sport’s expansion. The WSL’s upcoming negotiations for domestic broadcast rights from 2025/26 are crucial. Following a one-year extension with Sky Sports and the BBC, the next contract will be a key indicator of the league’s ability to leverage its rising profile and attract broader investment. Leading negotiations of these contracts will be Women’s Professional League Limited (WPLL), the new governing body responsible for the WSL and Women’s Championship.
WPLL will take over the management of the professional women’s game in England from the FA starting in the 2024-25 season. To ensure the continued success and sustainability of the WSL and Women’s Championship, WPLL will have a lot on its in-tray. As well as commercialising the leagues, the body will need to drive sustainable growth.
Managing the cost base
No WSL clubs were profitable in 2022-23, with the average wages-to-revenue ratio reaching 117% (excluding group income), far higher than the 66% seen at Premier League clubs. Many women’s teams rely on financial support from their associated men’s clubs, with group income accounting for 36% of total WSL revenue. The WPLL will need to introduce regulations to prevent costs from spiralling out of control, ensuring that smaller teams are not forced out due to financial pressures.
Adopting a startup mentality
In many ways, women’s football teams are still startups. For example, business models currently vary greatly between clubs. In 2022/23, excluding group income, Arsenal’s matchday income represented 58% of revenue, whereas commercial income represented 74% of Man Utd’s revenue. Broadcast is yet to dominate revenues like it does in the Premier League. Hence, as women’s football evolves, it’s crucial not to simply replicate the men’s business model. Instead, the WPLL has stated it will embrace a startup mentality. Experimentation that goes beyond traditional broadcast deals will be important. This mindset will be vital in carving out a distinct and sustainable path for the women’s game.
Chelsea have publicly stated they value their women’s team similarly to NWSL team Angel City FC (when Angel City were valued by Sportico at $180m). Is this realistic?
NWSL league structure guarantees revenue
Readers familiar with US league structures will be aware that their format ensures no relegation, and so guarantees revenues year-on-year. This structure drives a naturally higher valuation.
Difficulty valuing WSL teams
In the upcoming 2024/25 season, all 12 WSL clubs will have a Premier League equivalent. The combined structure questions the ability of women’s teams to attract dedicated external investment, as a prospective investor would currently need to invest through a men’s team. Additionally, it is hard to value these clubs as many do not yet provide full financial data on revenue, assets, equity, fanbases and more.
Given all of this, it is difficult to place a value on current WSL teams. Currently a $180m valuation for Chelsea seems steep given revenue streams, but these will grow, and soon we will begin to understand what revenue is possible for WSL teams.
Accelerate Ventures
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