Angel City Co-Founder Criticises WSL Owners for Treating Clubs as 'Afterthoughts'
Kara Nortman, the co-founder of the women's sport investment fund Monarch Collective and Angel City FC, has voiced strong criticism against many owners of Women's Super League clubs, accusing them of treating their women's teams as 'an afterthought'. This sentiment comes as Nortman discusses Monarch's expanding sports ownership portfolio and potential investments in England, highlighting challenges in finding suitable partners.
Monarch's Investment Strategy and European Expansion
Monarch Collective, established by Nortman in 2023, recently made history by becoming the first women's multi-sport group through acquiring a minority stake in the Cleveland WNBA basketball franchise. This addition complements an ownership portfolio that includes NWSL teams San Diego Wave and Boston Legacy, along with the German club Viktoria Berlin. Since launching Angel City FC in 2020 with actor Natalie Portman and businesswoman Julie Uhrman, Nortman has engaged in discussions with approximately a dozen English clubs about potential investments, though no deals have been finalised yet.
Nortman declined to comment on specific talks, such as those with West Ham United over buying a stake in their women's team, as previously reported by the Guardian. However, she emphasised the difficulty in identifying the right partner in England, noting that many owners appear to prioritise using women's teams primarily for compliance with profitability and sustainability regulations rather than genuine investment in growth.
Challenges in the WSL Investment Landscape
In the past year, clubs like Chelsea, Aston Villa, and Everton have sold stakes in their women's teams to related-party companies, reflecting a trend of internal transactions. Conversely, another US-based group, Bay Collective, recently secured a deal to become the majority owner of Sunderland Women, who compete in WSL2. Monarch, having completed a $250 million funding round last year, possesses the resources to enter the English market but insists on finding clubs committed to substantial development.
'A lot of the WSL clubs are still afterthoughts, unfortunately, and adjuncts to the men's team,' Nortman stated. 'They're not investing what they could be. If they are afterthoughts, but there's awareness around them being afterthoughts, that's a beautiful place to spend time. But if they're afterthoughts and they just want to add a little expertise or capital on the margins, that's where it's tricky.'
Monarch's Advisory Role and Growth Prospects
Beyond direct investments, Monarch offers advisory services to clubs, sharing expertise gained from managing teams across two sports and two continents. Nortman shared an anecdote from a visit to Crystal Palace, where she was mistaken for a Wag by fans, humorously noting it as a highlight after turning 50. This collaborative approach underscores Monarch's commitment to fostering community and excellence in women's sports.
Nortman remains optimistic about the growth potential in women's football, citing Angel City's remarkable valuation increase from about $1 million in 2020 to $250 million in a sale to Walt Disney's CEO Bob Iger and his wife Willow Bay. This success story, driven by obsessive dedication and a focus on community building, serves as a model for future ventures.
Future Directions and Broader Sports Interests
While football and basketball remain core focuses, Monarch is exploring opportunities in other sports, with a particular interest in cricket and rugby union. Katharine Curran, who heads the London office after previous roles at Manchester City and City Football Group, is leading these efforts. Nortman highlighted cricket as a key area of current focus, referencing the Cricket World Cup and growing numbers in India.
The investment in Cleveland WNBA has been praised for aligning with Monarch's values of combining competitive excellence with community representation, reinforcing the firm's strategy of targeting diehard sports markets. As Monarch continues to seek partnerships in England and beyond, Nortman's critique of WSL owners serves as a call to action for greater investment and recognition in women's football.
