WSL Investment Hurdle: Angel City Founder Calls Out 'Afterthought' Treatment of Women's Clubs

Monarch Collective's Kara Nortman Highlights Investment Challenges in English Women's Football

Kara Nortman, the influential co-founder of Angel City FC and the women's sport investment fund Monarch Collective, has delivered a frank assessment of the ownership landscape in the Women's Super League, stating that many clubs are still treated as "an afterthought" by their parent organisations.

Speaking about her fund's search for investment opportunities in England, Nortman revealed that while Monarch has held discussions with about a dozen WSL clubs since its 2023 launch, finding the right partner has proven difficult. The challenge, she suggests, stems from the strategic priority—or lack thereof—afforded to women's teams within larger football conglomerates.

The 'Afterthought' Dilemma

"A lot of the WSL clubs are still afterthoughts, unfortunately, and adjuncts to the men's team," Nortman said. "They're not investing what they could be." She outlined two scenarios that could make for a viable partnership: owners who genuinely want to "supercharge" their women's team with Monarch's expertise, or those who openly acknowledge the team's secondary status and seek meaningful help to change it.

Her comments touch on a growing concern among international investors. There is a perception that for some club owners, the primary value of the women's team lies in its utility for complying with financial regulations like Profitability and Sustainability Rules (PSR), rather than as a standalone enterprise with immense growth potential. This was highlighted by the Guardian's report last year on Monarch's talks with West Ham, a situation Nortman declined to comment on specifically.

Proven Model vs. Cautious Market

Nortman's perspective is informed by monumental success in the United States. The Angel City FC franchise, which she launched with Natalie Portman and Julie Uhrman for just under $1m in 2020, was recently sold for a staggering $250m, making it the world's most valuable women's sports franchise. This growth was rooted in a community-first model and obsessive, full-time dedication from its founders.

This contrasts with the experience in England, where despite rising interest, deals are complex. While US group Bay Collective last week finalised a deal for majority ownership of Sunderland Women, other transactions have seen stakes sold to related-party companies, as seen with Chelsea, Aston Villa, and Everton over the past year.

Looking Beyond Football

Despite the hurdles in English football, Monarch is actively expanding its portfolio. With a new London office headed by Katharine Curran, formerly of Manchester City and City Football Group, the firm is exploring opportunities in cricket and rugby union, with cricket being a particular focus of study.

Nortman remains fundamentally bullish on women's sports, citing the "diehard" market in Cleveland and the transformative growth she has already witnessed. The question for the WSL is whether its current owners will move beyond viewing their women's teams as a compliance checkbox and embrace them as the centrepiece of a major commercial and cultural opportunity.

Key Takeaways

• Strategic Priority Gap: Monarch Collective's Kara Nortman identifies a core investment challenge: many WSL clubs are not primary strategic assets for their owners.
• Regulation vs. Ambition: There's a concern that women's teams are sometimes valued more for aiding PSR compliance than for their standalone commercial potential.
• Proven Blueprint Exists: Nortman's Angel City FC, sold for $250m after a $1m start, demonstrates the explosive growth possible with dedicated, community-focused investment.
• Market Activity Continues: While deals are slow, investment interest is high, with Monarch actively looking and other US groups like Bay Collective closing acquisitions.
• Expansion Agenda: Monarch is using its new London base to scout opportunities beyond football, particularly in cricket and rugby.