Angel City Co-Founder Criticizes WSL Clubs as 'Afterthoughts' Amid Investment Push
Kara Nortman, the co-founder of the women's sport investment fund Monarch Collective and Angel City FC, has publicly stated that many Women's Super League clubs are treated as "an afterthought" by their owners. Nortman, who launched the NWSL expansion franchise Angel City with actor Natalie Portman and businesswoman Julie Uhrman, made these remarks while discussing Monarch's sports ownership portfolio and potential investments in England.
Monarch's Expanding Sports Portfolio
Monarch Collective recently made history by becoming the first women's multi-sport investment group through acquiring a minority stake in the Cleveland WNBA basketball franchise. This addition expands their ownership portfolio, which already includes NWSL teams San Diego Wave and Boston Legacy, along with the German club Viktoria Berlin. Since founding Monarch in 2023, Nortman has engaged in discussions with approximately a dozen English clubs about potential investments, though no deals have been finalized yet.
Nortman declined to comment specifically on Monarch's ongoing discussions with West Ham United regarding purchasing a stake in their women's team, a possibility first revealed by the Guardian last year. She emphasized that finding the right partnership in England has proven particularly challenging due to the prevailing attitudes toward women's football clubs.
The Challenge of Secondary Status
Numerous international investors have held talks with WSL clubs over recent years, but Nortman expressed concern that many owners primarily view women's teams as tools for complying with profitability and sustainability regulations rather than as valuable entities in their own right. "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."
She elaborated on the investment dilemma, explaining that while awareness of this secondary status can create opportunities for meaningful collaboration, marginal investments without genuine commitment present significant challenges. "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."
Recent WSL Ownership Transactions
The past twelve months have seen several notable ownership changes in women's football. Chelsea, Aston Villa, and Everton have all sold stakes in their women's teams to related-party companies. Meanwhile, another US multi-club group, Bay Collective, recently finalized a deal to become the majority owner of Sunderland Women, who compete in WSL2.
Monarch Collective, having completed a substantial $250 million funding round last year, possesses the resources to enter the English market if they can identify the right club partnership. Nortman emphasized that ideal scenarios involve owners who either genuinely believe in their women's teams and seek to "supercharge" them with Monarch's expertise or openly acknowledge their teams' secondary status and desire assistance.
Monarch's Advisory Role and Fan Interactions
Beyond direct investment, Monarch offers advisory services to clubs, sharing expertise gained from their diverse portfolio. Nortman shared an amusing anecdote from a visit to Crystal Palace, where a fan in the supporters' section mistakenly identified her as a WAG (wives and girlfriends of footballers). "I had to say: 'No, but thank you anyway,'" Nortman recalled with humor, noting the incident occurred shortly after her 50th birthday.
Remarkable Growth in Women's Football
Despite occasional frustrations, Nortman remains optimistic about women's football's growth potential, drawing from her own remarkable experiences. Monarch initially paid approximately $1 million for Angel City to join the NWSL in 2020. Just four years later, they sold the franchise to Walt Disney CEO Bob Iger and his wife Willow Bay for $250 million, establishing Angel City as the world's most valuable women's sports franchise.
"The reason it worked is because Julie, Natalie and I were obsessed and were excellent in each one of our fields," Nortman explained. "We talked about 18 hours a day, around the clock, but it all started with asking: 'How do you build community?' We're still asking the same question."
Future Expansion Plans
While football and basketball currently form Monarch's primary focus, the collective is actively exploring investments in other sports. With their recent establishment of a London office headed by Katharine Curran, formerly of Manchester City and City Football Group, Monarch is examining opportunities in cricket and rugby union.
"Cricket is probably the area we as a firm are spending the most time on right now," Nortman revealed, citing the upcoming Cricket World Cup and impressive attendance numbers from last summer's tournament in India. She also highlighted their successful investment in the Cleveland WNBA franchise, praising their alignment with Monarch's values of combining competitive excellence with community engagement and representation.
Nortman's comments highlight the ongoing evolution of women's football ownership structures and the growing recognition of women's sports as valuable investment opportunities, even as challenges persist in changing traditional attitudes toward women's teams within larger football organizations.
