Can Women's Football Evolve into a Lucrative Business?

The financial landscape of women’s football is undergoing a significant transformation, with increased investment and growing interest from sponsors. As the top two tiers of English women’s football embrace new leadership, the sport stands at a pivotal moment in its evolution.

With men’s clubs now recognizing the potential of women’s football, many are integrating women’s teams into their existing structures. Of the 23 clubs in the Women’s Super League (WSL) and Women’s Championship, only two operate independently from men’s sides. Prominent clubs like Arsenal, Tottenham, and Manchester United have established dual teams, enhancing resources and visibility for their women’s programs.

However, independent clubs like Durham WFC and the London City Lionesses are charting their own courses. London City is part of a women’s-only multi-club model owned by American entrepreneur Michele Kang, who also owns Washington Spirit and Lyon. This model exemplifies the potential for women-led initiatives in the sport.

Investment groups are also emerging with a focus solely on women’s football. Mercury/13, co-founded by Victoire Cogevina Reynal and Mario Malave, has committed over £80 million to clubs across Europe, with English women’s football as their top priority. Their recent acquisition of FC Como Women in Italy illustrates this ambition.

Pros and Cons of Ownership Models

The rising revenues in the WSL can largely be attributed to the resources provided by affiliated men’s clubs, enabling quicker growth. For instance, Arsenal’s women’s team benefits from playing at the Emirates Stadium, leading to significant increases in matchday income. “You can’t achieve that without being connected to a men’s club,” notes sports analyst Philippou.

However, this dependence poses risks. The recent struggles of Reading FC have highlighted concerns over the sustainability of women’s teams linked to men’s clubs. Maggie Murphy, former CEO of Lewes FC, warns that if a men’s team faces an ownership crisis or relegation, the women’s side may suffer as a consequence.

Multi-club ownership has emerged as a viable alternative. Kang’s approach with the London City Lionesses demonstrates a successful model, allowing the club to bypass lengthy negotiations with men’s teams for facilities and resources. With a focus on sports science and female physiology, this strategy could serve as a template for others.

Meanwhile, Mercury/13 aims to commercialize women’s clubs, seeking partnerships and sponsorships to build their empire. While ambitious, this approach comes with inherent risks, as the long-term success of such investments remains uncertain.

The Path Ahead

Optimism surrounds the potential for women’s football to grow into a self-sustaining business. Philippou believes there is substantial value in investing in women’s sports compared to men’s, but cautions that this growth must be managed carefully to ensure the league matures into a stable entity.

Murphy emphasizes the higher expectations placed on women’s football, noting that the sport has received minimal investment over the past century. “Women’s football is not going away; it’s only going to grow,” she asserts. While the timing is ripe for investors, the journey ahead is fraught with challenges, and the ecosystem remains delicate.