Angel city star and powerful player who was declared not for sale has finally been sold for unresisting currency worth billions of…

Angel city star and powerful player who was declared not for sale has finally been sold for unresisting currency worth billions of…

The formidable player and star of Angel City, who was initially listed as not for sale, was eventually sold for an incredible sum of money—billions.

The most valuable franchise in the NWSL might soon be sold.

Several people familiar with the proposal have revealed that the board of Angel City FC has enlisted Moelis & Company to investigate a possible sale of the team. According to the person who asked to remain anonymous since the information is confidential, the process stems from disagreements among some board members regarding team governance.

Alexis Ohanian, the team’s biggest stakeholder, has no say over the board. It is unknown where the team’s equity would come from and how much of it is accessible. The group includes dozens of smaller investors, many of whom are celebrities, in addition to its three co-founding partners, Kara Nortman, Natalie Portman, and Julie Uhrman, which further complicates things.

According to various sources, Moelis’ mandate includes approval from each of the four principal shareholders to buy a stake that includes board control. Deal completion is not assured, and it is possible that the process will produce an investor who chooses not to purchase a controlling interest. But according to reports, the organization has already communicated with a few interested parties, including former Milwaukee Bucks co-owner Marc Lasry. Through the new sports fund from Avenue Capital, Lasry hopes to invest.

Ohanian stated he was not selling his equity in an email, but he would not elaborate. Angel City, Moelis, and NWSL representatives all declined to comment.

It’s not entirely apparent what caused the conflict. Various sources claim that team operations and finances play a part in the conflict. In the NWSL, Angel City brings in the most money, but it also spends the most, and the team is losing money.

There are rumors that the team’s unusual ownership structure has made things more tense. Though he did not keep most of the equity or board power, Ohanian made by far the largest financial contribution when the franchise first came together a few years ago. In professional sports, where the largest owner usually has the last word on board decisions, that arrangement is uncommon. (In an additional level of intricacy, Uhrman acts as the alternate governor and Ohanian as the main governor in league affairs.)

Angel City is valued by Sportico at the highest amount in the league—$180 million. It’s highly likely that a sale would break the league record for the highest valuation in a significant deal. Earlier this month, billionaire Ron Burkle agreed to pay almost twice as much as the previous record—$113 million—for the San Diego Wave in two separate transactions.

In addition to his personal investment, Ohanian’s venture capital company, Seven Seven Six, owns a share of Angel City. Initialized, his old venture capital firm is also an investor.

In 2020, Angel City was given a team, and in 2022, they entered the NWSL. Pop singers Christina Aguilera and Becky G, actresses Jessica Chastain, Jennifer Garner, and Eva Longoria, action woman Billie Jean King, WNBA player Candace Parker, skier Lindsey Vonn, and former USWNT players Mia Hamm, Shannon Boxx, and Julie Foudy are among the investors.

The team has redefined the NWSL’s commercial standards while pushing the league’s boundaries in a number of ways, some of which are more welcoming than others. Sportico’s figures from 2023 show that Angel City brought in $31 million, while San Diego, the next closest team, brought in $16.3 million. Merely two other individuals earned above $10 million.

Ohanian is the former executive chairman and co-founder of Reddit, which is scheduled to go public next week. His sports holdings include the Los Angeles TGL golf franchise in addition to Angel City.