Sports Business

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The GIST: The NWSL’s Chicago Red Stars may be entering a new galaxy. According to a press release yesterday, a “diverse group of Chicago women business and civic leaders” has negotiated a deal to buy the team from its current owners.

The details: Led by Cubs co-owner and Sky minority owner Laura Ricketts, the group has reached an agreement to purchase the club from majority owner Arnim Whisler, pending approval from the NWSL’s board of governors. Specifics of the deal are currently unknown, but the sale would reportedly value the club at up to $35.5M.

The background: For Chicago fans, loving the Stars recently has been red. Last fall, fans called for Whisler to sell the team after reports of abusive behavior emerged. He eventually began the process in December, but with no reports of a buyer. Now, the team will upgrade to an ownership group of women and a much-needed fresh start. Win-win!

• Additionally, the Red Stars’ current home venue is not in Chicago proper and lack of public transportation limits access for fans (especially younger ones), which has forced a slew of Chicago teams to relocate from SeatGeek Stadium. Perhaps Ricketts’ connections to other local teams can help the club find a new home…

The trend: Early last year, the Washington Spirit sold for a record $35M, and in April 2021, highly-anticipated new club Angel City FC posted a valuation of $115M before the club had even signed its first player. Jaw? Dropped.

• And after opening up majority stakes earlier this summer, the WNBA’s Chicago Sky was valued at $85M — the second-highest known valuation in the league.

Zooming out: As women’s sports teams continue to sell at record price points, their investment opportunities are becoming too tempting to pass on. Furthermore, the metrics used to determine teams’ valuations — like revenue and audience growth — are continuing to skyrocket.

• For example, NWSL attendance was reportedly up 48% and CBS viewership increased 21% YoY this June, while the WNBA is projecting $200M in revenue for 2023, building off last year’s record-breaking season. With new owners and fresh investment, the Red Stars should be poised to mirror the success of its league and women’s sports as a whole.

The GIST: Only four countries have ever won the FIFA Women’s World Cup (WWC) — the U.S., Norway, Germany, and Japan — but none of them are left standing, meaning this year’s winner is guaranteed to be a first-timer. As the semifinals of the world’s biggest tournament wrap up, we’re looking at its global impact on the women’s game. Who run the world?

The metrics: This year’s WWC seems to set a new attendance or viewership record daily. Most recently, the Matildas’ quarter-final win over France peaked at 7.2M viewers, becoming the most-watched Australian TV program in over 20 years. China set the viewership match record for this tourney when 53.9M fans tuned in for the Steel Roses’ group stage loss to England.

• U.S. fans also put up some impressive numbers despite the unfavorable match times, but this was notably the first WWC in a timezone catered to global fans outside of North America and Europe.

• As far as attendance goes, Aussies and New Zealanders both set records early on, ultimately shattering the tournament record by the Round of 16. And while these numbers are impressive, the true effect is reflected by the changes they inspire.

Growth in Asia: On Monday, the Asian Football Confederation (AFC) announced the creation of a Women’s Champions League next season. All eligible clubs from the AFC’s member associations will receive invitations to participate, and details of a financial distribution model for the competition will be announced in the future.

• The news follows the success of two pilot AFC Women’s Club Championships in 2021 and 2022, with the final pilot set to take place later this year.

The DAZN Group: Sports entertainment platform DAZN acquired ATA Football yesterday, a media company that provides women’s soccer content and connects fans to players. DAZN said the acquisition will help the brand achieve its goal of being the “home of women’s football.” BRB, moving in.

Zooming out: The influx of companies and brands investing at the grassroots level promises higher returns in the future, and these seemingly real-time effects of the 2023 WWC are inspiring. This year’s event, along with recent success of other international tourneys, shows that women’s soccer growth isn’t slowing down anytime soon. Can’t stop them now.

U.S. tennis’ governing body and Mount Sinai Health System celebrated 10 years of partnership by renewing their deal through 2026. Thanks to the partnership, this year’s US Open will be the first tournament to feature an all-women medical services leadership team. It’s giving Grey’s Anatomy.

Ahead of the 2024 Summer Olympics, the gymnastics organization signed a deal with Comcast that will make Xfinity the title sponsor of a handful of events, including the 2023 and 2024 U.S. Gymnastics Championships. The telecom company will also become USA Gymnastics’ official mobile, internet, and video provider.

WNBA commissioner Cathy Engelbert will meet with Denver investors this week about a potential 2025 expansion team. Denver is one of the few major cities without any pro women’s sports, despite having five major men’s teams. However, the Mile High City seems keen to remedy that — it also launched a women’s pro soccer bid last month.

🏟 Iowa’s women’s basketball already sold out of season tickets for this upcoming season, a first for Carver-Hawkeye Arena. If Caitlin builds it…

🏀 Stanford b-ball star Cameron Brink signed an NIL deal with New Balance, becoming the first women hooper on its roster. Not your dad’s New Balance.

💙 Adidas is celebrating Billie Jean King at this month’s US Open with merch in her iconic blue and throwback shoes.

📺 ESPN is set to broadcast its most expansive college volleyball lineup ever, with over 2.5K NCAA matches available across its platforms next season.

🏆 Tiffany and Co. will return as the USTA’s official trophy sponsor for the US Open, signing a multiyear deal as tennis continues its Audrey Hepburn era.

📲 X (formerly known as Twitter) is getting rid of promoted accounts — ads that reportedly make the company $100M annually.

The GIST brings you…well, “the gist” of what’s going on in the sports world. But when you’re hungry for deeper coverage, check out The Athletic. Known for fascinating long reads and meticulously reported investigative journalism, they’re a go-to source for The GIST’s writers.

• When you subscribe, you’ll also have access to The Athletic’s Women’s World Cup hub, which has everything you could ever hope to know about soccer’s biggest party of the year.