Investment Dynamics in Women's Football: Insights from Kara Nortman

Kara Nortman, co-founder of the Monarch Collective and Angel City FC, has expressed concerns regarding the treatment of Women's Super League (WSL) clubs by their owners, describing them as “an afterthought.” Nortman’s remarks come in the context of her investment fund, Monarch, which recently became the first women’s multi-sport group by acquiring a minority stake in the Cleveland WNBA team. Monarch's portfolio also includes NWSL teams San Diego Wave and Boston Legacy, as well as the German club Viktoria Berlin. Despite discussions with several WSL clubs, Nortman has found it challenging to secure investments, citing a prevalent attitude among owners who view women's teams primarily as a means to meet profitability and sustainability regulations.

The Guardian

Nortman highlighted that many WSL clubs are not receiving the investment they require to thrive. She noted that while some clubs, like Chelsea, Aston Villa, and Everton, have sold stakes in their women's teams to related-party companies, the overall investment landscape remains cautious. “A lot of the WSL clubs are still afterthoughts, unfortunately, and adjuncts to the men’s team,” she stated. This sentiment reflects a broader concern that without significant commitment from owners, the potential for growth in women's football may be stifled.

The Guardian

Monarch aims to change this narrative by offering both capital and expertise to clubs. Nortman emphasized the importance of collaboration, stating, “The owners need to say to us: ‘We believe in this team and we want to supercharge it with you.’” This approach has led to increased inquiries from clubs seeking advice and support, indicating a growing recognition of the value of women's football.

The Guardian

Since its inception, Monarch has demonstrated significant growth, particularly with its investment in Angel City, which was acquired for approximately $1 million in 2020 and later sold for $250 million, making it the most valuable women’s franchise globally. Nortman’s experience underscores the potential for substantial returns in women's sports, as evidenced by the rapid appreciation of Angel City’s value.

The Guardian

Looking ahead, Monarch is not only focused on football and basketball but is also exploring opportunities in other sports, including cricket and rugby union. With a new office in London led by Katharine Curran, formerly of Manchester City, Monarch is poised to expand its influence in the UK sports market.

The Guardian

Despite the optimism surrounding women's football, there are critics who argue that the current investment strategies may not be sufficient to elevate the status of WSL clubs. Some stakeholders believe that without a fundamental shift in how women's teams are perceived by their owners, the growth potential may remain limited.

The Guardian

• “A lot of the WSL clubs are still afterthoughts, unfortunately, and adjuncts to the men’s team,” — Kara Nortman, Co-founder, Monarch Collective

The Guardian

• “The reason it worked is because Julie, Natalie and I were obsessed and were excellent in each one of our fields.” — Kara Nortman, Co-founder, Monarch Collective

The Guardian

As the landscape of women's football continues to evolve, the role of investment and ownership will be crucial in determining the future success and sustainability of WSL clubs.

The Guardian