The Rising Tide of Women’s Football Valuations: A New Era of Investment
May 28, 2025, 10:02 pm

Location: United States, California, San Francisco
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Total raised: $2.21B
The landscape of women’s football is changing. Investment is flowing in, and valuations are soaring. Alexis Ohanian, co-founder of Reddit, recently made headlines by investing £20 million in Chelsea Women, acquiring an 8-10% stake. This move values the club at £200 million, a figure that raises eyebrows and questions. How do we value women’s football teams? What does this mean for the future of the sport?
Ohanian’s investment coincided with Chelsea Women’s triumphant 3-0 victory over Manchester United in the Women’s FA Cup final. This win capped off a domestic treble, showcasing the team’s prowess. But behind the glittering success lies a complex web of financial metrics and market dynamics.
Valuing a football club is akin to navigating a labyrinth. Traditional methods rely on revenue multiples, especially when profits are elusive. Dr. Christina Philippou, an expert in sports finance, highlights this challenge. Women’s football clubs often lack the historical transaction data that informs valuations in men’s football. This scarcity makes it difficult to gauge what constitutes a reasonable price.
Chelsea Women reported revenues of £11 million for the 2023-24 season. Yet, the valuation of £200 million translates to a staggering revenue multiple of over 18. This figure eclipses the typical multiples seen in men’s football, which hover around four to six. However, the growth potential in women’s sports is undeniable. Other sports, like cricket, are witnessing even higher multiples due to their burgeoning popularity.
The valuation reflects not just current performance but future potential. Chelsea Women’s sustained success, including six consecutive league titles, bolsters their market position. Danielle Sharkey, a legal expert, emphasizes that success on the pitch drives up valuations. The optimism surrounding women’s sports is palpable, creating a fertile ground for investment.
Yet, caution is warranted. Dr. Tom Markham, a football finance authority, warns against overinflated valuations. He notes that while media interest is surging, the longevity of current media rights contracts poses a risk. The recent deals with Sky and the BBC, while lucrative, may not guarantee sustained growth. In the U.S., long-term contracts often lead to initial overvaluation, followed by corrections.
Markham’s valuation model, traditionally applied to men’s teams, suggests a maximum valuation of just under £64 million for Chelsea Women. This stark contrast to the £200 million figure raises eyebrows. It implies that the current valuation may be treating Chelsea Women more like a tech startup than a traditional sports team.
Ohanian’s foray into women’s football isn’t new. He previously held a significant stake in Angel City FC, a National Women’s Soccer League (NWSL) team. That club was valued at $250 million before its sale, marking a high point in women’s football valuations. However, comparing NWSL teams to European clubs is fraught with challenges. The closed nature of U.S. leagues, with no relegation and a profit-driven model, creates a different financial landscape.
Ohanian’s wife, tennis legend Serena Williams, initially expressed skepticism about investing in women’s soccer. She cited concerns over infrastructure and support for women’s sports. Her caution reflects a broader reality. The infrastructure for women’s football is still developing. Investment is crucial, but it must be accompanied by a commitment to building a sustainable ecosystem.
The conversation around women’s football valuations is evolving. As more investors enter the fray, the financial landscape will continue to shift. The potential for growth is immense, but it must be approached with a clear-eyed understanding of the challenges ahead.
The recent surge in valuations signals a turning point. Women’s football is no longer an afterthought. It’s a burgeoning market with untapped potential. The success of teams like Chelsea Women is paving the way for future investments. But with opportunity comes responsibility. Investors must ensure that their contributions lead to sustainable growth.
In conclusion, the valuation of women’s football teams is a complex puzzle. Ohanian’s investment in Chelsea Women exemplifies the optimism surrounding the sport. Yet, it also highlights the need for careful consideration of financial metrics and market dynamics. As the tide rises, stakeholders must navigate these waters wisely. The future of women’s football is bright, but it requires a solid foundation to thrive.
Ohanian’s investment coincided with Chelsea Women’s triumphant 3-0 victory over Manchester United in the Women’s FA Cup final. This win capped off a domestic treble, showcasing the team’s prowess. But behind the glittering success lies a complex web of financial metrics and market dynamics.
Valuing a football club is akin to navigating a labyrinth. Traditional methods rely on revenue multiples, especially when profits are elusive. Dr. Christina Philippou, an expert in sports finance, highlights this challenge. Women’s football clubs often lack the historical transaction data that informs valuations in men’s football. This scarcity makes it difficult to gauge what constitutes a reasonable price.
Chelsea Women reported revenues of £11 million for the 2023-24 season. Yet, the valuation of £200 million translates to a staggering revenue multiple of over 18. This figure eclipses the typical multiples seen in men’s football, which hover around four to six. However, the growth potential in women’s sports is undeniable. Other sports, like cricket, are witnessing even higher multiples due to their burgeoning popularity.
The valuation reflects not just current performance but future potential. Chelsea Women’s sustained success, including six consecutive league titles, bolsters their market position. Danielle Sharkey, a legal expert, emphasizes that success on the pitch drives up valuations. The optimism surrounding women’s sports is palpable, creating a fertile ground for investment.
Yet, caution is warranted. Dr. Tom Markham, a football finance authority, warns against overinflated valuations. He notes that while media interest is surging, the longevity of current media rights contracts poses a risk. The recent deals with Sky and the BBC, while lucrative, may not guarantee sustained growth. In the U.S., long-term contracts often lead to initial overvaluation, followed by corrections.
Markham’s valuation model, traditionally applied to men’s teams, suggests a maximum valuation of just under £64 million for Chelsea Women. This stark contrast to the £200 million figure raises eyebrows. It implies that the current valuation may be treating Chelsea Women more like a tech startup than a traditional sports team.
Ohanian’s foray into women’s football isn’t new. He previously held a significant stake in Angel City FC, a National Women’s Soccer League (NWSL) team. That club was valued at $250 million before its sale, marking a high point in women’s football valuations. However, comparing NWSL teams to European clubs is fraught with challenges. The closed nature of U.S. leagues, with no relegation and a profit-driven model, creates a different financial landscape.
Ohanian’s wife, tennis legend Serena Williams, initially expressed skepticism about investing in women’s soccer. She cited concerns over infrastructure and support for women’s sports. Her caution reflects a broader reality. The infrastructure for women’s football is still developing. Investment is crucial, but it must be accompanied by a commitment to building a sustainable ecosystem.
The conversation around women’s football valuations is evolving. As more investors enter the fray, the financial landscape will continue to shift. The potential for growth is immense, but it must be approached with a clear-eyed understanding of the challenges ahead.
The recent surge in valuations signals a turning point. Women’s football is no longer an afterthought. It’s a burgeoning market with untapped potential. The success of teams like Chelsea Women is paving the way for future investments. But with opportunity comes responsibility. Investors must ensure that their contributions lead to sustainable growth.
In conclusion, the valuation of women’s football teams is a complex puzzle. Ohanian’s investment in Chelsea Women exemplifies the optimism surrounding the sport. Yet, it also highlights the need for careful consideration of financial metrics and market dynamics. As the tide rises, stakeholders must navigate these waters wisely. The future of women’s football is bright, but it requires a solid foundation to thrive.