Ownership structure of women’s football in the UK

In our report last year, we discussed the pros and cons of the existing ownership structure of women's football in the UK, specifically assessing how well-equipped it is to support the soaring popularity of the women's game. We also considered how the governance of elite women's football in the UK might change going forwards with the long-mooted takeover of the Women's Super League (WSL) on the horizon. In this year's report, we wanted to follow up on some of our predictions and explore what the future may hold for the 2024-25 season and beyond, with a particular focus on the new governing body for the women's professional game, temporarily named "Women's Professional Leagues Limited" (WPLL), which was handed legal ownership of the WSL and Women's Championship (WC) by the FA on 15 August 2024.

In last year's report, we explored how, in contrast to a number of women's football clubs in the US, the major clubs in England are affiliated with men's clubs and share the same owner. And, while this brings certain benefits for the women's game (not least from sharing in the branding of the wider group), we suggested that this was potentially a net negative for the women's game; as being so closely linked with their men's counterpart ultimately reduces the ability of the women's teams to develop an independent strategy to maximise their unique strengths and appeal (and capitalise on the wave of interest spurred on by the Lionesses' success at Euro 2022).

We, like many observers, predicted the continued financial success for the women's game. What this would mean for women's football ownership, however, was less clear. What would the reported takeover of the WSL look like and when will it take place? Will the WSL look to emulate the success of the National Women's Soccer League (NWSL) and adopt its league-ownership, single-entity structure (which has been very effective in attracting external investment), or will it appeal closer to home and replicate the club-ownership model of the Premier League? We even considered the possibility of an outside entrant, unconnected to any existing English clubs or leagues, coming in to disrupt the status quo and seize the spotlight (and related commercial opportunities).

• Growth of the women's game
• A new governance regime
• What does this mean for ownership?

Growth of the women's game

Over the past year, the financial success and growth of women's football has not slowed. According to BBC analysis, as of January 2024, there were twice as many registered female football teams in England as there were seven years prior and, at the elite level, match-day attendances, television viewership and club revenues have continued an upwards trajectory. In the 2023-24 season, cumulative matchday attendance surpassed one million for the first time across the WSL and Women's Championship and, continuing women's football's dominance of women's sport globally, the final of the Women's World Cup was reportedly the most watched women's sport event on television in 2023, according to research carried out by Women's Sport Trust. More viewership has translated to more revenue. Deloitte have calculated that WSL club aggregate revenue has more than doubled since the 2020/21 season (£20m) and is forecasted to reach £52m in the 2023/24 season, rising to £68m in 2024/25.

It has not only been fans spending more money on women's football in the past year. Clubs have also noticeably invested on specific infrastructure for women's football. Brighton and Hove Albion Women, for example, are planning to construct the first purpose-built stadium for an English women's football club, and Manchester City have officially begun to build their £10m state-of-the-art training facility specifically for their women's team, set to open in 2025. We expect both initiatives will encourage other clubs to follow suit with further investment into specific infrastructure for their women's teams so as not to fall behind, not only on the pitch, but also in the race to win over fans and investors that are new to the game.

A new governance regime

Arguably the biggest news story in the past year has been the implementation of a new governance structure at the top of the women's game in the UK. In November 2023, the FA announced that all WSL and WC clubs had unanimously agreed to proceed with the formation of a new independent company, known as NewCo, to govern women's professional football in place of the FA.

The FA announced the formal handover to NewCo, which has been temporarily re-named Women's Professional Leagues Limited (WPLL), on 15 August 2024. The WPLL is led by CEO, and former Nike director, Nikki Doucet, who will be supported by an all-female executive leadership team: Holly Murdoch, Ruth Hooper, Mirelle Van Rijbroek and Zarah Al-Kudcy.

To fund initial development, the Premier League has provided a £20m loan to WPLL on an interest-free basis. As a result, the Premier League will have a seat on the WPLL board until that loan is repaid, as will the FA which will reportedly have a right to share in future revenues, subject to certain conditions, and will own a special share in the new company; although details of the rights attached to the FA's share are not yet publicly available. The remaining shareholders in the WPLL will be the 23 clubs in the WSL and WC.

One of the perceived benefits to this new structure, which mirrors that of the men's domestic game in England, is that for the first time the WSL and WC will be part of a commercial organisation under a dedicated management team whose sole responsibility is to generate revenue and sustainable growth for the women's league. Indeed, echoing some of the key takeaways of our ownership model analysis in our report last year, Doucet has said herself that the main purpose of the restructuring is to target "a unique audience" in women's football and set aside "judgement and direct comparison to the men's game" to capitalise on potential growth. As we understand it, the WPLL as a stand-alone entity, will have the freedom to negotiate broadcasting and sponsorship deals, dictate marketing efforts and generally ensure that all rules and regulations are tailored to the women's game to enhance it as a sporting product and entertainment product. The details of the WPLL's legal structure, specifically the split of voting rights in the WPLL between the WSL and WC clubs, are not yet publicly available; however, the commercial revenue of the two leagues will reportedly be split 75:25 in favour of the WSL.

This restructuring comes at a critical juncture not only for the women's game, but also the men's domestically with the introduction of an independent regulator. Noticeably the women's game has been largely excluded from the regulator's purview, leaving a vacuum for potentially another independent regulator to step into the fold. This could be a really important role especially considering the growing interest in the women's game from investors who will want assurance that their investments are being managed and "owned" by "fit and proper" directors. For now, however, we will monitor how the introduction of the WPLL, codenamed "Project Moonshot" by CEO Nikki Doucet, plays out and whether it can fulfil its promise to skyrocket the women's game to new heights.

What does this mean for ownership?

It will also be interesting to monitor how this influences the ownership and independence at a club level. With the well-earned publicity that Project Moonshot is getting, it is important to recognise that the WPLL, an independent company, will run two leagues with very few independent clubs - every team that competed in the WSL this season is owned by the same person/entity that controls a men's Premier League or EFL side and in the WC, only three teams operate truly independently. By contrast, 8 of the NWSL's 14 teams are independent (and financially successful). Angel City, the LA-based franchise, is a good example. It joined the league as an independent club in 2020. Since then, it has built a brand and business case that is attractive to investors, effectively operating like a startup that offers a robust business plan, future commercial value and a distinct fan experience compared to that in the men's game.

The path of Angel City will be difficult to follow for any English women's club which is currently affiliated with a men's team. If independent ownership is the aim for any such clubs, the relevant stakeholders will need to think outside the box to overcome difficult commercial issues - shared branding was one area highlighted in our report last year.

An understanding of the applicable regulations, not least the Premier League's own rules, will also be vital to carving out independence for women's club sides. While not quite the same thing as a third-party acquisition, the recent intra-group reorganisation of the women's team at Chelsea (purportedly carried out to help attract outside investment and help the side grow) has attracted the scrutiny of the Premier League. The Premier League have reportedly launched a review of the transaction to ensure it complies with their rules on fair market value and associated-party deals.

In light of these potential commercial and legal hurdles, we suspect we might be waiting a while longer before we see actual change at women's club-level in respect of ownership.