Source: Forbes
A Growing Pitch: Women’s Football Leagues in Europe, the NWSL and the USL
Women’s football is at a pivotal moment globally, with leagues worldwide competing fiercely for visibility, investment, and talent.
Historically, European leagues have led the market, with Spain’s Primera División de la Liga de Fútbol Femenino (Liga F) and the UK’s Women’s Professional Leagues Limited (WPLL), formed in August 2024. By unifying the WSL and Women’s Championship, WPLL aims to create the world’s most competitive and engaging women’s football league.
These European leagues are home to some of the world’s best female football clubs including Barcelona, Lyon, Chelsea and Arsenal. Barcelona Femení, crowned Europe’s best professional team for four consecutive seasons, has inspired young girls globally to participate in the sport. The success of these clubs stems from their strong operational infrastructure, deep fan engagement, and clear commitment to supporting female athletes.
Arsenal Women, England's most successful women’s football team with 33 major trophies, owes much of its triumph to a relentless commitment to excellence. Led by Juliet Slot, the club has invested heavily in dedicated resources, facilities, and staff for its female players.
In contrast, Newcastle United Women were historically overlooked until Amanda Staveley recognized the untapped potential of women’s football. As a former Director of the club, she aimed to elevate Newcastle United Women into an elite European team. Under her leadership, the team achieved back-to-back league titles and made significant strides in commercialization, transforming its trajectory.
In the U.S., the National Women’s Soccer League (NWSL) was established in 2012 and was directed by Cheryl Baley with the intention of becoming the world’s best league. It has grown to become the largest female football league in the U.S. and hosts 14 clubs, with plans to add 2 more teams by 2026. The NWSL is home to the U.S.’s premier clubs like Washington Spirit, Orlando Pride, and Angel City FC. Recently, Angel City’s valuation soared to $250 million after Disney CEO Bob Iger’s investment, making it the most valuable women’s football team globally. The league has also been a hub for iconic U.S. players, such as Alex Morgan and Megan Rapinoe.
The United Soccer League (USL) entered the market in 2022 with USL W, a pre-professional league bridging collegiate and professional football. This league is an important steppingstone for female players to develop their skills both on and off the pitch. In August 2024, USL announced their USL Super League, a first-division league positioned as a direct competitor to the NWSL, underscoring the growing demand for women’s football in the U.S.
Michele Kang has played a pivotal role in revolutionizing women’s football by investing heavily in the market and a visionary approach to multi-club ownership. She owns the Washington Spirit, Olympique Lyonnais in France, and the London City Lionesses in the UK, creating a global portfolio of top-tier teams. Committed to advancing the game, she recently pledged $30 million to the U.S. Soccer Federation's women’s and girls' programs, as reported by ESPN in November 2024.
A striking difference between European and U.S. women’s football lies in their affiliations and growth models. In Europe, women’s teams are often extensions of established men’s clubs, gaining shared resources but struggling to carve out independent identities. As The Economist noted, many WSL teams remain tethered to their men’s side. Rowena Samarasinhe aptly observed, “Being the little sister to a Premier League team can actually stop teams growing in their own way.” In contrast, the NWSL capitalized on the U.S. Women’s National Team’s success, building a league rooted in grassroots support and independent sponsorships. Cultural attitudes add to the divide. Europe’s male-dominated football history has slowed recognition of women’s achievements, as highlighted by the European Parliament. Meanwhile, in the U.S., women’s football thrives under broad cultural acceptance, driven by the unrivalled success of the U.S. Women’s National Team.
Women’s Football – Akin to Series A to IPO
I think it is reasonable to conclude that women’s football is like a Series A startup: gaining traction, proving scalability, and primed for explosive growth. The 2023 FIFA Women’s World Cup brought in over $570 million in revenue, according to Reuters, while Barcelona Femení drew a record-breaking 91,500 fans in 2022, as reported by ESPN. The New York Times highlights Barcelona Femení has tripled its revenue from sponsorships, merchandise, and ticket sales over the past three years. Meanwhile, NWSL total viewership hit 18.7 million in 2024, a staggering fivefold increase, signaling surging demand.
However, as with any ambitious venture investment, the ultimate goal for women’s football is to reach a global IPO- level breakthrough. To rival the men’s game in visibility and financial returns, women’s football must focus on these critical areas:
Scale talent pipelines: Build grassroot programs to get more girls into the sport early, establish elite academies and training centres to nurture young talent, and expand scouting networks to identify rising stars.
Enhance product quality: Invest in top-tier coaching and facilities to elevate on-field performance. Boost league funding to secure bigger sponsorships and partnerships, unlocking new revenue streams for clubs.
Build audience loyalty: Create deeper fan engagement through dynamic social media content, elevate female players as role models with strong personal brands, and amplify community outreach by having players and clubs champion visible social causes.
A strategic, focused approach to these pillars is essential for sustainable growth and long-term success.
Redefining the Game Plan
In my opinion, the strategies that have propelled men’s football to global success simply will not translate to the women’s game. Unlike the men’s game, women’s football thrives on purpose-driven engagement, diverse fanbases, and family-friendly experiences. Moreover, in women’s football, fans’ loyalty sits more within the wider movement and purpose rather than to a specific club. Unlike men’s football, women’s football transcends tribal loyalties. Fans aren’t just devoted to a club—they’re invested in the movement. They seek more than competition; they crave connection, culture, and empowerment, making the game a powerful force for change and community.
To unlock its full potential, women’s football clubs must embrace a multi-dimensional engagement strategy that aligns with modern entertainment trends, focusing on inclusivity and impactful storytelling:
Purpose-Oriented Storytelling: Fans respond to authentic narratives that highlight players’ journeys and clubs’ roles in driving gender equality. By emphasizing social impact and breaking barriers, clubs can create deeper emotional connections and strengthen fan loyalty.
Digital-First Distribution: Women’s football is leading the way in leveraging social platforms to reach diverse audiences, many of whom fall outside traditional football demographics. This approach amplifies visibility, positioning women’s football as part of a broader cultural and digital entertainment landscape.
Sponsorship as a Growth Driver: Unlike men’s football, which thrives on broadcasting revenue, women’s football relies heavily on sponsorships. It offers a unique platform for fashion, lifestyle, health and entertainment brands to connect with audiences through a more multidimensional, modern lens.
Furthermore, to truly flourish, women’s football must also be given more “airtime”. One way to achieve this is by leveraging broadcasting alternatives. For example, the WPLL decided to make YouTube the main streaming platform for WSL games. The Guardian reported in October 2024 that this decision has resulted in viewership for these games to more than triple this season. Another hurdle to overcome is the inclusion of more female football commentators. Having female commentors is essential for providing diverse perspectives and a female-lens to the sport. Australia recently witnessed its first all-female commentary team covering an entire A-League Women’s round. In the UK, female commentators have been featured on broadcasts for years. However, women still face significant challenges breaking into the broadcasting commentary space, largely due to the sexism that continues to plague the industry.
Finally, optimization player development to ensure that the best talents are competing at the highest level is crucial for elevating the women’s game.
Optimizing Player Performance: A Game-Changer for Women’s Football
At the core of every sport are the athletes—but in women’s football, a critical frontier remains overlooked: optimizing female health and performance. Female athletes face unique physiological challenges that demand specialized approaches, yet sports science has long been modelled on male norms, leaving women’s football at a disadvantage.
As highlighted in my Forbes article published in June 2024, research into women's health has been overlooked and underfunded. This trend is emphasized when looking at research in female athlete’s health. Historically, training regimens, recovery protocols, and injury prevention strategies have been modeled around male athletes. However, female athletes have different body morphologies, psychologies and hormonal balances. Therefore, using outdated protocols and strategies could lead to more injuries and suboptimal performances.
Female athletes face unique physiological challenges that directly impact their performance. For example, hormonal fluctuations throughout the menstrual cycle can affect energy levels, muscle function, and injury susceptibility. Recognizing and accommodating these variations through tailored training can help improve performances on the pitch. Additionally, female footballers are more prone to specific injuries (particularly lower body), such as ACL tears which can sideline players months. For example, One Football highlighted in May 2023 that 43% of Arsenal’s female first-squad team was injured, with most of the athletes suffering from ACL tears. This left the team unable to field its best players, ultimately affecting their ability to secure victories.
Understanding the biomechanics of the female body is essential for developing effective injury prevention programs that sustain peak performance. The intrinsic link between health and performance in women’s football underscores the urgent need for dedicated research and resources tailored to female athletes.
Encouragingly, recent developments in the women’s football market highlight this growing recognition. In March 2024, UEFA allocated €20,000 to study the impact of the menstrual cycle on athlete performance, marking a step toward data-driven solutions. In July 2024, Michele Kang launched the Kynisca Innovation Hub (KIH), a nonprofit dedicated to advancing female athletic performance. Both initiatives recognize that women’s football can only reach its full potential when players are equipped with the right tools to succeed. A female-centred approach to player health is not just necessary—it is fundamental for the sport to thrive.
At Goddess Gaia Ventures, the venture capital fund I founded, we are committed to investing in solutions for health issues that uniquely, differently or disproportionately affect women. By backing companies like Wild.AI and The Well HQ, which focus on enhancing female athlete performance, we aim to elevate match quality, extend careers, and attract greater investments into the sport.
For women’s football to achieve its peak potential, player performance optimization must be prioritized. By adopting a female-centered approach and leveraging emerging technologies, clubs and leagues can reduce injury risks, enhance on-pitch performance, and extend career longevity. This is not just about leveling the playing field—it’s about redefining it, ensuring women’s football reaches the heights it’s destined for.
Investors and Visionaries Fuelling the Women’s Football Revolution
Women’s football is surging forward, powered by bold leaders and innovative investors who are redefining the game. Trailblazers like Michele Kang and Amanda Staveley have not only spearheaded critical investments but have also become vocal advocates for advancing the sport.
The revolution is gaining momentum with new players entering the arena. Victoire Cogevina Reynal, co-founder of Mercury/13, leads the charge, pledging over £80 million to acquire and transform women’s clubs worldwide. In March 2024, Mercury/13 made its first acquisition, FC Como Women, and partnered with Marc Lasry’s Avenue Sports to accelerate its ambitions. Similarly, Maria Xing, Head of Investments and Corporate Development at Brera Holdings—the first publicly listed football multi-club investment organization—is driving progress. Under her leadership, Brera acquired a stake in WFC Tiverija, expanding its reach. Xing’s role on the Women in Football membership committee further underscores her commitment to empowering women in the sport.
As highlighted in my Forbes article earlier this year, women’s football clubs are achieving revenue multiples that outpace many men’s teams, underscoring the market’s growth potential. Private equity firms are taking note, actively eyeing up stakes in women’s clubs and recognizing the sport as ripe for disruption and investment.
Corporate support is also surging. FIFA’s announcement that Women’s World Cup prize money will equal the men’s by 2027 was a landmark moment, according to Sky Sports. Barclays doubled its sponsorship of the Women’s Super League and Championship in September 2024, reinforcing the sport’s growing commercial appeal.
The Path Ahead
Women’s football is still evolving, with significant strides made but much ground left to cover before it can rival the men’s game. Systemic challenges persist—from insufficient media coverage and underfunded talent pipelines to a lack of education around women’s health.
A major obstacle is the difficulty in cultivating elite female players. Unequal pay remains a glaring issue, with male footballers in England earning nearly 17,000% more than their female counterparts, according to Evoluted. This disparity forces many female athletes to juggle additional jobs, detracting from their training and recovery. Adding to the problem is the scarcity of dedicated football academies for young female players and the lack of staff and facilities in women’s clubs, particularly in Europe. These barriers make developing world-class players a constant uphill battle.
Yet, the momentum behind women’s football is undeniable.
To unlock its full potential, stakeholders must embrace a gender lens, increase investments, and exercise patience. At Goddess Gaia Ventures, we believe the key to supercharging women’s football lies in optimizing health and performance. The challenges are immense, but the financial and cultural rewards promise to be transformative.
A Global Moment for Women’s Football
Women’s football is more than just a sport—it’s a global movement. It has become a platform for innovation, cultural progress, and social change. As leagues and teams gather momentum, they’re redefining entertainment with inclusivity and compelling narratives, captivating audiences worldwide.
This is a rare opportunity for investors, stakeholders, and fans to help build a powerhouse. With the right strategy and commitment, women’s football isn’t just poised to thrive—it’s ready to reshape the future of sport and entertainment. The time to act is now.