By Kachi Okezie
The recent pronouncements from Forbes, highlighting the staggering valuations of America’s professional women’s soccer clubs, collectively nearing a monumental $2 billion, are undeniably a cause for celebration in certain circles. With an average club valuation of $134 million, and trailblazers like Angel City FC topping the charts at $280 million thanks to robust sponsorships, merchandise, and ticket sales, the narrative is clear: “smart money” is flocking to women’s sports, and the price tags are only expected to climb higher.
This influx of capital is championed as a vital step, promising financial stability, heightened visibility, and a more professional ecosystem for athletes. However, as a dedicated sports fan, someone who lives and breathes the triumphs and heartbreaks of the beautiful game, my enthusiasm for these burgeoning valuations is tempered by a profound and ever-present concern: do these impressive financial figures truly translate into tangible on-field success and the glorious pursuit of silverware?
Because for us, the loyal supporters who brave the elements, spend our hard-earned money on tickets and jerseys, invest our precious time, and pour our emotional energy into every match, what truly matters is not the bottom line of a balance sheet, but the top of the league table – the sweet taste of victory and the gleam of a championship trophy clutched in our players’ hands.
Let’s be unequivocally clear: strategic investment is the lifeblood of any thriving sports league. It paves the way for state-of-the-art training facilities, ensures superior player welfare, fosters robust youth academies, and cultivates a truly professional environment for athletes. These are indisputably vital steps for the long-term sustainability, growth, and global competitiveness of women’s soccer. But the Forbes valuation, by its very inherent nature, is a precise measure of a club’s business potential and its asset worth, not a reliable barometer of its competitive excellence.
A club can, theoretically, be incredibly valuable due to its expansive market size, its glittering array of celebrity ownership, or its innovative and aggressive marketing strategies, yet consistently languish in the lower echelons of the league standings, far removed from the thrill of contention.
Consider the stark reality that can emerge from such a focus on valuation: a team boasting a massive financial valuation might find itself prioritising off-field commercial ventures, aggressive brand building, or perhaps even just servicing significant debt, rather than channelling those resources directly into the most critical component – the playing squad.
Conversely, a less “valuable” club, perhaps operating with a more modest fan base, located in a less glamorous market, or lacking the star power in its ownership group, might be diligently and meticulously building a cohesive team, shrewdly acquiring under-the-radar talent, fostering an undeniable team chemistry, and prioritizing tactical development with unwavering focus. It is often these latter clubs, operating beneath the glare of the financial spotlight, rather than the Forbes darlings, that consistently challenge for honours, defy expectations, and ultimately deliver the victories that fans crave.
We’ve witnessed this dynamic play out time and again across the vast landscape of professional sports. Historically, some of the wealthiest clubs in various leagues, across different sports, have struggled, sometimes for decades, to translate their sheer financial might into sustained periods of dominance. The allure and glamour of a high valuation attracts significant investment and generates countless headlines, but it fundamentally does not guarantee a well-oiled machine on the pitch.
Winning, in its purest form, demands far more than just a bulging bank account; it requires astute and forward-thinking management, a keen eye for strategic recruitment, the cultivation of an unbreakable team ethos, and a relentless, unyielding pursuit of sporting excellence in every training session and every match.
For us, the passionate fans, the ultimate emotional return on our investment – of time, money, and unwavering loyalty – comes from shared triumphs, from the electrifying thrill of watching our team score a crucial goal, hold a desperate defensive line, and ultimately hoist a hard-won trophy. Our cheers are for exhilarating victories, our tears are for devastating defeats, and our hopes are for future glories. We celebrate stunning goals, impenetrable clean sheets, and dramatic comeback victories; we do not, and quite frankly, cannot, celebrate EBITDA figures or complex revenue multiples. Those are metrics for investors, not for the heart of a fan.
So, while we wholeheartedly applaud the burgeoning financial growth and the much-deserved recognition it brings to women’s soccer – understanding that a healthy financial foundation is indeed crucial for long-term sustainability – let us be vigilant. Let us not, for a single moment, mistake a robust balance sheet for guaranteed glory. The true, enduring measure of a club’s success, in the unwavering eyes of its devoted fans, will always be found where it matters most: on the field, in the relentless pursuit of laurels, and in the joyous, unforgettable moments of collective triumph that forge indelible memories and strengthen community bonds.
Let the smart money flow, yes, but let the primary focus remain firmly, unequivocally, and passionately on what truly matters to those who fill the stadiums: winning.
Kachi Okezie is a sports lawyer and management consultant.
