Multi-Club Ownership Expands in Women's Football Across US and Europe
Multi-club ownership is increasingly spreading in women's football, with investors and clubs in the US and Europe participating actively. Notable examples include London City Lionesses, Como, Bristol City, Viktoria Berlin, Montpellier, Bay Collective, Crux Football, and Angel City.
Michele Kang highlighted in June 2024 that multi-club ownership has become a necessity in women's football to ensure investment at the level players deserve. Supporting this growth, Mercury 13 acquired Bristol City, adding it to their portfolio alongside Como.
In January 2025, Sixth Street launched Bay Collective, a multi-club ownership organization, while Crux Football announced its creation in August 2025, unveiling Montpellier as its first affiliated club two months later.
Monarch Collective made a minority investment in Viktoria Berlin in November 2025, marking its first European investment after involvement with Angel City, Boston Legacy, and San Diego Wave. Viktoria Berlin's women's team separated from the men's in 2022, with six female investors acquiring 75% ownership and building a base of around 250 investors, 90% of whom are female, prior to Monarch's involvement.
Kara Nortman, Monarch's co-founder, emphasized that their model supports independence for the women's teams by partnering behind the scenes to provide capital and operational expertise while leveraging shared services. Germany and Europe remain a focus due to the region’s economic strength, Berlin’s prominence, and potential from Germany’s strong national team and grassroots levels to build a female-forward ecosystem.
Nortman envisions the creation of major global brands in women's football akin to Real Madrid, Manchester United, Dallas Cowboys, Golden State Warriors, and Los Angeles Dodgers through multi-club ownership. While acknowledging some concerns about the model, she believes the trend is here to stay and is increasingly welcomed by clubs, demonstrating the growing acceptance and future potential of multi-club ownership in women's football.
