Multi-Club Ownership is Spreading in Women's Football but is it Good News?
Michele Kang argues that multi-club ownership is a necessity in women's football to provide investment levels that players deserve, citing examples like London City Lionesses' recruitment of Kosovare Asllani and Jocelyn Prêcheur in June 2024.
In September 2024, Mercury 13 expanded its portfolio by purchasing Bristol City, joining Como as part of its multi-club ownership.
January 2025 saw the launch of Bay Collective, a multi-club ownership organisation by Sixth Street.
In August 2025, Crux Football was founded by Bex Smith with backing from Cindy Holland; Montpellier was unveiled as its first club two months later.
Monarch Collective made a minority investment in Viktoria Berlin in November 2025, marking its first European venture following investments in Angel City, Boston Legacy, and San Diego Wave.
Viktoria Berlin's ownership is notable for its female representation: in 2022, six female investors acquired 75% of the team, and prior to Monarch’s involvement, about 90% ownership was female.
Kara Nortman described Viktoria Berlin as a model akin to Angel City, emphasizing independence supported by shared services and capital and operating expertise to run the women's team.
Germany was selected for investment due to factors such as its large GDP, audience potential, and Berlin's status as a hub for a female-first, female-forward project.
Overall, multi-club ownership is here to stay and is broadly welcomed as a means to uplift a historically underfunded sport, despite ongoing concerns about private investment in women’s football.
