Multi-club ownership spreads in women’s football amid investment and equality goals
Michele Kang argues that multi-club ownership is essential in women’s football to invest at levels players deserve, despite the negative connotations associated with such models in men’s football.
In recent developments, Mercury 13 expanded its portfolio in September 2025 by adding Bristol City, joining Como as its second club.
Sixth Street launched Bay Collective, a multi-club ownership organization, in January 2025.
Crux Football announced its entry into multi-club ownership in August 2025, unveiling Montpellier as its first club in October 2025.
Monarch Collective announced a minority investment in Viktoria Berlin in November 2025, marking its first European investment after previous stakes in Angel City, Boston Legacy, and San Diego Wave.
Viktoria Berlin’s women’s team had split from the men’s side in 2022, with six female investors initially acquiring 75% ownership, which grew to about 250 investors holding 90% female ownership before Monarch's entry.
Kara Nortman described Viktoria Berlin as a model similar to Angel City, emphasizing the importance of independence combined with strong behind-the-scenes capital and operating support from its partner group.
Germany was selected for its large GDP, attractive audience potential, strong domestic talent development, and Berlin’s prominence, with the opportunity for future expansion into England.
Despite concerns regarding private investment in women’s football, such investment is forecasted to persist and is primarily driven by equality goals rather than immediate profitability.
