Sidley represented Angel City Football Club (ACFC), the Los Angeles-based National Women’s Soccer League (NWSL) club, in its definitive agreement with Willow Bay, Dean of the USC Annenberg School for Communication and Journalism, and Bob Iger, CEO of the Walt Disney Company, which will make Bay and Iger the new controlling owners of the Club following the closing of the transaction. Bay and Iger will acquire the controlling stake in ACFC at an enterprise value of US$250 million, making ACFC the most valuable women’s sports team in the world. Bay will serve on and have full control of the ACFC Board of Directors, will serve as the Controlling Owner for NWSL purposes, and will represent ACFC on the NWSL’s Board of Governors. The transaction, which is subject to customary closing conditions, including the approval of NWSL, marks a historic development for the business of women’s sports and the beginning of a new era for ACFC. The transaction was unanimously approved by ACFC’s Board of Directors and is expected to close in the next 30-60 days.
ACFC was founded in 2020 by actor and activist Natalie Portman, venture capitalist Kara Nortman, and entrepreneur Julie Uhrman. Reddit and 776 founder Alexis Ohanian was the Club’s Founding Controlling Owner. Together with founding investors David Nathanson and Brian Weinstein, who served as independent board members and played an active and critical role in the growth of the Club, and early investor Gillian Berry, this group constituted ACFC’s founding Board of Directors. Chris Frank, who has served as a Board observer, and Sidley Entertainment, Sports and Media (ESM) partner Eric Geffner have been trusted advisors to this group since inception. Following the closing of the transaction, ACFC’s Board of Directors will continue to include Natalie Portman, Julie Uhrman, Alexis Ohanian, and Gillian Berry. In 2023, ACFC generated the highest revenue of any women’s team in the world. The Club was #1 in NWSL attendance, sponsorship revenue, and total revenue and has the largest season ticket membership. In addition, ACFC created an innovative sponsorship model that allocates 10% of sponsorship revenue back into the Los Angeles community.
The Sidley team was led by ESM partner Eric Geffner and managing associate Luisa Lizoain (ESM/M&A/Private Equity), along with senior managing associate Nick DeAngelis (M&A), managing associate Jake Funk (M&A/Private Equity), and associate Francesca Sadler (Restructuring/M&A). The team also included partner and ESM co-chair Charles (Chuck) Baker, partner Rachel Kleinberg (Tax), senior managing associate Jonathan Westreich (Tax), partner Jim Ducayet (Securities and Shareholder Litigation), partner Kate Roberts (Labor, Employment and Immigration), counsel Aimee Mackay (Labor, Employment and Immigration), and counsel Sheri Porath Rockwell (Privacy and Cybersecurity).
Eric Geffner and Luisa Lizoain, together with Chuck Baker, have served as lead counsel to ACFC since the club’s inception in 2020 and, among other commercial matters, previously helped the founders secure the original expansion rights to launch the NWSL’s 11th team in Los Angeles in 2022. In addition to the deal team, others who have been involved in Sidley’s general representation of ACFC include partners Russell (Rusty) Weiss (ESM/Technology and Life Sciences Transactions), Jodi Lopez (Commercial Litigation and Disputes), Eric Schwartz (Commercial Litigation and Disputes), Evie Whiting (ESM/Global Finance), and Keith Hayden Del Prete (Real Estate), senior managing associate Samuel Deddeh (Real Estate), managing associates Dylan Sherwyn (ESM/M&A/Private Equity) and Tatiana Fields (Commercial Litigation and Disputes), and associates Greg Fritzius (ESM/M&A/Private Equity) and Antoinette Petkov (M&A/Private Equity).
ACFC was founded in 2020 by actor and activist Natalie Portman, venture capitalist Kara Nortman, and entrepreneur Julie Uhrman. Reddit and 776 founder Alexis Ohanian was the Club’s Founding Controlling Owner. Together with founding investors David Nathanson and Brian Weinstein, who served as independent board members and played an active and critical role in the growth of the Club, and early investor Gillian Berry, this group constituted ACFC’s founding Board of Directors. Chris Frank, who has served as a Board observer, and Sidley Entertainment, Sports and Media (ESM) partner Eric Geffner have been trusted advisors to this group since inception. Following the closing of the transaction, ACFC’s Board of Directors will continue to include Natalie Portman, Julie Uhrman, Alexis Ohanian, and Gillian Berry. In 2023, ACFC generated the highest revenue of any women’s team in the world. The Club was #1 in NWSL attendance, sponsorship revenue, and total revenue and has the largest season ticket membership. In addition, ACFC created an innovative sponsorship model that allocates 10% of sponsorship revenue back into the Los Angeles community.
The Sidley team was led by ESM partner Eric Geffner and managing associate Luisa Lizoain (ESM/M&A/Private Equity), along with senior managing associate Nick DeAngelis (M&A), managing associate Jake Funk (M&A/Private Equity), and associate Francesca Sadler (Restructuring/M&A). The team also included partner and ESM co-chair Charles (Chuck) Baker, partner Rachel Kleinberg (Tax), senior managing associate Jonathan Westreich (Tax), partner Jim Ducayet (Securities and Shareholder Litigation), partner Kate Roberts (Labor, Employment and Immigration), counsel Aimee Mackay (Labor, Employment and Immigration), and counsel Sheri Porath Rockwell (Privacy and Cybersecurity).
Eric Geffner and Luisa Lizoain, together with Chuck Baker, have served as lead counsel to ACFC since the club’s inception in 2020 and, among other commercial matters, previously helped the founders secure the original expansion rights to launch the NWSL’s 11th team in Los Angeles in 2022. In addition to the deal team, others who have been involved in Sidley’s general representation of ACFC include partners Russell (Rusty) Weiss (ESM/Technology and Life Sciences Transactions), Jodi Lopez (Commercial Litigation and Disputes), Eric Schwartz (Commercial Litigation and Disputes), Evie Whiting (ESM/Global Finance), and Keith Hayden Del Prete (Real Estate), senior managing associate Samuel Deddeh (Real Estate), managing associates Dylan Sherwyn (ESM/M&A/Private Equity) and Tatiana Fields (Commercial Litigation and Disputes), and associates Greg Fritzius (ESM/M&A/Private Equity) and Antoinette Petkov (M&A/Private Equity).