Lionhearted

The GIST: The financial forecast for 2024 is looking a little stormy as experts foresee a moderate economic slowdown on the horizon. For sports, that means leagues will have to work hard to bolster demand and reduce ticket prices to maintain 2023’s high attendance numbers. Women’s sports, however, seem uniquely ready to weather the storm.

The why: The U.S. economy seems strong based on current GDP and unemployment levels, yet meaningful indicators like credit card balances, debt delinquencies, and inflation are all on the rise. These signal a tough time ahead for American consumers, especially for the average sports fan.

• There’s even a special term for increased prices in the sports and entertainment space: “funflation.” The numbers are not so fun — the U.S. Bureau of Labor Statistics found that sports tickets rose 25.1% YoY this October. Ouch.

The outlier: On the other hand, women’s sports fans should expect more sold-out stadiums next year. As one of the industry’s fastest-growing sectors, women’s leagues are garnering bigger crowds and higher revenue. StubHub recently revealed that the NWSL and WNBA both saw double the ticket sales YoY.

• And certain clubs saw an even higher jump, like the NY Liberty’s 462% sales boost YoY and the Portland Thorns’ 326% spike in tickets YoY. Plus, the PWHL’s Toronto outfit has already sold out season tickets for its 2024 inaugural season. All highs, no lows.

The takeaway: Even if the sports landscape sees tumbleweeds, Deloitte expects women’s leagues to break the billion-dollar revenue threshold in 2024. That’s partly because women’s sports fans will be there no matter what — they’re loyal to their teams and the brands that support them. Plus, women’s matches are often better priced and more affordable, further encouraging fans to show up.

The GIST: Businesswoman Michele Kang is expanding her women’s soccer empire with her recent purchase of the second-tier English club London City Lionesses (LCL). LCL is the only independent women’s football club in NewCo, which will eventually oversee England’s first-tier WSL and second-tier Women’s Championship. Very on brand.

The background: No details have been released, but this deal rounds out a banner year for Kang — she already owns the NWSL’s Washington Spirit and France’s OL Feminin and she created the first woman-owned, multi-club football entity in May. In buying LCL, Kang continues her mission to make the pitch a level playing field, while also expanding her soccer ownership into a third country.

• And it’s a good time for Kang to get into the English game: its rising popularity was kickstarted by England’s women’s national team’s 2022 Euros win and propelled in 2023 by the FIFA Women’s World Cup and WSL growth. Plus, the WSL plans to become the first billion-dollar women’s league. Money, money, money.

The UK model: Kang took inspiration from the aforementioned NewCo, stating that uniting women’s soccer franchises moves the game forward since owners can focus exclusively on growing the women’s game. It’s a welcome development in a landscape where most WSL clubs are affiliated with Premier League (EPL) teams, which can be a blessing and a curse.

• For example, Arsenal women’s historic attendance benefits from its storied brand, but many other EPL clubs overlook their women’s sides. An own goal.

Zooming out: Kang approaches the pitch with the mindset of discovering the next big industry and applying the most logical, growth-focused business model. Women-first soccer clubs could be the future, and if that’s the direction Kang is going, the rest of women’s soccer should follow.