Women’s football is in the midst of a transformation. Rising viewership, record-breaking attendance, and a new wave of investor attention have fueled speculation about what’s possible for the game and the business behind it. And now, one question stands out: could a women’s football team ever be worth a billion dollars?

Reddit co-founder Alexis Ohanian thinks so. After acquiring a 10% stake in Chelsea FC Women in 2025 for £20 million (roughly $26 million), he boldly predicted the team would become “a billion-dollar franchise.” That’s not a valuation grounded in today’s cash flow. It’s a vision built on momentum. So what would it actually take?

To answer that, let’s look at three teams charting very different paths to growth: Chelsea FC Women, the Premier League-linked powerhouse with continental ambitions; Angel City FC, the startup club that’s rewriting the sponsorship playbook; and Barcelona Femení, a performance machine backed by one of the most famous clubs on earth.

Chelsea FC Women: the startup model with Premier League roots

When Chelsea sold the women’s team to its own holding company in 2023, the move wasn’t just financial—it was foundational. It allowed external investors like Ohanian to get involved and gave the club room to operate more like a standalone brand.

Chelsea Women are serial winners. Six consecutive Women’s Super League titles. A domestic treble. An unbeaten league season. But on the business side, the numbers are still modest. Deloitte estimates the club earns under $20 million per year—mostly from sponsorships and commercial deals. Media rights remain limited, and small venues like Kingsmeadow cap matchday revenue.

That’s where Ohanian sees opportunity. By positioning Chelsea as “America’s team,” he’s betting on global branding, U.S. market crossover, and eventually, much bigger broadcast deals. His goal: expand revenue through digital content, American tours, increased merch sales, and star power. Think Sam Kerr jerseys in Times Square. Chelsea doesn’t have the $1B value yet—but it may have the blueprint.

Angel City FC: the brand-first juggernaut

In Los Angeles, Angel City FC started with the inverse approach: no trophies, no legacy, just a mission. Co-founded by Natalie Portman, Kara Nortman, and Julie Uhrman—with Serena Williams, Alexis Ohanian, and Naomi Osaka among the backers—Angel City has built its name on community, culture, and commercial power.

Their 10% sponsorship reinvestment model is a headline-grabber. Their attendance—over 19,000 fans per match—is among the highest in the world. And in 2024, they became the most valuable women’s sports team ever sold, with a $250 million valuation.

That valuation was based more on momentum than revenue (about $30 million at the time). But sponsors came flocking: , DoorDash, Klarna. And the club’s distinctive crest and are everywhere in L.A.

Angel City proves that with the right market, storytelling, and brand architecture, a women’s team can command investor attention well before it achieves the pitch-perfect balance of titles and profits.

Barcelona Femení: dominance without the flash

Then there’s FC Barcelona Femení. The gold standard of women’s football on the pitch. Champions League winners. Multiple Liga F titles. And the only club to draw 91,000 fans to a women’s game twice.

Yet for all their dominance, Barcelona Femení doesn’t operate as a separate commercial entity. Their revenue is estimated around $19 million—similar to Chelsea and Arsenal—but they’re part of the larger FC Barcelona machine. There are no investors. There is no direct market valuation.

That means their value is real but hard to price. If a standalone investor tried to buy them, would the club even entertain it? Likely not. But their ability to fill Camp Nou, move jerseys, and produce world-class talent makes them arguably the most powerful sporting symbol in the women’s game today.

The path to $1 billion

So, what does a billion-dollar women’s team look like? It looks like all three of these clubs, if they combined their strengths.

  • From Chelsea: global brand equity, deep-pocketed investors, and built-in legacy.
  • From Angel City: storytelling, community connection, and unmatched sponsor creativity.
  • From Barcelona: a dynasty on the pitch that compels fans and commands respect.

To hit $1B, a club must triple or quadruple annual revenue, own part of its facilities, fill large regularly, win titles, sell merchandise globally, and own media rights that generate real cash. It would also need investor confidence—and maybe, like Angel City or Chelsea, a narrative bigger than football itself.

We’re not there yet. But we’re closer than ever. What once felt like fantasy is starting to feel like strategy.