Think Global, Operate Local: The Fan Relationship in Women's Sport
21 October 2026
In April 2022, 91,648 people watched Barcelona play Wolfsburg at the Camp Nou, a world-record attendance for a women's club match. Attendance records have continued to be broken since, as women's sport has shown it can draw a crowd.
Capital has followed. Multi-club platforms, international funds and global sponsors are now investing in women's sport at scale. For investors, the question is what they are buying, and whether valuations capture the asset with the most long-term value.
What gets priced today
Valuations in women's sport are typically built on three revenue lines: ticketing, media rights and sponsorship. These are measurable and comparable across clubs and leagues, which makes them the natural starting point for a model.
The fan relationship is harder to measure. It covers who the fans are, how often they return, what they buy and whom they trust. Season tickets are less common in women's sport than in the men's game, so clubs hold less data on repeat attendance.
Recent deals show how unsettled pricing is. In 2024, Chelsea transferred its women's team to Blueco 22 Midco, a company under the same ownership, at a valuation of about £200m ($257m). Sportico put this at around 17 times the team's 2023-24 revenue, against just over seven times revenue for Angel City FC's sale (Sportico).
This makes me curious about the commercial value of the fan relationship, because the market has not yet developed a consistent way to price it.
Think global, operate local
"Glocal" is a term from business strategy. It describes organisations that operate globally while adapting closely to each local market. It applies well to women's sport today.
Capital is increasingly global. Multi-club platforms bring clubs in different cities and countries under one owner, with shared data, shared commercial teams and cross-club sponsorship. That scale brings clear advantages: lower cost per club, stronger infrastructure and a more attractive offer for global brands.
However, fan relationships form locally. Fans attend a specific ground, follow specific players and belong to a specific community. In women's sport, much of that relationship runs through individual athletes, who often connect more directly with fans than the club brand does.
Kynisca Sports International is an example of this model. In 2024, Michele Kang brought the Washington Spirit, OL Lyonnes and London City Lionesses under one women-led multi-club organisation (SportsPro). The three clubs play in different countries and leagues. At local level, London City Lionesses runs a sister club programme with grassroots women's and girls' clubs across Kent and London.
My view is that the investors and operators who create the most value will combine both. They will be global in capital, data and distribution, and acute in their understanding of each local community.
Who holds what
Five parties should be acutely focused on the fan relationship, and each brings a different mix of global and local strength.
The club holds the ground, the history and the local supporter base. Its global reach is limited unless it sits within a larger platform.
The league holds the rights, the calendar and the broadcast relationships. It can set the standards for how fan data and direct channels are shared.
The athlete holds the personal connection that fans turn up for. That relationship carries high trust and moves with the athlete across clubs and markets.
The multi-club platform holds capital, data and scale. Its local strength depends on how well each club keeps its identity.
The brand holds budget and distribution. It earns local credibility through consistent presence, often via athletes and clubs.
Five questions for investors
Better questions lead to better investment decisions. These are five I would ask in diligence on any women's sport asset.
Does the platform strengthen local club identity, or standardise it? Efficiency gains at platform level should not come at the cost of the community each club has built.
Who holds the fan data, at club level or platform level? The answer shows where the relationship is being captured and who can use it.
Do athlete agreements cover direct-to-fan channels? Where athletes hold the strongest connection, the terms of that connection matter to value.
What happens to the fan relationship in a carve-out or acquisition? When a women's team separates from a men's club, or joins a platform, the transfer of brand, data and commercial rights needs to be explicit. Chelsea Women's move into a separate company in 2024 shows that these structures are already being tested.
Can a global sponsor show it has earned local credibility? Sponsorship value grows when fans see a brand as part of their community.
Where the opportunity sits
The infrastructure that turns local fan relationships into commercial value at global scale is still being built. That includes data systems, direct-to-fan channels, athlete agreements and governance across multi-club structures.
This is where early capital can create value and shape how the market develops. Women's sport has proven it can draw a crowd. The next stage of value creation belongs to those who connect global capital with local communities.
Sources
Camp Nou attendance of 91,648 (Barcelona v Wolfsburg, April 2022), a world record for a women's football club match: Guinness World Records
Chelsea women's team valued at £200m ($257m), around 17 times revenue, with the Angel City FC comparison at just over seven times revenue: Sportico
Michele Kang launches Kynisca Sports International, bringing Washington Spirit, OL Lyonnes and London City Lionesses under one organisation (July 2024): SportsPro
London City Lionesses grassroots / sister-club programme: Jobs in Football
