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Perspective
17 Mar 2025
15 minute read

Beyond the billion-dollar barrier: Charting the next phase of growth

Driving long-term success in women’s sports

Women’s sport is growing by rewriting the playbook and doing things differently. The focus now moves beyond demonstrating potential to helping build a lasting legacy of success by delivering unique and tailored experiences.

Jennifer Haskel
Pete Giorgio
Zoe Burton
Lizzie Tantam
Beyond the billion-dollar barrier: Charting the next phase of growth
15 MB PDF

By the numbers: an exponential growth story

The compelling case for further investment in women’s sports

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Women’s sports are growing by rewriting the playbook and doing things differently. The focus now moves beyond demonstrating potential to helping build a lasting legacy of success by delivering unique and tailored experiences.

Agents for change


Securing long-term success through strategic decision making

2024 was a landmark year for women’s sports, shattering expectations and exceeding Deloitte’s initial projections. The surge in interest, driven by captivating narratives both on and off the field of play, positioned women’s sports as a powerful force for change, challenging traditional norms and redefining the future of the industry. In 2025 and beyond, as women’s sports builds into a distinctive product offering, leaders must balance short-term growth with establishing foundations for long-term success1.

The Olympic Games Paris 2024 was the first Olympic Games with an equal representation for both male and female athletes on the field of play, a watershed moment in sporting history that captivated audiences worldwide, showcasing the exceptional talent and unwavering determination of female athletes on a global stage2. Since then many professional women’s leagues and athletes have continued to experience unprecedented commercial success.

  • The Women’s National Basketball Association (WNBA) has secured a new broadcast deal and continues to attract a new generation of fans that are drawn to the league’s top talents and the inspiring stories of their athletes.
  • Zheng Qinwen, the first Asian tennis player, man or woman, to win an Olympic gold in singles, became the latest Dior ambassador3.
  • United States rugby union and social media star Ilona Maher was named the first-ever brand ambassador of skincare company Paula’s Choice4. Maher’s post-Olympics move to Bristol Bears of Premiership Women’s Rugby at the start of 2025 led to record-breaking attendance for the club in her first match5.
  • ATHLOS’ first athletics event in September 2024, led by Reddit founder and women’s sports investor Alexis Ohanian, featured 35 women from 14 different countries. The event attracted major brands such as Tiffany & Co. creating bespoke crowns for champions, coverage of the event by Vogue, and a headlining performance by Megan Thee Stallion6.

The Olympic and Paralympic Games Paris 2024 provided an unparalleled platform for women athletes to showcase their sporting skills and inspire millions around the world. According to research by Women in Sport, 41% of boys were inspired by women Olympians and successful women athletes, showcasing the impact of women role models in engaging both young boys and girls with a passion for sport7. Despite only 43% of the competition news coverage focused on women athletes, they generated 53% of total engagement across social content, showcasing the ability of women athletes to connect with both traditional and new fans8. At the games, individual personalities were displayed at the highest level, including the emergence of Ilona Maher, who became the most followed rugby player on social media;9 Julien Alfred, who became Saint Lucia’s first-ever Olympic medal winner; and US Olympians Simone Biles and Jordan Chiles displaying unmatched sportsmanship in the arena by bowing down to gold-medal winning Rebeca Andrade of Brazil. Maher’s increased engagement also spurred investment into USA Rugby from health care mogul and women’s soccer (football) club owner, Michele Kang. The voices of women athletes transcended the world of sport, turning these athletes into cultural icons and powerful agents for change. Post-games, their compelling stories, coupled with exceptional athleticism, continue to resonate with fans across demographics, demonstrating the importance of authentic narratives in forging deep and lasting connections with audiences.10

Growth in 2024 hasn’t been solely confined to traditional powerhouses like North America and Europe. While these regions may have attracted the largest revenue portions at this time, great strides have also been made in emerging markets like Morocco, Japan, and Australia, which have witnessed burgeoning interest in women’s soccer, demonstrating the global appeal and untapped potential of the sport.11 For example, in the 2025 Deloitte Football Money League, an analysis for 15 of the top revenue-generated global soccer clubs, Japanese clubs Sanfrecce Hiroshima Regina and Omiya Ardija Ventus reported revenues just outside the top 15 women’s clubs analyzed in the report. This presents stakeholders in the women’s game across the world with an opportunity to, potentially, build a more globally equitable sporting structure.

Alongside new markets, a wider selection of women’s sports, such as cricket and volleyball, have reported strong growth. Cricket competitions like The Hundred in the United Kingdom and Women’s Premier League (WPL) in India continue to captivate a greater number of fans and have secured investment or interest which is poised to further solidify the sport’s global reach12. The WPL has seen an uplift in revenue in part due to the diverse selection of brands entering the sector looking at the WPL for its unique demographic fanbase13. Volleyball, historically a large participatory sport in the United States, is now activating strong investment in its professional leagues, with League One Volleyball (LOVB) raising a reported USD$160 million in funding from investors and starting play in early 202514.

As the visibility of women’s sport and women athletes continues to improve, new fans, particularly from younger generations and those that may have not engaged in sport previously, are engaging with women’s sport through diverse entry points, including social media, streaming platforms, and innovative content formats. The shift in consumption patterns presents new opportunities for leagues and partners to connect with expanding audiences in meaningful ways, moving beyond traditional marketing strategies to embrace the digital landscape, create authentic experiences, and drive new collaborations.

Investment to fuel the future

 

New investment models are expected to compound the growth of global women’s sports leagues and teams

Investment in women’s sport requires a shift from short-term return on investment (ROI) to a venture capital mindset driven by values, long-term vision, and a commitment to societal impact. This means looking beyond immediate financial returns and recognizing the opportunity to shape the future of a rapidly growing sector. Investment has the potential to fuel a future where women’s sports are not just commercially viable, but culturally celebrated, where athletes are empowered and supported to reach their full potential both on and off the field of play, and where diverse audiences are inspired by their achievements. Investment in women’s sport is about shaping a more equitable and exciting future for the entire sports industry. Its returns can stretch beyond pure monetary metrics.

Investments will be headlined by key leagues in North America, namely the WNBA and National Women’s Soccer League (NWSL). Early in 2025, in the United States, we’ve already seen a record expansion fee for the city of Denver to enter the NWSL at US$110 million, more than double the previous expansion fee paid by Boston and San Francisco-based Bay FC just two years earlier (US$53 million).15 We may also see a new era of investment in women’s soccer clubs across Europe as investors explore the structural opportunities for women’s teams.

Investment models

While still unproven in the men’s game, multi-club ownership models in women’s soccer are becoming ever more common and can bring tailored strategies, operational expertise, and much needed monetary and human capital to the sport. However, implementation of these strategies should be underpinned by a strong shared-services model foundation, creating synergies between the various club and management teams to ensure efficiency and drive value.

Four multi-club ownership models

 

Monarch Collective

Monarch Collective is a US-based USD$200 million+ fund with a mission to “build leading women’s sports institutions that inspire and unite, powered by communities that feel representative of this time in history.”16 Led by managing partners Kara Nortman and Jasmine Robinson, the Collective currently holds stakes in three NWSL clubs, Boston NWSL, San Diego Wave, and Angel City FC.

Kynisca Sports International, Ltd

Health care mogul and women’s sports investor Michele Kang announced the launch of Kynisca Sports International, a dedicated multi-team global organization dedicated to women’s soccer. Portfolio clubs include Washington Spirit (US), Olympique Lyonnais Feminin (France), and London City Lionesses (UK). The organization will also develop the Kynisca Innovation Hub, whose mission is to “revolutionize training methods through education and innovation to unlock female athletic potential.”17

Mercury/13

Mercury/13’s ownership group focuses on supercharging the commercial trajectory of women’s soccer across the globe. The organization made their first club acquisition with F.C. Como Women (Italy), an independent women’s soccer club competing in Italy’s Serie A Femminile. In December 2024, Mercury/13 announced Avenue Sports Fund had made a significant investment into the organization.18

Bay Collective

Sixth Street, a global investment firm and lead investor in Bay FC (US), announced Kay Cossington MBE will be joining the firm as Head of Global Women’s Football and serve as CEO of Bay Collective. The Collective will officially launch in 2025 as a multi-club global organization dedicated to growing women’s soccer.19

The “start-up” analogy frequently used to describe women’s sport aptly captures its current phase of growth and immense potential. Mirroring the trajectory of start-up companies in traditional industries, women’s sports organizations are starting to turn to venture capital funding rounds to secure substantial capital injections, expand investor opportunities, and tap into the expertise of funds specializing in early-stage ventures. League One Volleyball’s (LOVB) successful capital raise is an example of this trend.20 The capital allowed LOVB to strengthen their existing youth development programming while also propelling the launch of their professional circuit. Unrivaled, a new 3v3 women’s basketball league recently announced an oversubscribed funding round, securing not just US$35 million of capital but also the backing of influential figures in sports, culture, and business—further amplifying their launch strategy.21 The access to both capital and expertise helps positions these leagues to establish a strong operational foundation and execute their strategic visions.

High-net-worth individuals, including prominent business figures and celebrities, are increasingly recognizing the potential of women’s sports and injecting capital through angel investments. These investments, often driven by a combination of passion for sport and a commitment to social impact, provide crucial funding for emerging leagues and growing team brands. Mark Walter, chief executive of Guggenheim Partners professional services firm and owner of multiple sports organizations, and his family’s substantial investment into the launch of the Professional Women’s Hockey League (PWHL) exemplifies the impact of these types of investments. Their commitment, coupled with the league’s impressive debut season marked by record-breaking attendance, viewership, and partnership activations, underscores the viability and appeal of women’s hockey and the future of the league.22 Similarly, Angel City FC of the NWSL strategically leveraged the appeal of its mission-driven approach to attract a high-profile group of angel investors. This early support, instrumental in elevating the club’s brand profile, culminated with a historic acquisition by Willow Bay (Dean of University of Southern California Annenberg School of Journalism) and Bob Iger (CEO of Disney) for a record-breaking US$250 million, setting a new benchmark for valuation of women’s sports teams.23 While these cases demonstrate the powerful impact of high-profile investment, achieving equitable growth in women’s sports is expected to require a sustained commitment to expanding such actions across global leagues and competitions.

While North America and Europe currently command the spotlight in terms of headline-grabbing investment in women’s sports, it is crucial to recognize the significant strides being made in other regions. Across the Middle East, for instance, governments are increasingly directing resources towards grassroots initiatives designed to foster greater girls participation in sports. This focus on youth development is laying a foundation for the future growth of women’s sports in the region. Similarly, in APAC, nations like Australia have demonstrated significant commitment to advancing women’s sports, particularly in the wake of hosting the 2023 FIFA Women’s World Cup. These investments include stadium upgrades, enhanced training facilities, and targeted legacy programs designed to foster long-term growth and participation in women’s sports. This investment has already contributed to increased attendance across the most recent A-League women’s season. While in Africa, Morocco’s impressive performance in the 2023 FIFA Women’s World Cup was fueled by strategic investments in facilities and player development, which exemplifies the transformative impact of such initiatives and gives a platform for women athletes in emerging sporting regions. These diverse investments, while often operating outside of the traditional spotlight, are instrumental in building a robust global ecosystem capable of supporting the long-term growth and professionalization of women’s sports worldwide.

Facing the facts

 

Change – and challenge – will be needed to broaden investment

Despite the remarkable progress, there are still several challenges across the global landscape to enable that this upward trajectory for women’s sport continues. As we have seen the art of the possible from strong case studies and storied examples, those peaks are demonstrating a mere percentage of athletes and organizations on the front foot. Consistent investment is crucial for developing infrastructure, nurturing talent, and expanding reach.

Building a robust pipeline of future stars is essential for the long-term health of women’s sport. Investing in grassroots initiatives, fostering participation at a young age, building role models for future generations, and providing clear pathways for aspiring athletes to reach their full potential are all critical components of this endeavor. The industry requires more capital investment based on values, intent, and opportunity rather than something that will bring financial returns in the short-term. Creating a supportive and inclusive environment where girls feel empowered to pursue their athletic dreams is paramount to the continued growth and success of not only the business of women’s sport, but also the health and wellbeing of women across their lifetimes. There is ample evidence that girls who play sport, grow into women who lead in business—24 further demonstrating the broader values that investment in women’s sport brings to the table.

The structure of affiliated men’s and women’s organizations should also be considered to further the growth of women’s elite sport. While affiliation with a men’s program may offer access to established resources and brand recognition, it can obscure the true financial performance and potential of the women’s brand. To unlock greater financial growth and demonstrate the inherent value of women’s entities, there needs to be greater transparency in reporting and clear metrics surrounding value attribution. This includes contractual attribution of revenue generated by the women’s entity from shared sponsorship deals and actively pursuing sponsorships specifically for women’s sport. This comprehensive assessment of allocation, while detailed, can also be considered a strategic investment. It prepares the organization for a future where the women’s entity structure may evolve to potentially garnering interest from external investors. This concept is clear in many soccer leagues, in which teams have bundled brands and contracts with their men’s affiliates, but also applies to competitions in tennis, golf, and basketball.

A playbook for success


How organizations blazing new trails

In 2025 and beyond, several key actions can help ensure the continued growth and success of women’s sports.

As exemplified by the WNBA and NWSL in North America, is essential for attracting and retaining top talent, enhancing performance, and creating new commercial opportunities. These dedicated facilities serve as powerful symbols of commitment to the growth and development of women’s sports, sending a clear message to athletes, fans, and investors that this is an industry with a bright future. Brighton & Hove Albion FC are in the process of building the first women’s specific stadium in the United Kingdom and has realized over 30 structural design differences between their main stadium and their planned new build, including the addition of individual shower stalls, additional toilet stalls in the locker room, and other amenities that cater towards their female athletes’ preferences.25

As these cultural moments are capable of igniting a long-term passion for women’s sports. The 2025 Rugby Women’s World Cup in the United Kingdom, for example, has a monumental opportunity to leverage this potential and cultivate a new generation of dedicated women’s rugby fans. This will require moving beyond simply hosting matches to creating immersive experiences that showcase the athleticism, culture, and identity that defines the sport. With over 220,000 tickets already sold for the competition at the time of writing, there is ample opportunity to provide a unique and compelling experience that draws these fans back for more even after the champion is crowned.26

The immense and largely untapped commercial potential of women’s sport came into sharp focus in 2024. Since then, a new wave of non-endemic brands in sectors like fashion, beauty, travel, and consumer goods have continued to enter the sector, capitalizing on the opportunity to reach their target demographics, which they might not be able to do through men’s sport. This influx of brand opportunity is vital for leagues’ and teams’ authentically connecting with their rapidly expanding audiences and elevating the visibility of their athletes.

An initiative rallying brands to increase their investment into women’s sport. The Pledge is already backed by industry leading brands and is working to actively dismantle barriers to entry for other brands to enter the sector. By addressing key data points, the Pledge demonstrates that investing in women’s sport is not just socially responsible but also commercially savvy. The research reveals that women’s sports fans are twice as likely to purchase products endorsed by female athletes compared to other influencers, are 54% more aware of sponsors, and 45% more inclined to consider or purchase from sponsoring brands of women’s sport.27

  • The success of the WNBA exemplifies the mutually beneficial relationship between engaged brands and women’s sports. The league’s “Changemaker” partners experienced a staggering 286% average return on investment (ROI), with one partner realizing an USD$18 million return on a USD$5 million investment.28
  • While ROI remains a critical metric, brands should also think more holistically about the metrics they are using to define success for their sponsorships. Brands may consider the broader return on objectives (ROO), encompassing brand affinity, social impact, and both customer and employee engagement. When Barclays first announced their title-sponsorship of the Women’s Super League (WSL) for instance, the bank’s chief executive reported receiving around 400 emails from proud employees. Subsequently, in 2024, the organization doubled its investment in women’s soccer in England.29
  • In today’s landscape, the cost of inaction (COI) is also significant. Brands that hesitate to capitalize on the current growth trajectory of women’s sports risk missing out on a powerful opportunity to connect with a valuable and engaged audience.

Women’s sports leagues and competitions are increasingly adopting innovative broadcast strategies to align with shifting audience viewing habits and maximize reach. Streaming services are being utilized to expand accessibility and engagement. The WSL, for instance, has seen increased viewership for key matches through YouTube streaming, enhancing the visibility of multiple teams across the league and making the games accessible to a global audience. The adoption of YouTube’s multi-view function for the domestic cup quarterfinals marked a notable step in allowing fans to watch all four matches at the same time. Mexico’s Liga MX Femenil has also seen success with their YouTube strategy, garnering more than 440,000 viewers per match to start the 2025 season and utilizing the platform for live streaming and a hub for league content.30 In addition to live match broadcasts, leagues are exploring supplementary content formats such as behind-the-scenes features, athlete-focused documentaries, and personalized viewing options. By embracing digital platforms and diversifying content offerings, women’s sports leagues can adapt to the evolving media landscape and engage with audiences in new ways.

Our Starting Five

 

Five elements to think about when scaling women’s sports business

The recent surge in interest surrounding women’s sports may present a valuable opportunity for sustained growth and commercial success. However, capitalizing on this momentum requires a strategic roadmap that balances innovation with a focus on core business fundamentals. Leagues and organizations must adopt a data-driven approach to understand fan preferences, cultivate strategic partnerships, and amplify authentic narratives that resonate with the target audiences. By prioritizing these actions, women’s sports organizations can establish a sustainable model for continued development and commercial viability of women’s sports.

Organizations need to consider the people, process and technology to fuel the success of the women’s sports entity. This includes taking initial investment to build the right foundations now, rather than in the future.

Data-driven insights should underpin the understanding of the evolving consumption habits and preferences of fans and allow for challenges to the traditional approach to fan engagement. Putting fan obsession at the heart of content creation, marketing campaigns, and partnership activations may maximize engagement and cultivate lasting connections with core and casual fans alike.

Women’s sports influence broader returns to organizations, communities, and culture. Moving beyond anecdotal evidence and quantifying socio-economic impact of women’s sports organizations can strengthen partnerships and attract socially conscious investors.

Seek out partnerships with brands that align with the values of women’s sports and are genuinely committed to driving positive social change. Clearly articulate the unique value proposition of women’s sports and demonstrate a data-driven approach to measuring partnership ROI and ROO.

Consider what type of investment works for the organization and when the right time is—it may be earlier than originally thought, especially when considering venture capital and angel investors—then provide the springboard for long-term success.

Forecast methodology

This publication contains a variety of information derived from publicly available or other direct sources. This includes analysis from various leagues and geographies but is not to be considered comprehensive of all leagues, clubs, and women’s sports organizations. Numbers may not add to total due to rounding.

Our projected results are based on a combination of upcoming figures known to us and other – in our view – reasonable assumptions. We have not performed any verification work or audited any of the financial information contained in any articles or references for the purpose of this publication.

In relation to estimates and projections, actual results are likely to be different from those projected because events and circumstances frequently do not occur as expected, and those differences may be material. Deloitte can give no assurance as to whether, or how closely, the actual results ultimately achieved will correspond to those projected and no reliance should be placed on such projections.

End notes

 

  1. Moira Forbes, “The $1 Billion Opportunity: Kara Nortman’s Bet On Women’s Sports,” Forbes, 26 June 2024
  2. IOC,#GenderEqualOlympics: Paris 2024 making history on the field of play, 28 July 2024
  3. Tricia Oliviera, “Olympic Gold medalist Zheng Qinwen is new Dior ambassador,” Senatus
  4. Ed Dixon, “Ilona Maher scores Paula’s Choice endorsement deal,” SportsPro, 2 January 2025
  5. BBC,”Rugby star Ilona Maher draws record crowd for Bristol Bears debut,” CBBC Newsround, 6 January 2025
  6. Leah Faye Cooper, “Vogue Goes to Athlos – A First-of-Its-Kind Track Event in NYC,” Vogue, 27 September 2024
  7. Women in Sport, “Girls are still unable to dream of reaching the top in sport,” press release, 14 December 2023
  8. Arif Islam, “Paris 2024: Female Olympians generated 53% of total engagement across social content,” SportsPro, 29 November 2024
  9. Sophia Hurcom, “’I love being a superstar, but we can’t just have one’ – Maher’s mission,” BBC Sport, 5 January 2025
  10. SportsPro, “Paris 2024: Female Olympians generated 53% of total engagement across social content.”
  11. FIFA, “’Setting the Pace’ FIFA Benchmarking Report (3rd Edition)”, Inside FIFA, 2023
  12. Deloitte, Re-writing the rulebook for women’s sport, 2024
  13. Storyboard18, ”WPL shatters sponsorship stereotypes: Diverse brands drive 10 percent team revenue growth in the women’s cricket league,” Storyboard18, 5 March 2024
  14. Jason Clinkscales, ”League One Volleyball raises $100m ahead of January debut,” Sportico, 21 November 2024
  15. Eben Novy-Williams, “Denver group secures NWSL team at record $110m expansion fee,” Sportico, 2 January 2025
  16. Monarch Collective, 2025
  17. Kynisca, “Michele Kang announces launch of Kynisca Sports International, Ltd,” press release, 27 July 2024
  18. Mercury/13, “Mercury/13 and Avenue Sports Announce Partnership in Women’s Football Market in Europe,” press release, 18 December 2024
  19. Business Wire, “Kay Cossington, MBE, to Launch Bay Collective, A Multi-Club Women’s Football Organization in Partnership with Sixth Street,” press release, 17 January 2025
  20. Sportico, “League One Volleyball raises $100m ahead of January debut.”
  21. PR Newswire, “Unrivaled closes an oversubscribed Series A investment round, bringing the league’s total capital raise to $35 million,” press release, 16 December 2024
  22. Associated Press, “PWHL names championship trophy after financial backer Walter family,” ESPN, 4 April 2024
  23. Jacob Feldman, “Willow Bay, Bob Iger complete $250m purchase of Angel City FC,” Sportico, 5 September 2024
  24. Deloitte, “85% of Women Surveyed Who Played Sports Say It’s Important to Their Career Success,” press release, 19 September 2023
  25. The Women’s Football Finance Podcast, “This One’s for the ‘Gulls! (Featuring Paul Barber, OBE),” podcast, 10 November 2024
  26. Mike Henson, “World Cup 2025 final in line for record crowd,” BBC Sport, 6 December 2024
  27. Deloitte, “Game On: Bridging the Investment Gap in Women’s Sports,” Deloitte, January 2025
  28. SVG Play, “Deloitte Women’s Sports Media Research Presentation,” video featuring Caiti Donovan and Erica Smith, 2024
  29. Emma Sanders, “WSL agrees new £45m sponsorship deal with Barclays,” BBC Sport, 23 September 2024
  30. Mariana Gutierrez Bernardez, “#FutFemDondeSea: La nueva apuesta de la Liga BBVA MX Feminil en YouTube,” LinkedIn, 2025

Authors

Jennifer Haskel

Manager
+44 (0)73 4115 5650

Pete Giorgio

Global and US Sports Practice Leader
+1 617 437 3097

Zoe Burton

Director
+44 (0)20 3741 2014

Lizzie Tantam

Marketing and Communications Lead
+44 (0)20 7007 2911

Special thanks:

  • Lara Abrash
  • Tim Bridge
  • Annabel Yeowart
  • Janani Rajagopalan
  • Allada Sai Rohit
  • Jason D’souza

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