Willow Bay and her husband, Disney CEO Bob Iger, have entered into a definitive agreement to own Angel City Football Club, the soccer club announced Tuesday.

As had been previously reported, Bay and Iger will acquire the controlling stake in Angel City Football Club at a value of $250 million, which makes the L.A. based-team the most valuable womens sports team in the world. The couple will invest an additional $50 million to support the Clubs future growth.

Bay, who is the dean of the USC Annenberg School for Communication and Journalism, will serve on and have full control of the ACFC Board of Directors, will serve as the controlling owner for National Womens Soccer League, LLC and will represent ACFC on the NWSLs Board of Governors. The transaction was unanimously approved by ACFCs Board of Directors and is expected to close in the next 30 to 60 days, subject to the approval of the National Womens Soccer League.

Willow and Bob bring unparalleled operational experience, expertise, and passion to ACFC and to the NWSL. Theyre lifelong sports fans who have been supporters of ACFC since the teams founding. They are deeply committed to the Los Angeles community, having been residents, leaders, and philanthropists in the city for almost three decades and have a long track record of dedicating their time and resources to support local Los Angeles organizations, the ACFC Board of Directors said in a statement.

We know they are the right partners to lead us into this new era they are committed to further strengthening ACFCs position as a preeminent organization and brand in womens sports and to championing the teams broader mission, including the advancement of equity for athletes and women-founded businesses. With their leadership, we will continue to harness the industrys momentum and build on ACFCs strong foundation of fan and community support, they continued.

The womens soccer club was launched in 2020 by Natalie Portman, venture capitalist Kara Nortman and entrepreneur Julie Uhrman, with a number of notable celebrity investors including Serena Williams, as well as America Ferrera, Jessica Chastain, Christina Aguilera, Billie Jean King, Jennifer Garner, Eva Longoria and Gabrielle Union. Alexis Ohanian, the co-founder of Reddit, has previously been the largest shareholder of the team.

The team has prioritized having majority female ownership, with a greater push for gender and pay equity in womens sports.