Investing in women’s sports: Ariel Investments backs the future of the game

Feb 02, 2025

The Big Picture

Women’s sports are booming.

In just three years, global revenue has surged 300% to $1.28 billion in 2024, and investors are paying attention. More than half of that growth comes from the US, where high-profile names like Walt Disney Co. CEO Bob Iger and Chicago Cubs co-owner Laura Ricketts have been buying into teams.

Now, Ariel Investments, a Chicago-based firm managing $13.8 billion, is making its move. With their new venture, Project Level, they’re betting big on women’s sports.

This isn’t Ariel’s first play in sports.

Over the years, Ariel’s portfolios have held shares of publicly traded sports entities. As far back as 2011, they invested in Madison Square Garden, which then owned the New York Knicks, Rangers, and Liberty—and they continue to hold shares of spin-off entities like MSG Sports.

In 2021, they bought shares of the U.K. based soccer team, Manchester United, which Ariel still holds. With Project Level, they’re deepening that commitment, putting capital directly into women’s teams and leagues.

The Problem

For years, women’s sports have been stuck in a cycle of low investment, low pay, and low visibility. Athletes train just as hard, but they’re often paid a fraction of what their male counterparts earn.

Take basketball. The WNBA brought in up to $200 million in 2023, but that’s tiny compared to the NBA’s billions. Less money means lower wages, fewer sponsorships, and fewer young girls seeing a future in professional sports.

The Plan

Ariel Investment’s Project Level wants to change the game. Led by former NFL executive Jason Wright, the fund will invest in women’s teams, leagues, and businesses—giving them the capital they need to grow.

Mellody Hobson, Ariel’s Co-CEO, sees this as a win-win-win:

“We see a tremendous opportunity to bring our experience, relationships and insights to a nascent asset class to drive profits while directly benefiting women and society—a trifecta in our view.”

The Challenge

Even with big names and big money moving in, women’s sports still get less funding, less airtime, and less sponsorship than men’s. The demand is there—record-breaking viewership proves it—but shifting decades of underinvestment won’t happen overnight.

The Bottom Line

Women’s sports are no longer a niche market. Investors are waking up, and Ariel Investments is making sure they get a piece of the action. The question isn’t if women’s sports will grow—it’s how fast.

We’d love to hear from you. Get in touch with Jana via the The Purse website or tweet @jointhepurse and janicka. We do no provide investment advice. Please do your own research or speak to a financial adviser.

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