Women’s Soccer Winter 2025

Introduction

In September of 2023, PRO2CEO published our report on women’s basketball. The timing of that report came just before an inflection point for the sport, wherein the emergence of Caitlyn Clark and her subsequent rivalry with Angel Reese exploded at the college ranks before elevating up into the professional ones. Combined with the established presence of stars like A’ja Wilson and Breanna Stewart (among myriad others), it helped the sport to rapidly gain popularity on a level that had not been seen previously. Women’s soccer is not in an entirely dissimilar position at present.

Women’s soccer in the United States has had its moments in the mainstream. On only two occasions in the last three-plus decades has the U.S. Women’s National Team failed to medal in a major tournament. They have won four World Cups, five Olympic gold medals, and a handful of other regional tournaments. The success is undeniable. But like their counterparts on the basketball side of women’s sport, the notoriety has not come in the form that such sustained success likely deserves.

Improvement appears to be on the horizon. The Women’s Super League in England boasts some of the sport’s top talent and features higher attendance than its inception year of 2022-23. Arsenal of the WSL, in particular, has averaged over 33,000 spectators. The domestic National Women’s Soccer League surpassed two million attendees during the 2024 season, smashing the previous record by more than 600,000. Like the WNBA, increased accessibility via network programming & streaming allowed them to increase television viewership heavily, with the postseason specifically drawing more than five times the previous high.

Increased exposure has also led to notable ownership investment. In addition to a number of former players that represent ownership groups across the NWSL specifically, those involved in various clubs include Oscar De La Hoya (Houston), Patrick Mahomes (Kansas City), Kevin Durant (Gotham), Jack Harlow (Louisville), Naomi Osaka (North Carolina), and Tony Parker (Seattle). Angel City FC features over thirty notable investors from various sectors, including Serena Williams, Candace Parker, Jessica Chastain, and America Ferrera, as well as Natalie Portman who was part of the founding group. With more expansion on the horizon in Boston & Denver – the latter of which more than doubled the previous expansion fee with a $110 million bid – one imagines that things are trending up in matters of popularity in the world of women’s soccer.

In the meantime, however, our purpose in the PRO2CEO Report remains showcasing successful transition of former athletes turned business leaders. Given the rising state of women’s soccer over the last handful of years, though, there are complexities to navigate. Salaries remain low in comparison with their professional counterparts. Visibility, too, until the recent influx of attention drawn to women’s sports and the resulting spike in attendance & viewership. To an extent, such recent incremental improvement has not yet prevented the stifling of transition in the way we would typically expect to see. Previous reports have focused on business ownership, investments (many through private equity), and start-ups. While that certainly exists in the world of women’s soccer transition, the path is much narrower than we might see even in a sport as parallel as women’s basketball.

This comes in addition to a similar issue confronted in our more recent iterations of the report: youth. The sport of women’s soccer remains in its relative infancy, with even domestic professional soccer taking multiple forms before the more recent NWSL established a more sustained level of success. Like the WNBA, it’s a small sample from which to work given the lack of longevity in comparison with men’s sports leagues such as Major League Baseball or the NFL.

As such, this edition of the PRO2CEO Report will still examine those transitions deemed most successful by our standards previously set forth. Additionally, though, we will seek to examine the restrictions placed on transition to date and how recent trends in favor of the growth of women’s sport are currently establishing roots of much more effective transition in the future. Within that same vein, it is worth noting that the typical net worth component is not included in our Top Ten transitions list. While the list is still structured in an order that reflects net worth, the figures were largely inaccessible and, in some cases, unreliable. That lack of availability also speaks to the complexities within women’s soccer, both in terms of overall accessibility and the growth the sport still has ahead of it.

Honorable Mention

One crucial component of women’s soccer to consider is the idea that the sport is not only at its inflection point but is simultaneously undergoing a period of transition. Many of the names on our list of top transitions are those that were among the first legitimate stars in the sport. However, there is also a more recent generation of talent starting to find their way out of the game via retirement. There are also those that have stated an objective to play another year or two before hitting their own transitional journey. With that, we have seen both those reaching retirement making an impact in the world of business almost immediately upon doing so, while witnessing those who are reaching the end of their respective careers start to prepare for their own imminent transition.

With the previously mentioned limitations on transition still in place in the world of women’s soccer, there are a couple of obvious avenues. One is team ownership. That is a prominent trend deep-rooted in our Top Ten list. Coaching is another. Some former athletes have been able to blend the two together. Former New Zealand player, Rebecca Smith, founded a consultant firm, Crux Sports, that aims for growth in the women’s game. Former U.S. goalkeeper Jill Loyden coached at the professional level and has since founded The Keeper Institute, which seeks to develop prospective keepers in “every component” of the game. While also still involved with the game, former English player Claire Rafferty has taken a somewhat different approach. With a degree in economics, Rafferty is an Agency Success Manager for Transfer Room, which allows “agents and players to make informed decisions faster than ever with real-time market data, exclusive insights and direct access to a global network.” Plenty of others, including Japan’s Homare Sawa & England’s Kelly Smith, work with their country’s youth or, in Smith’s case, have also since taken pundit gigs.

While the transition pathways for women in soccer remain narrow, there are those who have still managed to take a separate path, or have at least blended sport with an additional arena. Former Houston Dash midfielder Christine Nairn stepped away from professional soccer in order to become a firefighter in Houston. Heather Mitts was reportedly looking to break into the world of real estate, in addition to her continued work to bring a women’s professional team to Philadelphia. Ariane Hingst, formerly of the German national team, has worked in sports analytics & technology as well as serving as a television analyst for FOX Sports. Arianna Criscione, a California native who appeared in net for Italy’s national team, attended both UCLA & Boston College en route to founding Valeur Sport, a company that works toward pay equity in sport, and working in operations as a part of Mercury/13, which is “redefining women’s football club ownership.” Former English forward Eniola Aluko has a law degree and has been an executive for Aston Villa, Angel City FC, and FC Como in Italy. Limitations remain on the ability of women in soccer to transition toward more unique outlets, but there is at least some precedent that has been set in order to generate some hope of improved flexibility moving forward.

Top Ten Women’s Soccer Transitions

10. Kealia Watt

  • Years Active: 2014-2021
  • Notable Business Interests/Activities: Burnley FC
  • Summary: As the goal of the PRO2CEO Report has remained showcasing transition, Watt’s story is a strong place to start given that her and husband JJ, formerly of the Houston Texans & Arizona Cardinals, transitioned at roughly the same time. The two became part-owners of former Premier Club Burnley, currently playing in England’s EFL Championship. Watt noted that the transition was difficult, but the involvement with Burnley helped her maintain a mindset upon her retirement from the professional ranks.

9. Christine Sinclair

  • Years Active: 2000-2024
  • Notable Business Interests/Activities: Vancouver Rise FC, Media
  • Summary: A fixture for Portland of the NWSL & Canada’s women’s national team, Sinclair retired last year with more international goals than anyone, man or woman. While her standing on this list is likely due to being fresh off one of the NWSL’s higher salaries, Sinclair has made a seamless transition into the world of business. She is a part owner of Vancouver Rise FC of the newly incepted Northern Super League. Sinclair also remains a key content creator for SportsShare, an online platform for sports education. There, she covers topics such as skills, teamwork, and player-coach relationships. She also has notable philanthropic efforts through the Girls with Goals scholarship fund and the Multiple Sclerosis Society of Canada.

8. Julie Foudy

  • Years Active: 1988-2004
  • Notable Business Interests/Activities: Angel City FC, Media, Leadership
  • Summary: Foudy has been entrenched in American sports media since 2005, working primarily as a studio analyst & color commentator for ESPN. Her podcast, Laugher Permitted, is an extension of that as she talks to important figures in the women’s sport community about a variety of topics. Foudy also started The Julie Foudy Leadership Foundation, which seeks to foster the growth of girls & women into leadership roles. Like many of her USWNT contemporaries, Foudy is a member of the investment team for NWSL club Angel City FC.

7. Birgit Prinz

  • Years Active: 1993-2011
  • Notable Business Interests/Activities: Sport Psychology
  • Summary: One of Germany’s most decorated soccer players regardless of gender, Prinz’ transition is one of the more unique ones that we have seen in the PRO2CEO Report to date. A two-time World Cup champion & three-time FIFA World Player of the Year, Prinz is both a trained physical therapist and has a Master’s degree in sport psychology. Since 2012, she has served as a sport psychology professional for TSG 1899 Hoffenheim’s youth academy, women’s U17, and women’s Bundesliga team, as well as work with the men’s team.

6. Julie Ertz

  • Years Active: 2014-2023
  • Notable Business Interests/Activities: Investments
  • Summary: Ertz’ quiet retirement is reflective of her subtle profile in the two years since she stepped away from the professional ranks. However, Ertz has demonstrated activity both on the philanthropic and investment sides of things since 2023. Along with her husband, NFL tight end Zach Ertz, she is an investor in Lucra Sports, a software development company centered around both recreational & professional sports, and Tiesta Tea, a beverage company geared toward dynamic consumption and social impact. Ertz also works with Zach through the Ertz Family Foundation, which serves the Philadelphia area via different initiatives and projects.

5. Alex Morgan

  • Years Active: 2008-2024
  • Notable Business Interests/Activities: TOGETHXR, CBD, Unrivaled, Investments
  • Summary: A prolific goal-scorer in the history of women’s soccer, Morgan stepped away from the game in 2024. Morgan set herself up for a successful transition as a co-founder of women-focused media company TOGETHXR, which stresses equality, diversity, and impact. She, along with Klay Thompson & Travis Pastrana, is also a co-founder of Just Live CBD, a company which offers a variety of performance and recovery products. Morgan has also co-authored a book series named The Kicks, which examines themes surrounding friendship, leadership, and soccer. It has since been adapted into an animated series on Amazon Prime. Morgan is also a notable investor in the newly-established Unrivaled women’s basketball league.

4. Brandi Chastain

  • Years Active: 1988-2004
  • Notable Business Interests/Activities: Bay FC, Coaching, Media, Private Equity
  • Summary: The subject of one of the most iconic photographs in the history of sport, Chastain has maintained a presence around U.S. soccer since the 1999 World Cup, holding a diverse set of credits to her name. She was a founding investor in NWSL club Bay FC, which reached the playoffs in its first season of play in 2024. Part of that was through her partnership with private equity firm Sixth Street Partners, which has an eye on increasing equity for women in sport. She has also served as a coach at the high school & collegiate levels, leading her to be a part of the advisory board for Positive Coaching Alliance. Chastain has also been a color commentator for ABC, NBC, and ESPN.

3. Abby Wambach

  • Years Active: 2002-2015
  • Notable Business Interests/Activities: Angel City FC, Advocacy, Media
  • Summary: A USWNT icon, Wambach has long been an advocate of increasing women’s presence in sport, to the point where she sits on the Gatorade’s Women’s Advisory Board, which aims to increase equity via numerous investments & partnerships with a variety of grassroots organizations. She was a founding investor in Angel City FC and a co-founder of WOLFPACK Endeavor, which is “a training program revolutionizing leadership development in the corporate world by bringing her champion mindset, individualized coaching, and community building to high-potential women.” Wambach also co-hosts the “We Can Do Hard Things” podcast with wife Glennon Doyle & Glennon’s sister, Amanda. Guests have included Michelle Obama, Brené Brown, and Oprah Winfrey among myriad others. Wambach is also credited as a co-founder of lifestyle brand Re-Inc.

2. Megan Rapinoe

  • Years Active: 2006-2023
  • Notable Business Interests/Activities: Re-Inc, Endorsements
  • Summary: A primary face of the more recent generation of women’s soccer in the U.S., Rapinoe has remained extremely present following her retirement less than two years ago. She maintains a number of endorsements with companies such as Nike & Google while also serving as a vocal activist in matters of police brutality, equal pay, and LGBTQIA+ issues. On the business side, Rapinoe is one of the founding members of Re-Inc, with a self-stated mission of “eco-conscious fashion, creative goods, and a membership that invites anyone to join us in the pursuit of boldly reimagining our world.”

1. Mia Hamm

  • Years Active: 1987-2004
  • Notable Business Interests/Activities: LAFC, Angel City FC
  • Summary: Perhaps the biggest name to emerge from the success of women’s soccer in the 1990s, Hamm has continued to remain heavily invested in the sport. She is one of a number of founding investors in NWSL club Angel City FC and is part-owner of MLS side LAFC with her husband, Nomar Garciaparra. She also serves as a brand ambassador for FC Barcelona & is on the board of directors for Serie A club AS Roma. This comes in addition to her nonprofit work, primarily through her foundation that serves a multi-fold purpose in providing opportunities for bone marrow transplants and expanding opportunities for women in sport.

The Next Wave

With members of a recent generation on the precipice of transition, the future of transition in women’s soccer features numerous veterans setting themselves up to thrive in their next phase. Brazilian star Marta, for example would have led our Top Ten list if she had stepped away following Orlando’s championship last November. A dual citizen of Brazil and Sweden, Marta is involved in the real state world. Angel City forward & former USWNT player Sydney Leroux maintains various partnerships including BodyArmor & Phillips Sonicare. Versatile NWSL player Jasmyne Spencer started Jas It Up, a sustainable lifestyle brand. Tobin Heath & Christen Press were each part of the group that founded Re-Inc. On a smaller, but still impactful, level is the KC Current, who had six players team up to launch Pitchside Coffee.

There are impending successes in the transition game for women’s soccer. The list above showcases several former national-level stars who have been able to transition effectively. The current generation of stars – including the likes of Trinity Rodman, Sophia Smith, and Naomi Girma – could follow a similar path. One hopes that the new generation and rising financing within the sport will allow athletes to leverage their careers into more diverse transition than seen to date.

Notable Trends & Future Outlook

The most obvious trend present in women’s soccer transition is that of the limited arenas in which former athletes are able to operate. Television analyst, coach, and team ownership are consistent avenues featuring a high volume of former players. Part of this is the nature of sport. Previous editions of the report have shown us that athletes can be inclined to remain in their sport on some level, whenever possible. Certain sports are more prone to such activity, with factors such as salary, league size, and ability to transition all serving as elements of why this occurs. However, there is also the more important component of the nature of women’s sport to consider.

While the WNBA has been able to skyrocket in its popularity, their counterparts in the soccer world are a bit slower on the come up. Women’s basketball, while also slow in its initial growth, at least had partnerships with the NBA in order to help with exposure prior to the increase in accessibility that allowed it to flourish within mainstream culture. Women’s soccer, however, has operated in its own sort of bubble. Partnerships between men & women’s soccer are not as apparent, with the two operating almost as entirely separate entities. Not that our report is suggesting the men’s game is responsible for catapulting the women’s game up the ranks of viewership & interest. Basketball worked as a strategic partnership rather than the men’s side serving merely to prop up the WNBA. Instead, we are positing that women’s soccer has had a softer foundation from which to work and, to date, has existed in more of an isolated state than women’s basketball, limiting its growth in earlier stages.

As such, the developments which we are currently witnessing on the women’s side of soccer are objectively correct and meaningful ones. It starts with investment in the sport at a grassroots level. Owners like Washington’s Michele Kang are investing beyond the professional level in order to aid in the development of youth sport. This comes in addition to the also important investment at the upper levels. The exponential increase in marquee names seizing part ownership of NWSL clubs marks a significant point for the women’s game in that it should lead to a continued increase in exposure, expansion, and, subsequently, higher salaries for players. To say nothing of Naomi Girma’s impending transfer to Chelsea, which is projected to cost over $1 million. That would represent a record transfer fee and a clear indicator of a willingness to invest on the women’s side of the sport. This should all cumulatively work to, in turn, lead to more opportunities for diversity in transition opportunities.

It is also important to note that the women’s game is also demonstrating innovative approaches in its collective bargaining. Specifically, the most recent CBA between the NWSL & NWSLPA eliminated the draft, raised the minimum salary, instituted fully guaranteed contracts, and allows players to reach unrestricted free agency. Some of these elements are familiar to their professional counterparts and others are not. However, each component increases player agency leaguewide. It will be fascinating to see how this development impacts transition in the future of women’s soccer and perhaps even influence other sports league to augment future drafts.

The work to be done in women’s soccer is apparent. The current road toward progress remains imperfect. However, it is clear that the women’s game is currently led by a number of individuals – both former athlete and not – that have a legitimate interest and stake in the growth of the women’s game. This is not only reflected both in the continued prominence of retired names like Julie Foudy and Megan Rapinoe, among others, but the additional investment from individuals such as Serena Williams, Ciara, Carmelo Anthony, Angel Reese, and former NCAA VP Donald Remy investing at various levels of the sport. The resulting growth should not only impact the sport itself, but present a myriad of opportunities in matters of transition.

Scroll to Top