Rachel Bachman

They are the first two Black coaches to get this far in the college football championship race.

They are the first two Black coaches to get this far in the college football championship race.

College football has been slower to diversify its top ranks, even though about half the players in college football are Black and more like two-thirds are non-white.

College football has been slower to diversify its top ranks, even though about half the players in college football are Black and more like two-thirds are non-white.

They are the first two Black coaches to get this far in the college football championship race.

College football has been slower to diversify its top ranks, even though about half the players in college football are Black and more like two-thirds are non-white.

Yes, we've gone from no stadiums and owners who weren't entirely sure that the league would even survive to owners who are now making decades-long investments in their teams.

Yes, we've gone from no stadiums and owners who weren't entirely sure that the league would even survive to owners who are now making decades-long investments in their teams.

So the fact that owners are now saying, we think these leagues are going to grow to the point that even though we're investing hundreds of millions of dollars, we are going to get our money back. A new era. It is a new era. I would say it is an unprecedented era of investor confidence in women's professional team sports.

So the fact that owners are now saying, we think these leagues are going to grow to the point that even though we're investing hundreds of millions of dollars, we are going to get our money back. A new era. It is a new era. I would say it is an unprecedented era of investor confidence in women's professional team sports.

What was the business model? The business model was a shoestring. It was, let's invest enough to keep this team going till the next year, and then see if we can keep doing it again the following year. The wages, aside from maybe a couple of stars, were very low.

What was the business model? The business model was a shoestring. It was, let's invest enough to keep this team going till the next year, and then see if we can keep doing it again the following year. The wages, aside from maybe a couple of stars, were very low.

And oftentimes players dressed in, you know, borrowed locker rooms or even porta potties or trailers next to the field because the entire setup was just simply not for them. They were add-ons to men's stadiums or college stadiums, whatever stadium they could find. They were renters. Why couldn't they have their own? They didn't have the money. Not anywhere near enough money.

And oftentimes players dressed in, you know, borrowed locker rooms or even porta potties or trailers next to the field because the entire setup was just simply not for them. They were add-ons to men's stadiums or college stadiums, whatever stadium they could find. They were renters. Why couldn't they have their own? They didn't have the money. Not anywhere near enough money.

And they didn't have owners who were willing to invest because, remember, these two previous leagues had each folded. So who in their right mind would build a stadium for a team that might be gone in three years?

And they didn't have owners who were willing to invest because, remember, these two previous leagues had each folded. So who in their right mind would build a stadium for a team that might be gone in three years?

You don't get to sell sponsorships, which is usually a very big chunk of the money you make. A lot of stadiums sell their naming rights. Those are very lucrative. Selling advertising rights all around the stadium. Picking the vendors you want.

You don't get to sell sponsorships, which is usually a very big chunk of the money you make. A lot of stadiums sell their naming rights. Those are very lucrative. Selling advertising rights all around the stadium. Picking the vendors you want.

Stadiums want to pick foods and drinks and experiences and surroundings that they think will make their fans more likely to come and spend money and stay and want to re-up their season tickets. All of that has been off the table for women's pro team sports.

Stadiums want to pick foods and drinks and experiences and surroundings that they think will make their fans more likely to come and spend money and stay and want to re-up their season tickets. All of that has been off the table for women's pro team sports.

So Chris and Angie Long are a married couple who work in investment. And they were blown away at the fervor for that event, at the fandom of the U.S. women's soccer team. And they just saw limitless potential in this league, the National Women's Soccer League, that was quite young at the time. In fact, that many people had never even heard of. And they said, this is a business opportunity.

So Chris and Angie Long are a married couple who work in investment. And they were blown away at the fervor for that event, at the fandom of the U.S. women's soccer team. And they just saw limitless potential in this league, the National Women's Soccer League, that was quite young at the time. In fact, that many people had never even heard of. And they said, this is a business opportunity.

40 banks. On what grounds? The bankers looked at their financial projections and were just very skeptical. They said, we don't think you can do this. We don't think this is going to pencil out. And we're not going to finance your stadium. The one bank that said yes was J.P. Morgan, where both of the Longs had previously worked. But still, this had never happened before.

40 banks. On what grounds? The bankers looked at their financial projections and were just very skeptical. They said, we don't think you can do this. We don't think this is going to pencil out. And we're not going to finance your stadium. The one bank that said yes was J.P. Morgan, where both of the Longs had previously worked. But still, this had never happened before.

Perhaps most important, they pledged to build a practice facility and a stadium solely for this team. What's notable about that? About a year ago, women's professional stadiums essentially didn't exist really in the world. In the world? In the world. There might have been a playing field somewhere, but there was not a stadium for women really anywhere professionally.

Perhaps most important, they pledged to build a practice facility and a stadium solely for this team. What's notable about that? About a year ago, women's professional stadiums essentially didn't exist really in the world. In the world? In the world. There might have been a playing field somewhere, but there was not a stadium for women really anywhere professionally.

No banks could look at other cities and say, well, it worked here, it worked there, so let's take a chance on this. No, there was no blueprint for this. The Longs created it.

No banks could look at other cities and say, well, it worked here, it worked there, so let's take a chance on this. No, there was no blueprint for this. The Longs created it.

So it's small. It's pretty intimate. But they knew they wanted it to be packed with fans and raucous and the place to be. And so they wanted to right-size it for this young team. And that's what they opened. History made. It's 2024, but if someone's going to do it, I'm glad it's Kansas City. Kansas City is officially home to the first stadium ever built for a women's professional team.

So it's small. It's pretty intimate. But they knew they wanted it to be packed with fans and raucous and the place to be. And so they wanted to right-size it for this young team. And that's what they opened. History made. It's 2024, but if someone's going to do it, I'm glad it's Kansas City. Kansas City is officially home to the first stadium ever built for a women's professional team.

Yes, attendance has gone up significantly in the NWSL. Viewership is going up. And certainly people wanting to start teams of their own, that has surged, right? They can only add so many teams in a year, but there are many more cities who want teams than are getting them. So demand is outstripping supply right now.

Yes, attendance has gone up significantly in the NWSL. Viewership is going up. And certainly people wanting to start teams of their own, that has surged, right? They can only add so many teams in a year, but there are many more cities who want teams than are getting them. So demand is outstripping supply right now.

What she's doing in the WNBA, like every game she's playing at is a sellout right now. And just to have that type of star power and excitement.

What she's doing in the WNBA, like every game she's playing at is a sellout right now. And just to have that type of star power and excitement.

Great question. She played soccer very well in high school, and she also has an interest in running teams, even owning teams, when she retires from basketball. And so she told Cincinnati's owners that she wanted to be an owner because she wanted to learn the business and what it was like to own and run a team.

Great question. She played soccer very well in high school, and she also has an interest in running teams, even owning teams, when she retires from basketball. And so she told Cincinnati's owners that she wanted to be an owner because she wanted to learn the business and what it was like to own and run a team.

She has a very high profile. And the fact that she wanted to spend time on the business, I think would have helped the soccer league. It would have brought more attention to the league.

She has a very high profile. And the fact that she wanted to spend time on the business, I think would have helped the soccer league. It would have brought more attention to the league.

Owners are willing to spend sums of money in ways that they had never been willing before. That's a huge change. It's hard to overstate what a big change that is. In the past, when people invested in professional women's sports, it was typically very short-term.

Owners are willing to spend sums of money in ways that they had never been willing before. That's a huge change. It's hard to overstate what a big change that is. In the past, when people invested in professional women's sports, it was typically very short-term.

So what the NWSL wants to move toward is their teams being the primary tenant wherever they play. That's a big change. It's a huge change. It's an absolute 180 because it basically never existed before.

So what the NWSL wants to move toward is their teams being the primary tenant wherever they play. That's a big change. It's a huge change. It's an absolute 180 because it basically never existed before.

So Bay FC, which is starting its second year in the National Women's Soccer League, is in the San Francisco Bay Area building. Their owner has told me they're planning to build a stadium in the coming years. They're also building a practice facility, which will probably come first.

So Bay FC, which is starting its second year in the National Women's Soccer League, is in the San Francisco Bay Area building. Their owner has told me they're planning to build a stadium in the coming years. They're also building a practice facility, which will probably come first.

And actually, the Bay FC owner told me he thinks that within a decade, 60 to 70 percent of the teams in this league will own their own stadiums. Wow.

And actually, the Bay FC owner told me he thinks that within a decade, 60 to 70 percent of the teams in this league will own their own stadiums. Wow.

Yes, we've gone from no stadiums and owners who weren't entirely sure that the league would even survive to owners who are now making decades-long investments in their teams.

So the fact that owners are now saying, we think these leagues are going to grow to the point that even though we're investing hundreds of millions of dollars, we are going to get our money back. A new era. It is a new era. I would say it is an unprecedented era of investor confidence in women's professional team sports.

What was the business model? The business model was a shoestring. It was, let's invest enough to keep this team going till the next year, and then see if we can keep doing it again the following year. The wages, aside from maybe a couple of stars, were very low.

And oftentimes players dressed in, you know, borrowed locker rooms or even porta potties or trailers next to the field because the entire setup was just simply not for them. They were add-ons to men's stadiums or college stadiums, whatever stadium they could find. They were renters. Why couldn't they have their own? They didn't have the money. Not anywhere near enough money.

And they didn't have owners who were willing to invest because, remember, these two previous leagues had each folded. So who in their right mind would build a stadium for a team that might be gone in three years?

You don't get to sell sponsorships, which is usually a very big chunk of the money you make. A lot of stadiums sell their naming rights. Those are very lucrative. Selling advertising rights all around the stadium. Picking the vendors you want.

Stadiums want to pick foods and drinks and experiences and surroundings that they think will make their fans more likely to come and spend money and stay and want to re-up their season tickets. All of that has been off the table for women's pro team sports.

So Chris and Angie Long are a married couple who work in investment. And they were blown away at the fervor for that event, at the fandom of the U.S. women's soccer team. And they just saw limitless potential in this league, the National Women's Soccer League, that was quite young at the time. In fact, that many people had never even heard of. And they said, this is a business opportunity.

40 banks. On what grounds? The bankers looked at their financial projections and were just very skeptical. They said, we don't think you can do this. We don't think this is going to pencil out. And we're not going to finance your stadium. The one bank that said yes was J.P. Morgan, where both of the Longs had previously worked. But still, this had never happened before.

Perhaps most important, they pledged to build a practice facility and a stadium solely for this team. What's notable about that? About a year ago, women's professional stadiums essentially didn't exist really in the world. In the world? In the world. There might have been a playing field somewhere, but there was not a stadium for women really anywhere professionally.

No banks could look at other cities and say, well, it worked here, it worked there, so let's take a chance on this. No, there was no blueprint for this. The Longs created it.

So it's small. It's pretty intimate. But they knew they wanted it to be packed with fans and raucous and the place to be. And so they wanted to right-size it for this young team. And that's what they opened. History made. It's 2024, but if someone's going to do it, I'm glad it's Kansas City. Kansas City is officially home to the first stadium ever built for a women's professional team.

Yes, attendance has gone up significantly in the NWSL. Viewership is going up. And certainly people wanting to start teams of their own, that has surged, right? They can only add so many teams in a year, but there are many more cities who want teams than are getting them. So demand is outstripping supply right now.

What she's doing in the WNBA, like every game she's playing at is a sellout right now. And just to have that type of star power and excitement.

Great question. She played soccer very well in high school, and she also has an interest in running teams, even owning teams, when she retires from basketball. And so she told Cincinnati's owners that she wanted to be an owner because she wanted to learn the business and what it was like to own and run a team.

She has a very high profile. And the fact that she wanted to spend time on the business, I think would have helped the soccer league. It would have brought more attention to the league.

Owners are willing to spend sums of money in ways that they had never been willing before. That's a huge change. It's hard to overstate what a big change that is. In the past, when people invested in professional women's sports, it was typically very short-term.

So what the NWSL wants to move toward is their teams being the primary tenant wherever they play. That's a big change. It's a huge change. It's an absolute 180 because it basically never existed before.

So Bay FC, which is starting its second year in the National Women's Soccer League, is in the San Francisco Bay Area building. Their owner has told me they're planning to build a stadium in the coming years. They're also building a practice facility, which will probably come first.

And actually, the Bay FC owner told me he thinks that within a decade, 60 to 70 percent of the teams in this league will own their own stadiums. Wow.