WOMEN'S FOOTBALL: INVESTMENT OPPORTUNITIES AND THE CASE OF F.C. COMO WOMEN
BY DR LUCIEN VALLONI AND SARA BOTTI, VALLONI ATTORNEYS AT LAW, ZURICH, SWITZERLAND
In recent years, women's football has undergone a remarkable transformation, evolving from a niche sport into a dynamic and rapidly expanding discipline.
This evolution, which extends beyond issues of inclusion and gender equality, has increasingly attracted visionary investors and entrepreneurs. The growing interest is driven by the combination of rising demand and investment opportunities, with lower entry costs compared with men's football and a less saturated competitive landscape.
The economic potential of women's football
The surge in popularity of women’s football can be attributed to several factors, which include:
- international success on the field;
- the expansion of professional leagues; and
- the support of major brands and federations.
Events, such as the Women’s World Cup, have garnered global attention and generated substantial revenues.
To underscore this, FIFA, the World Governing Body of Association Football, and the World Trade Organisation (WTO) have recently conducted a study on the socio-economic impact of the 2023 FIFA Women's World Cup. Utilising a multi-country, multi-sector macroeconomic model, the event was interpreted as a stimulus to global demand for goods and services, with significant economic effects on a global scale.
The findings are compelling: over 2 billion people were engaged, with 736 athletes from 32 countries, contributing to a $1.9 billion increase in global GDP.
Additionally, more than 38,000 new jobs were created, with medium- and lower-income economies benefiting from 30% of the growth. In terms of value-added trade, global commerce recorded a US$1.3 billion increase, particularly in the tourism and entertainment sectors.
Opportunities and challenges for investors
The exponential growth of women's football presents a unique investment opportunity.
This emerging market is characterised by several key elements, starting with growing value. Whilst the economic valuations of women's football clubs remain lower than their male counterparts, increasing media visibility and sponsorship interest indicate a likely rise in value over the long term.
Another crucial factor is the emerging markets landscape. In many countries, women's football is still in its developmental phase. Initial investments can yield substantial returns as the sector matures.
A further advantage lies in lower operational costs. Managing women’s football clubs is significantly less expensive than managing men's teams, offering potentially higher profit margins for investors who plan strategically.
Finally, sponsorship and TV rights represent a growing revenue stream. The increasing media attention has sparked interest from broadcasters and streaming platforms, creating new income channels for clubs. Furthermore, many companies are eager to align themselves with the values of inclusivity and empowerment embodied in women’s football.
Despite these promising opportunities, women's football also presents certain challenges. For instance, many women's clubs lack the same resources and infrastructures as their male counterparts, requiring substantial initial investment in facilities, training infrastructures, and technical staff.
Additionally, media coverage remains limited compared with men’s football. For a club to succeed, effective marketing strategies must be employed to attract and retain public interest.
In terms of revenue, immediate returns may not be substantial during the early phases. Building a solid fan base and securing sponsorships may take some time and sustained effort.
The case of F.C. Como Women: a vision for success
A concrete and recent example of strategic investment in women’s football is the F.C. Como Women. Competing in Italy’s Serie A, the club entered the portfolio of Mercury/13, a multi-club ownership group led by visionaries Victoire Cogevina Reynal and Mario Malavé, in early 2024.
The acquisition of F.C. Como Women by Mercury/13 illustrates the group’s commitment to revolutionising the management of women’s football clubs, with the goal of engaging a significant female audience that has traditionally been overlooked. Under the leadership of Mercury/13, F.C. Como Women aspires to establish itself as a major force on the international stage, focusing on the economic growth of women’s football whilst actively promoting gender inclusion and equality.
This project has recently gained additional momentum with the involvement of Giorgio Chiellini as an investor. The former footballer, inspired by the growth of women’s football in the United States and the success of teams like Angel City FC, has chosen to actively support Mercury/13’s initiative. Chiellini's investment reflects how, even prominent figures from men’s football, recognise the potential for growth and development within women’s football—not only in terms of sporting success but also as an economic opportunity.
The case of F.C. Como Women demonstrates that a carefully planned and long-term investment strategy can serve as a model for other entrepreneurs interested in this promising business sector.
The return on investment in women's football: professionalisation and sustainable growth
Lastly, the professionalisation aspect: an additional return on investment in women’s football lies not only in financial gains, but also in the area of professional development and performance enhancement. A club backed by strong investors can provide fair and competitive compensation to its players, allowing them to dedicate themselves fully to their careers without the need to seek secondary employment to support themselves.
This shift in focus—enabling players to concentrate solely on their training, development, and performance—has a profound impact on their individual growth and the overall success of their teams. When players can train consistently and without external distractions, their skills improve, leading to better on-field results. This, in turn, elevates their market value as athletes, increasing the club’s appeal to sponsors, broadcasters, and even future transfer markets.
As the players’ professional profiles grow, their clubs benefit from heightened visibility and enhanced performance, ultimately raising the overall valuation of the investment.
A well-supported team, with fully committed players, tends
- to perform better in competitions;
- attract larger fan bases; and
- to secure more lucrative sponsorship deals.
The increase in both individual player values and the collective success of the club creates a positive feedback loop, whereby success breeds further success, boosting the return for investors over time, as well as enhancing the status and popularity of women’s football!
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