Building an empire

The GIST: Yesterday, Swedish football club FC Rosengård transferred ownership of its women’s club under a new holding, FC Rosengård Elitfotboll AB, which gives Crux Football 49% ownership. This is the second women’s football team under Crux, a multi-club ownership group investing across Europe.

• Backed by former soccer stars and industry leaders, Crux is looking to revamp women’s soccer through targeted investment. And Crux isn’t the only game in town — we’re seeing the growth of the multi-level club football model across women’s soccer with a focus in Europe thanks to Kynisca and Mercury13. Roam around the world.

The landscape: While this strategy is common in men’s soccer from conglomerates like City Football Group, Red Bull, and 777 Partners, investors in the women’s game are gaining speed. Michele Kang’s Kynisca was the first global multi-team women’s football organization to unite NWSL, Premiere Ligue, and WSL teams under the same umbrella, but it wasn’t the first with the idea.

• Mercury13 launched in 2023 to own and develop multiple clubs across key soccer markets in Europe and Latin America, pledging $100M investment across clubs. They started by acquiring FC Como Women in 2024, then acquired a majority stake in Bristol City Women in 2025.

• San Francisco–based Bay Collective — which owns NWSL’s Bay FC — plans to do the same, but hasn’t expanded just yet.

The why: The world’s most popular sport has a widespread ecosystem, with clubs big and small offering multiple entry points. Plus, soccer offers devoted fanbases at all levels, meaning it can be cheap to get in while still delivering significant ROI. Multi-level club ownership offers a unified soccer presence across markets, which can boost brand awareness for commercial partners.

• And why women’s soccer specifically? Rapid media and infrastructure investment is showing how quickly the space can scale up, with an even lower anticipated entry cost than men’s clubs at the same tier. This means a player like Crux can come in, revamp teams at scale, and reap the rewards as they build fandom across markets.

Zooming out: When gathered under one roof, clubs across leagues can share institutional resources and spread commercial opportunities. Building marketing relationships with one club could lead to relationships with more, such as longtime Olympique Lyonnais sponsor Mastercard, who recently partnered with fellow Kynisca club London City Lionesses. Priceless.

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The GIST: As predicted earlier this week, the WNBA and WNBPA have agreed to a moratorium on free agency transactions as the two sides continue to iron out a new CBA. In the meantime, free agents are left in the lurch when it comes to training in offseason facilities — but universities and companies are closing the gap.

• The WNBPA has partnered with facilities to create Player Hubs, which allow players to access facilities if a work stoppage occurs. Luxurious wellness club franchise Bay Club has offered its 29 facilities in support of WNBA players — and to align its brand with the WNBPA’s athlete-centric message. Let it all work out.

The hubs: The WNBPA’s Player Hubs are primarily on the West Coast with three universities — Stanford, UC Berkeley, and UNLV — offering their training grounds. And with Bay Club, athletes will be able to train at any of its 29 locations across California, Oregon, and Washington.

• Players on the East Coast can access the WNBPA headquarters and Exos Performance Lab, which works with athletic brands to test products.

The why: While fellow professional athlete unions and media outlets have voiced support for the WNBPA and its current sticking points, it remains a calculated risk for brands to take a stance between the league and its players amid tense negotiations. But this move allows Bay Club to demonstrate support of women athletes and potentially win over fans — without alienating the league.

The takeaway: A suspended WNBA doesn’t just have implications for the league and its athletes: More brands than ever have their fates tied to what happens in the next few months. Bay Club found an authentic way to rally around athletes through a partnership that is reacting in real time.

• We’ve seen brands benefit from openly challenging gendered pay gaps in sports, as well as brands having the power to solve some of the WNBPA’s concerns, like Delta’s support of chartered flights for teams. Fly high.

🔥 Welcome to The Heat Check, our weekly spotlight on Unrivaled’s must-watch showdowns. Prepare to clear your cal because all eight of this weekend’s matchups are appointment viewing — but there’s one topping our list:

👟 Laces BC at 👻 Phantom BC — Tomorrow at 7:30 p.m. ET — TNT

• These star-studded squads boast matching 2-1 records and two hard-nosed guards ready to go head to head: Laces do-it-all dynamo Jackie Young and Phantom superstar Kelsey Plum, who’s averaging 22.7 points per game. Buckets, incoming.