Bay FC, an NWSL franchise yet to kick a ball, made history this week signing Racheal Kundananji on a world-record transfer fee reported to be £625,000, further demonstrating the rise of women’s football. 

Bay FC is masterfully marketed by four USWNT legends, but it is owned and steered by Sixth Street, the San Francisco-based investment firm with $75bn in AUM. Right up the coast, Seattle Reign was bought last month by a group backed by PE giant Carlyle.

While we rate Kundananji highly, our models show that there are 29 players who are already better and younger than her (e.g. Jaedyn Shaw, Trinity Rodman).  So, whether or not Kundananji’s transfer fee is good value, it is a strong signal of intent. Investors see women’s sport – football in particular – as poised for major growth in the next decade. Those with capital are getting a head start.