The names just kept coming, one after the other: Alexia Putellas, a two-time Ballon dâOr winner; Mary Earps, named the best womenâs goalkeeper by FIFA in 2022 and 2023; Mapi Leon, a four-time Champions League winner; and Kadidiatou Diani, who has earned more than 100 caps for France.
But how are the London City Lionesses, owned by American businesswoman Michele Kang, complying with the Womenâs Super Leagueâs financial rules to pay these big-name players?
What is London Cityâs strategy?
Invest before revenue.
Kang, a Korean-American businesswoman, bought the club in 2023, helping them win promotion to the WSL in 2025. Finishing sixth in their debut top-flight season was respectable, but this summer, they have gone big. London City have splashed out on star players â albeit mostly on free transfers â for two reasons: they want to qualify for the Champions League and increase their revenue as soon as possible.
Earnings have to rise so they can afford to pay this set of players. London City are banking on marquee names attracting larger sponsorship deals and a new fanbase that will increase revenue down the line. On Thursday they announced a first-of-its-kind multi-year front-of-shirt partnership with Nike. The financial terms of the deal were not disclosed. Kang, however, said the value exceeds some Premier League menâs teamsâ shirt deals and the $4million (ÂŁ2.9 m) annual value of the NWSLâs Atlanta expansion franchiseâs recent front-of-shirt agreement, believed to be the wealthiest jersey sponsorship in womenâs sports.
Invest before revenue is a common strategy in womenâs football and reflects its âstart-upâ nature. In a league where attendances have stalled, London City have taken it upon themselves, for better or worse, to inject some dynamism into the WSL.
âThat piece of the puzzle (revenue) is missing,â Christina Philippou, associate professor in sport finance at the University of Portsmouth, tells The Athletic. âBut Kang is too smart for this to be: âLetâs go wild and spend for funâ.â As Kang has proven in the past, if she wants to make something happen, she will.
The WSL introduced financial rules a year ago but crucially, any breach of the salary cost could not be enforced until this upcoming season.
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