Why Emerging Industries Need Capital Before Consensus: An Argument For Early Investment in Women’s Football
Introduction
Women’s football is evolving beyond the pitch with clubs positioned to transform into dynamic community centric organisations delivering not only high quality sport but more critically, fan experiences rooted in joy and belonging; providing that critical third space to unite communities. Yet within this evolving landscape in England and across Europe, the majority of women’s clubs operate on opex only budgets with largely volunteer fuelled structures lacking critical growth capital needed to scale. Many clubs have shown they can draw large crowds, specifically for important matches and headline events, yet they have often struggled to convert these visitors into regular supporters exposing critical gaps in overall fan base understanding and activation, match day experience, stadium infrastructure and delivery.
This lack of strategic investment holds women's sports in a virtual commercial purgatory. History shows that many now thriving industries began the same way: authentic consumer demand but insufficient investor confidence.
Overcoming History
Historically, women’s football in Europe has been sidelined and bereft of critical commercial infrastructure. In 1921, in a decision rooted in entrenched misogyny, the English Football Association banned women’s football, European countries like France, Italy and Spain followed suit. When the ban was eventually lifted in 1971, women were left to rebuild the game with negligible infrastructure constructed of afterthoughts and hand-me-downs as second class citizens in men’s clubs. In contrast, women and girls in the U.S. benefited from Title IX (1972), which legally enshrined equal access for girls and women in all federally funded institutions. It nurtured generations of female athletes and laid the foundation for women’s professional leagues such as the NWSL, USL, WNBA, WPBL, WUSPL, WER and PWHL. This legal access also reshaped the social terrain, nurturing many of the cultural shifts we now recognise as prerequisites for gender parity. The absence of a Title IX–style legal provision for girls and women in Europe means that women’s sport continues to lag behind its American counterpart commercially, with significant structural barriers persisting, including: thin competitive ecosystems, limited free broadcast, cost prohibitive paywalls, sparse commercial and event infrastructure, and minimal data visibility. Many clubs are effectively volunteer-run, with marketing, merchandising, event delivery and digital engagement often left unrealised as basic operational work absorbs available capacity.
When girls can see themselves in sport and take part, their confidence and sense of possibility grows; when the system starves that pathway of resources, it narrows their futures. That is why investment is so critical. This isn’t simply a game, it is a live opportunity to re-code what is considered normal for girls and women in public life.
Emerging Industries
Women’s football is no longer a niche interest. It represents a dynamic, emerging industry built on the classic foundations of growth: compelling products, aligned values, expanding services, immersive experiences, and an engaged consumer base. What truly sets this sector apart is its authenticity and cultural resonance. Fans and sponsors see women’s sports as more than a product; it’s a movement and a lifestyle that fosters confidence and belonging and has potential to drive wider systemic equity, aspiration, and community impact. This creates unusually high brand affinity, deeper sponsorship loyalty, and a sense of shared purpose between athletes, fans, and partners.
This is a rare convergence of economic, financial and societal tailwinds, an alignment that typically precedes outsized, durable value creation. As with other successful emerging industries, this alignment between broader market forces and societal values is transforming purpose into impact and profitability. Women’s football has the ability to follow the same trajectory as past purpose-driven markets from underestimated passion projects to mainstream powerhouses by leveraging social relevance to create sustainable economic value.
In the early days of organic food and renewable energy, capital was slow to follow because investors doubted scalability and returns. Clean energy faced hesitation in funding, not because the need or technology weren’t robust, but because they felt the lack of marketing and comms; that meant the market narrative hadn’t yet caught up to the reality of demand. In both industries, investment stalled until there was evidence to prove that customers' demand was consistent and reliable. Once investors recognised the authenticity and purpose-driven nature alongside their long game potential, financial backing followed. The post-investment landscape evolved rapidly from niche movements into profitable mainstream markets with strong commercial outcomes, many of which are now thriving sustainable, green and B Corp businesses.
Like many emerging industries, organic food and all-natural energy began in niche spaces as well, such as farmers’ markets and Co-ops. They then scaled through strong visual branding, values-driven marketing, and partnerships that aligned purpose with profit. Organic food brands built trust with education campaigns on flavour, lifestyle, USDA certification and highlighting farm-to-table storytelling. Similarly, renewable energy grew through storytelling, public demonstrations, and celebrity endorsements, emphasising innovation and national impact. Over time, this approach fostered strong emotional connections with consumers, expanding its reach and elevated products into a lifestyle choice rather than a simple commodity. The same opportunity now exists in women’s football with minimal investment in strategic commercial workforce, match day experiences and marketing, it has every potential to evolve into one of the most dynamic growth sectors in the global history of sport.
Women’s clubs now have an opportunity to draw on lessons from these movements and industries to build more deliberate relationships with supporters, activate sponsorships more effectively, and strengthen community and social impact through storytelling, awareness campaigns and in-person events. Women’s sport in England is also well placed to rethink the match-day experience, learning from the more immersive models developed in the United States. Placing the in-person experience at the centre of club strategy can open multiple revenue streams across venues, merchandise and live activations, broadening the commercial base of the game and challenging the historically utilitarian approach to the fan experience.
Early Investment: Green Shoots
Some clubs are already demonstrating how early investment and clear strategy can turn underfunded teams into global success stories. Critically, these cases evidence that targeted funding that modernises the match day experience can change a club’s trajectory.
Kansas City Current (USA) demonstrates the impact of significant capital investment. The club has committed around $140 million on a purpose-built stadium, plus further facility investment, placing it among the most ambitious in the women’s game. Improvements in infrastructure and training conditions have strengthened the club’s identity and ambition, contributed to record-breaking seasons, and supported sustained growth in fan attendance and engagement.
Glasgow City FC provides a different but complementary example, directing investment into its commercial workforce. This focus has quickly produced stronger partnership portfolios and more effective event delivery, illustrating how off-pitch capacity building can accelerate revenue generation. At Aston Villa, increased investment in marketing and match day operations is expanding the match day experience and signalling a clear commitment to supporters. The recent appointment of Maggie Murphy as Managing Director further indicates an emphasis on community engagement, inclusive match day environments and long-term sustainability.
Other clubs, including Liverpool Women and Celtic Women, have recently secured new permanent homes or upgraded venues. In the United States, the National Women’s Soccer League is adding new teams, and one of the incoming franchises in Denver has announced plans for a 14,500 seat, purpose-built stadium for women’s soccer. These developments do not yet match the fully bespoke facilities seen in Kansas City, but they show that more clubs are beginning to align venue investment with the ambitions of the women’s game and reflecting a growing belief that women’s football should have infrastructure designed around its own audiences rather than borrowed spaces.
In line with this Barclays WSL has now published an initial stadium-design framework developed specifically for the women’s game. Many of its recommendations build on existing ground-grading standards and baseline building regulations, but its value lies in a shift of attention: it names the match-day needs of women’s teams and their audiences directly, making explicit what has too often been assumed or overlooked. It reflects an emerging acceptance that women’s football requires more than minimum compliance, and that supporter environments, player facilities and commercial space deserve intentional design rather than after-the-fact adaptation.
The Future
To unlock the next phase of growth of women’s football requires strategic investment and holistic club development beyond the pitch. Clubs must complement on pitch talent with commercial leaders from proven, capital-efficient industries that have successfully monetised female and female-centric audiences in mature consumer markets. These specialists can enhance the match day experience, deliver robust digital and social ecosystems, and an expanded portfolio of fan-facing consumer products that goes well beyond the replica shirt. This revenue can be reinvested into further commercial activation facilitating stronger partnerships, and by embedding analytics and quick test and learn cycles we can adapt at pace while mitigating risk. Community engagement is equally critical. Grassroots programs, local fan initiatives and school partnerships will drive long term support and build a loyal fan base. These approaches foster a sustainable environment that enhances the club, fan base and financial growth.
Conclusion
On-pitch investment strengthens the core sporting product, but many new supporters are ultimately drawn by the overall experience, and that is where many clubs still fall short. Building internal commercial capacity and community-focused expertise would allow clubs to grow attendances while also generating social value. This requires a genuine shift in mindset. If clubs do not adapt, they risk higher costs simply to retain existing audiences, rather than growing them.
A more integrated and intentional approach to match-day, digital and community engagement can deepen loyalty and consolidate club identity. By embedding these practices, women’s clubs can better align with proven growth models, realise more of the economic and cultural potential of women’s football, and position themselves as leaders within a rapidly expanding, commercially viable field.
Author: Yami Rubio
Conceptualization: Leah Godfrey
Research: Stella Franzia
Editor: Therese Casino