Two days before Angel City FC open the NWSL season, the team’s board hired Moelis & Company with hopes of selling the team, per a Sportico report on Friday.

The team’s largest shareholder, Alexis Ohanian, told Sportico via email that he wasn’t selling his equity. Ohanian declined to comment further, and representatives for Moelis, Angel City FC and the NWSL also declined to comment.

Ohanian, who is a co-founder and former executive chairman of Reddit, is on the board of governors for the NWSL and represents Angel City FC but does not control the team’s board.

Angel City FC’s ownership group, which features several celebrities among it’s nearly 100 co-owners, has three co-founders: Natalie Portman, Kara Nortman and Julie Uhrman.

Per the Sportico report, tension among board members over the team’s finances and operations led to the decision to sell the equity in the team.

Sportico values Angel City FC at $180 million, the highest figure in the NWSL. However, the club has not made a profit.

Former Milwaukee Bucks co-owner Marc Lasry is among those interested in purchasing Angel City FC, according to Sportico, and has had contact with Moelis & Company.

While the average revenue for an NWSL team is around $66 million, according to Forbes, Angel City FC are making more than twice that figure as they enter their third season. Yet their expenses are higher than other teams’, too.

Angel City FC debuted in 2022 along with San Diego Wave FC, who were sold earlier this month by billionaire Ron Burkle for $113 million deal, almost double the prior NWSL record, according to Sportico.

Last season, Angel City FC finished 8-7-7 and clinched their first playoff spot. They open the season Sunday at home against expansion team Bay FC.

–Field Level Media