The landscape of sports has undergone a seismic shift, particularly within women’s sports, marking a moment of significant transformation in who controls the capital. Historically viewed as a niche segment, women’s athletics has reached an inflection point characterized by record viewership, sold-out venues, and substantial media rights deals. The focus, however, transcends the athletic performances on the field; it revolves around the power dynamics off the field, specifically in ownership suites, boardrooms, and investment committees.
This shift is critically captured in Forbes’ just-released 2025 list of America’s Most Powerful Women in Sports. The list highlights how women are increasingly not only spectators of sports narratives but also pivotal figures shaping the capital structure of the sports economy. This development is not merely about gaining a seat at the table—it’s about altering the very composition of that table, defining who benefits and what initiatives receive funding.
At the pinnacle of this change is Gayle Benson, owner and CEO of the New Orleans Saints and New Orleans Pelicans. Benson represents a unique case as the sole woman owning teams in both the NFL and the NBA, commanding influence in two of America’s most lucrative sports leagues. Her position affords her significant leverage in shaping decisions that impact the $23 billion generated by the NFL last season.
Similarly, Clara Wu Tsai’s acquisition of the Brooklyn Nets in 2019 signals a transformative potential for previously undervalued franchises. Under her leadership, the New York Liberty—once considered a financial afterthought—has evolved into a powerhouse, valued at an estimated $450 million. Wu Tsai’s approach highlights how strategic investment and professional management can unlock a franchise’s commercial potential.
Michele Kang’s endeavors in women’s soccer further exemplify the shifting dynamics of capital control. Owning multiple clubs including the Washington Spirit and Olympique Lyonnais Féminin, Kang is laying the groundwork for women’s soccer to ascend to new financial heights. With significant contributions to female-centered sports science and performance systems, her investments reflect a belief in the long-term growth of women’s sports—not solely based on headlines but foundational infrastructure.
Kara Nortman’s perspective on women’s sports as an underdeveloped asset class has proven transformative. Co-founding Angel City FC in 2020, she has established a model where capital is married with operational expertise, leading to a remarkable valuation of $280 million for her club. This not only validates her vision but also hints at the expansive growth potential lying within women-led sports franchises.
Moreover, the players themselves are seizing control over their financial destinies. The “Caitlin Clark effect” serves as a pertinent example, illustrating how a single athlete can drive significant economic activity in a league. Winning a multi-million dollar deal with Nike signals a broader recalibration in how female athletes are perceived as economic assets rather than ancillary participants in the sports narrative.
The infrastructure underpinning these changes also reveals a more equitable distribution of power. Women now occupy key roles that dictate the strategic direction of investment and media outreach. For instance, Amy Howe oversees FanDuel, which drives 41% of the U.S. sports betting market, illustrating how control over platforms can effectively transform audience engagement and value perceptions. Similarly, Amy Montagne at Nike and Rosalyn Durant at ESPN are pivotal in shaping which athletes gain visibility and financial backing.
The governance of women’s leagues has also shifted dramatically, with figures like Jessica Berman leading the National Women’s Soccer League (NWSL) through significant changes aimed at empowering players. By eliminating drafts and giving athletes a say in their careers, Berman has balanced the scales of power between owners and players, nurturing a competitive landscape rooted in cultural values and investment.
Despite this progress, the narrative is not entirely optimistic. Women are still underrepresented in key areas such as ownership groups and league governance, highlighting a crucial gap that persists in the sports economy. As the dynamics of power and capital evolve, who controls this capital will have lasting ramifications for how sports sectors develop, who profits, and which initiatives are prioritized.
The rise of women shaping the capital structure of sports is a landmark development, signaling a new era where equity in ownership and leadership is becoming more tangible. This shift is not merely a momentary trend; it is a fundamental recalibration of the sports economy. As more women step into roles of influence and control, the sports landscape is poised for unprecedented growth and innovation, making the future most promising for emerging female-led ventures.
Ultimately, the question remains: who genuinely controls the capital now? According to this year’s Forbes list, women are decisively at the forefront, but there is still work to be done to ensure that this newfound influence translates into lasting equity and opportunity in the sports economy. Their increasing presence is rewriting the rules, ensuring that future generations of athletes and leaders have both representation and a stake in the wealth they help create.
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