A $30 million investment in women’s and girls’ soccer

WHAT’S ON DECK

• Tell Me More: Investors Are Betting Big on Women’s Sports

• Troublemaker Spotlight: Heather Freeland, Chief Brand Officer, Adobe

• Dear FQ: I Was Laid Off. How Honest Should I Be?

• Poll the Pack: Your Work Bestie Is the Key to a Happier Work Life

TELL ME MORE

Female investors are betting big on women’s sports. Could this finally level the playing field?

In 2024, American businesswoman, philanthropist, and professional sports team owner Michele Kang invested a history-making sum in women’s and girls’ soccer. The $30 million investment is the largest philanthropic gift ever made to the federation’s women’s and girls’ programs and the largest donation to U.S. Soccer by a woman. It’s about more than money. It’s about setting a new standard for how we value women athletes and their potential.

Women’s sports are big business. “Women’s sports have been undervalued and overlooked for far too long,” Kang said. “I am committed to raising the standard of excellence in women’s soccer—both on and off the pitch—by delivering the resources female athletes need to reach their full potential and surrounding them with the professional support they deserve.”

A recent study projected that global revenue from women’s sports grew over 300% from 2021-2024. That’s a welcome sign for female athletes everywhere that the playing field is slowly leveling, but there’s still a long way to go. On average, female athletes earn 21x less than their male counterparts (21x less—not a typo). 

Leading the charge to shine a light on women’s sports is a roster of powerhouse athletes like Simone Biles, Caitlin Clark, Coco Gauff, and Angel Reese. And public opinion shows that it’s working—women’s sports are gaining popularity and, in some cases, outpacing men’s sports. 

• Almost 19 million fans tuned in to watch the 2024 NCAA Women’s Basketball Championship, surpassing the number of viewers for the men’s game by millions. 

• Serena Williams’ husband, Alexis Ohanian, hosted the first women-only track event, Athlos, and packed serious star power (i.e., Megan Thee Stallion) into the high-tech meet. 

• The 2023 Women’s World Cup raked in $570 million for FIFA and was called the “best and greatest and biggest” by the soccer body’s president. 

Where there are millions of fans, there are big business opportunities. And investors like Michele Kang are taking note. While Kang’s investment in U.S. Soccer focuses on giving younger players the foundation to go pro (in the form of training camps), other investors have their eye on high-stakes championships.

• Private equity firm CVC Capital Partners acquired a 20% stake in the Women’s Tennis Association’s commercial business, pinning their hopes on a rise in player profiles. 

• VC-backed pro soccer teams like the San Diego Wave FC, Angel City FC, and BOS Nation FC are the main focus of Monarch Collective, a firm that invests exclusively in women’s sports. 

Bottom line: Women’s sports are experiencing well-deserved recognition, thanks to mission-critical capital and the relentless efforts of professional female athletes. 

“Women’s sports is not a charity. It is, on its own, an incredible entertainment product and sports product.” —Michele Kang

TROUBLEMAKER SPOTLIGHT

Heather Freeland, Chief Brand Officer, Adobe

Heather Freeland’s resume is what every CMO dreams of. With senior marketing roles at Facebook, Lyft, and MTV, Heather and her teams have been the driving force behind countless award-winning campaigns that we’ve all seen on billboards and screens across the world. Not many people can say they transformed the marketing industry by launching mobile and video advertising on Facebook and Instagram. And not many people can say they partnered with celebrities like LeBron James and “Lyft Drivers” like Alicia Keys. So what can’t Heather do? Not much, in our eyes.

FQ: What’s the worst career advice you’ve gotten?

HF: I was about five years into my career when someone told me that my friendly personality was unprofessional and that leadership wouldn’t take me seriously. I’m happy to say that this was one piece of advice I didn’t take to heart. 

What I did learn from this experience was that not everyone will like or understand you, but that doesn’t mean you have to change who you are to forge a successful career.

What’s the best piece of non-obvious career advice you’ve gotten?

Everyone has a tendency to surround themselves with people like them. The secret to growth is surrounding yourself with people who are not like you. You should build a team with people who complement you—which, frankly, I think you can apply as advice for any facet of your life.

What was a “heartbeat moment” for you in your career?

Early in my career, I worked at a PR and communications firm in DC and was offered the chance to move to New York to start our office there. I had only been to New York three times before (primarily on family trips growing up), and I knew no one there. 

I was given a week and a half to make the decision.

Up to that point, I had honestly never taken a big risk like that—personally or professionally.  But I decided that the only way I would grow was to push myself out of my comfort zone. It was honestly one of the best decisions in my life because everything about it was about my own growth. I wasn’t reliant on anyone; I had to find a new social circle, a new business, and a new life. It gave me confidence and drive I never knew possible.

Imagine you just received the marketing version of an Emmy award. Who are the three people you’re thanking that aren’t at your current gig?

Mark Kiernan who, at the time, was my boss at Digitas. Mark taught me, more than anyone else, how to be a great marketer, how to apply creativity even if you’re not a creative, and how to practice the art of lifelong learning (while having a little fun, too).

John Zimmer, co-founder of Lyft, taught me that leadership and humanity are not mutually exclusive. John cared deeply about the people around him and the people who were an extended part of the Lyft community—his example showed me how critical this is.

My colleagues in the early days at Facebook. There are too many to mention, but in those early days, learning came at you fast and furiously—and most of that came from your peers. The talent level was SO high and the quality of the human beings there exceeded even that. It’s where I learned to navigate a large, complex, fast-moving organization to drive growth, but also where I learned how important it is to surround yourself with people you can learn from, while having some belly laughs in the process.

Where have you caused trouble?

I’ve always been a big believer that brands are built on actions, not advertising.

At Lyft, this was in their ethos, which I loved. One highlight was when we made the decision to champion a woman’s right to choose when the Texas state legislature passed legislation to restrict that right. At that time, we made the bold move to not only support Planned Parenthood with a $1M donation, but also to set up a legal defense fund for drivers who might have been affected by the legislation. 

Typically, corporations have not stood up on this very polarizing topic, but we did. This is something I’m proud of to this day. We stood for what we believed was right, we acted on it, and inspired others to do the same (and we built a lot of brand love in the process).

DEAR FQ

Your burning career questions answered

Amanda Hickman of The Female Quotient weighs in:

First and foremost, layoffs happen, and they often have nothing to do with your skills and talent. If you're asked about it in an interview, be truthful but don’t dwell on it.

There’s a way to say you were affected by layoffs without rerouting the entire interview. Layoffs can be caused by a multitude of factors out of your control. Be thoughtful in how you phrase your reply during interviews. Instead of simply saying, “I was laid off,” focus on the bigger picture and the positive aspects of your employment there, such as, “My position was eliminated as part of a restructuring. I’m incredibly grateful for the experiences, the amazing colleagues I worked with, and everything I learned.”

Keep your response short, direct, and confident—then shift the conversation back to your strengths and what you bring to the table.

P.S. Got a burning career question? Serve it up here to Dear FQ to score advice from a powerhouse leader in our network.

POLL THE PACK

It’s always about the people: The heartbeat of every company

Healthy relationships at work are the key to a productive and fulfilled team, and essential to achieving company-wide goals. Employees are 55% less likely to look for a new job if they feel engaged and connected to their team’s culture. And according to Gallup, employees with a best friend at work thrive—they are more efficient and more likely to engage with clients and internal partners. In other words, your “work bestie” is a huge asset! 

How can you stay connected and foster relationships at work? 

• Make an effort to stay in touch with work friends, even when you’re not actively working on a project together. A message on Slack or Teams can go a long way. 

• Recognize and appreciate the contributions of other people, just like you’d celebrate the wins of a friend outside the office. 

• Offer up your expertise in areas where you feel confident. Sharing knowledge, resources, and connections builds relationships and helps contribute to company-wide goals.

That “friendly personality” might earn you a work bestie—and a happier, more fulfilling career. Go ahead, forward this email to your work bestie. 👯‍♀️

Xo,

The FQ