Newcastle United owners pull off masterstroke after £20m ‘hell yes’ Chelsea reveal

The valuation of football clubs has reached unprecedented heights in recent years, with even historically smaller Premier League sides commanding eye-watering sums.

Chelsea’s £4.25 billion sale, Sir Jim Ratcliffe’s £1.25 billion investment for a minority stake in Manchester United, and Everton’s takeover exceeding £305 million illustrate just how lucrative top-flight football has become.

Against this backdrop, a new frontier in football investment is emerging—women’s football—and Chelsea Women’s recent £20 million minority stake sale to Reddit co-founder Alexis Ohanian signals a growing belief in its potential.

Ohanian, already a pioneer in women’s sports as the founding owner of Angel City FC, called his investment in Chelsea Women a “hell yes-type decision.”

His enthusiasm stems not just from the team’s dominance—six consecutive Women’s Super League titles, an unbeaten league campaign this season, and a potential domestic treble—but from the untapped commercial potential of women’s football.

“These players are rewriting the game,” Ohanian declared. “This isn’t just about winning titles. It’s about finally matching their talent with the resources, visibility, and respect they deserve.”

Yet, while Chelsea Women’s on-field success is undeniable, the financial realities of women’s football remain a work in progress.

The club’s latest accounts revealed revenues of just £11.5 million—a fraction of the men’s game. This disparity has raised eyebrows over Chelsea’s recent decision to sell their women’s team to a sister company for £200 million, a move seen as a creative accounting measure to comply with Profit and Sustainability Rules (PSR).

The deal, still awaiting Premier League approval, includes a clause adjusting the valuation if the league deems £200 million an overestimate.

Football finance expert Kieran Maguire highlighted the stark contrast between valuations in men’s and women’s football. “Newcastle generated £150 million in revenue and sold for over £300 million—a multiplier of two,” he explained.

“If you apply that to Chelsea Women, their £11.5 million revenue would suggest a £22 million valuation. Even using a more optimistic multiplier of five—similar to Chelsea’s men’s team—you’d get £50-75 million, nowhere near £200 million.”

The key difference lies in revenue potential. Newcastle’s new owners banked on Champions League qualification, which could bring an additional £100 million per year.

Women’s football, while growing rapidly, lacks comparable financial benchmarks. That hasn’t deterred investors like Ohanian, however, who see long-term value in a sport gaining global traction.

Chelsea co-owner Todd Boehly has predicted the women’s team could one day be worth “hundreds of millions,” but for now, the market remains speculative.

Ohanian’s bet isn’t just on trophies—it’s on the WSL’s ability to capture American audiences, attract major sponsors, and close the revenue gap with the men’s game.

As women’s football continues its upward trajectory, deals like this could become more common. But for now, Chelsea’s £200 million valuation serves as a bold statement of intent—one that will either look prescient or premature in the years to come.

Meanwhile, Newcastle’s £305 million takeover in 2021 seems a bargain by comparison, proving that in football’s financial arms race, timing—and belief in future growth—is everything.