Roger Hampel
The Women's Cup is an international women's football tournament that brings together top club teams from around the world to compete, offering a platform for global competition and visibility in women's football.
Women's football is rapidly transforming into a major force in the global sports industry. Once underappreciated, the sport is now gaining significant attention from investors, broadcasters, and fans alike. This growth is driven by increased visibility, strategic investments, and the recognition of its vast commercial potential.
In this interview, John P. Reynal, President and CEO of The Women's Cup, shares the inspiration behind founding The Women's Cup, the factors fueling the sport's rise, and why he believes women's football is set to become a cornerstone of the football business. Whether you're an investor or a fan, this conversation highlights why women's football is poised to shape the future of the sport.
John P. Reynal (President & CEO at The Women’s Cup)
Roger (Founder of Football Business Journal): I've been following your project closely, particularly the Women's Cup. What was the catalyst for founding the Women's Cup and what was your vision when you started this remarkable project?
John P. Reynal (President & CEO at The Women’s Cup) : The Women's Cup was founded in 2019. Our first tournament was planned for 2020, but the pandemic delayed everything. So we officially launched in 2021. Initially, it was supposed to be held in Portland, Oregon, but due to the delays, we shifted the venue to Louisville, Kentucky, where teams like Bayern Munich, PSG, Racing Louisville, and Chicago Red Stars participated.
The main reason behind founding the Women's Cup was my background in organizing men's professional matches, tournaments, and tours. I founded a company called Onsite Entertainment in 2014, and we primarily focused on men's football, working with national teams and clubs from Latin America and Europe. However, in 2019, we started exploring women's football in the United States. At that time, the landscape wasn’t what it is today—it was growing, with only eight teams in the NWSL, compared to 14 now. The U.S. women’s national team had already won three World Cups, showing a strong history in the sport.
We realized there wasn’t a Women’s Club World Cup, which meant there were no opportunities for teams from different countries to compete against each other. The Women's Cup was founded to fill that gap, providing a platform for international play that didn’t previously exist.
Roger: What do you think sparked the rapid growth of women's football five years ago? Was it primarily the success of the U.S. women's national team, or were there other factors at play?
John: The success of women’s football was inevitable. The sport has been around for a long time but was suppressed for decades. From 1921 to 1971, women’s football was banned in many countries, and efforts to establish a Women’s World Cup from 1971 to 1991 were also stifled. Despite these obstacles, the demand, desire, and audience were always there. Today, football represents about 70% of the global sports business, with 95% of the revenue coming from men’s football and only 5% from women’s football. Yet, the world’s population is roughly 50% men and 50% women, highlighting a massive potential for growth in women’s football.
Two major factors have driven recent growth. First, major broadcasters started taking women's football seriously, investing in high-quality production for broadcasts. This has transformed the viewer experience, making it more appealing and accessible. Just recently, CBS broadcasted back-to-back NWSL matches on its main national channel—a scenario that would have been unimaginable just a few years ago.
We’re already seeing how better broadcasting can significantly enhance the viewer experience. We at the Women’s Cup have implemented an 8 camera set up with live commentators to put out a premium product. This investment in quality is crucial for making the product more appealing and sellable on a global scale.
Second, European clubs recognized the commercial potential of women’s football. Clubs like Barcelona, Real Madrid, Manchester City, and others saw that while their men’s football projects were maturing with limited growth potential, their women’s teams could grow exponentially. This realization has led to increased investment in women’s football, making it a key growth area in the industry.
Roger: It’s interesting that you mentioned the European women’s teams of top clubs, like Barcelona or Real Madrid. In the U.S., women’s teams often have separate identities from their male counterparts, like Angel City FC or KC Current. Do you think these independent brands could eventually surpass the European co-branded teams in strength?
John: In the U.S., this independent branding is already proving successful. Teams like Angel City and KC Current have established their own identities and are thriving. They’ve carved out their own markets and are on a path to significant growth. For example, KC Current has ambitious plans to grow globally, supported by a strong front office and ownership group, including Chris and Angie Long and Brittany and Patrick Mahomes.
However, in Europe and other parts of the world, women’s teams are generally seen as extensions of their men’s teams, which presents challenges. Over time, though, these women’s teams will develop their own fan bases and brand identities. We’re already seeing this with new fans who are drawn specifically to women’s football. For example, after the Euros in England, 8 million people who had never watched men’s football became fans of women’s football. This new audience is key to the sport’s future growth.
Roger: I think a fitting title for this interview could be, "Why Women's Football is the New Future of Football Business."
John: Absolutely. If you're in the football industry or you're investing in sports and you have to pick where to invest your money, I would say, don't even think about it twice. If you want to invest your money at a return of 5%, invest in men's football. If you want to invest your money at a return of 100%, invest in women's football.
Roger: That's valuable advice for our readers, many of whom are sports investors and business angels. Given your experience from organizing the women’s cup in the US, Spain or Colombia, how do you see the growth of women's football across different continents—North America, South America, and Europe? Are there noticeable differences?
John: There are significant differences. Let’s break it down into three markets: North America, Europe, and Latin America.
In North America, particularly the U.S., the environment is more mature, with valuations of women’s teams skyrocketing. Teams bought for $1-2 million a few years ago are now worth $130-200 million. This growth will continue, especially with the introduction of new leagues like the USL Super League. The U.S. market benefits from higher ticket prices and better TV deals compared to Europe, where women's football is still undervalued.
Europe is growing, but at a slower pace compared to the U.S. However, the most interesting growth market right now is Latin America. Traditionally a hotbed for developing top men’s players, Latin America is now seeing a similar trajectory in women’s football. Players are realizing that they can have a career in football, just like men have for decades. The quality of play in Latin America is improving, and with the 2027 World Cup coming to the region, the enthusiasm and fan base will only grow. Latin America is where we’re focusing much of our attention for future growth.
The Women's Cup 2024
Roger: It sounds like Latin America will play a crucial role in the future of women’s football, especially with the upcoming 2027 FIFA World Cup that will take place in Brazil.
John: Absolutely. We’re already planning to expand our tournaments in Latin America by 2025, adding more locations like Chile and Brazil or Argentina. The region is poised for explosive growth in women’s football, and we’re excited to be part of that journey.
Roger: That sounds amazing, and I'm sure it will be a great success. Speaking of success, you recently hosted Juventus at the Women's Cup, and as we know, football players can become massive superstars. You can see it everywhere in Miami with Messi—his presence is felt in every corner, from shirts to the Messi burger at Hard Rock Cafe. I'm curious about your experience with Juventus, particularly with their player Alisha Lehmann, who is one of the most followed women's football players.
Did you notice a special interest in her from the women's football audience? And do you think women's football players can achieve the same level of stardom and business influence as their male counterparts?
John P. Reynal: Absolutely. Alisha Lehmann had a tremendous impact at the Women's Cup in Louisville. For instance, she posted a photo holding the Women's Cup trophy, and it garnered over 900,000 likes, a number we've never seen before on any of our posts. The videos featuring her reached over 2-3 million views, and our platform's growth spiked by more than 30%.
Alisha Lehmann brings a "Messi effect" to women's football. Just like how Messi's arrival at Inter Miami drastically increased their social media following, Alicia's presence created significant buzz and engagement. She has 17 million followers, a huge fan base that has helped her cross over into broader awareness. Many people, especially on the men's side, who weren't very familiar with women's football, knew about Alisha Lehmann. This crossover appeal is something we’ll see more of, and it will be hugely beneficial for the sport.
John: I also believe women’s football players will increasingly become style ambassadors, which presents a tremendous market opportunity. For example, Victoire Cogevina at Mercury 13, who also owns Como Women, is doing amazing work blending style and fashion with football. This approach will be a big plus for women’s football, allowing it to reach new markets.
Roger: Fashion has always been closer to women’s audiences than men’s. What are your thoughts on the potential for women’s sports brands to expand into fashion and other industries? Could this be a good business opportunity for the women’s football industry?
John: Absolutely. Women’s football must expand its reach into other industries, and fashion is a natural fit. The Women's Cup, for example, is not just a football tournament—it's a platform for women’s empowerment, development, and the exposure of all aspects of the game. We’re not just organizing matches; we’re creating a comprehensive platform.
Recently, we partnered with Vizio, a TV manufacturer, to broadcast the Women’s Cup as their first-ever live sporting event. We also created a 24/7 Women's Cup channel on Vizio WatchFree+, which reaches 30 million viewers. This channel features archived matches, live games, and additional content, all aimed at expanding the visibility and engagement of women’s football. We’re also developing a docu-series and a full-time TV channel for the Women's Cup to further explore and promote the sport.
Roger: Do you think it’s easier to implement technological innovations in women’s football compared to men’s football?
John: Yes. Women’s football offers a unique opportunity to introduce new technologies and ideas more swiftly. We’re exploring innovative projects like partnering with WIN Investments to tokenize women’s football contracts. This will allow players to receive advanced payments in exchange for a percentage of their future earnings, which fans can then invest in. This kind of technological and financial innovation can really help propel women’s football forward.
Roger: What do you think we, as the football business community, can do to further advance women’s football? How can we collectively push the development of the sport?
John: The key is investment. The metrics and potential are there, but the corporate world hasn’t fully embraced this yet. For example, in the U.S., the average viewership for women’s football is comparable to that of MLS, yet the MLS television contracts are ten times larger. The perception of value in women’s football needs to catch up with the reality.
Moreover, the fan base for women’s football is family-oriented, and this can lead to exponential growth as these fans mature. Just as my father took me to San Lorenzo matches in Argentina, creating a lifelong connection to the club, the same will happen with women’s football. It just takes time.
Roger: How important is cooperation between teams or within the entire league for the development of women’s football? And what are your thoughts on the future of multi-club ownership in women’s football?
John: Multi-club ownership has been a successful model on the men’s side, with City Football Group being a prime example. It allows for the development of players and teams at scale and helps in building a cohesive system. This model will work well in women’s football too, helping clubs and players grow together.
In any industry, consolidation is a natural progression, and I believe we'll see more of this in women’s football. Fewer, larger players will own a bigger share of the market, which can drive more substantial investment and development across the board.
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