On a March morning on the shores of Lake Como, a piece of history was made. Mercury/13, a new ownership consortium that focuses purely on women’s football, acquired its first club – FC Como Women, from Serie A Femminile.
Mercury/13, founded by Victoire Cogevina Reynal, has pledged $100m (£85.5m) to building up a portfolio of teams across the globe, a “pure play” investor that unlocks clubs’ commercial potential. Reynal and her co-CEO, Mario Malavé, have brought notable figures on board, including the former England international Eni Aluko and Women in Football’s Ebru Koksal.
“The aim that we’ve had since day one was to rethink football ownership,” Cogevina Reynal tells Moving the Goalposts. “Women’s football gives this opportunity to build a business from the ground up, having had a predecessor in the men’s game that has been very successful but which has also done some things not in the right way. How can we learn and improve the model? Outside of being investors and operators, it is really about building a sustainable business model so they can become truly independent.”
Como was a perfect fit for its inaugural investment. “Como came to the top of the list very fast for several reasons,” Cogevina Reynal says. “The location is the more obvious one. Our entire thesis is ensuring that we can commercialise clubs … and having a great location certainly helps.
“After conducting thorough research on the club and its organizational structure, we discovered a phenomenal owner. Stefano Verga, who serves as Como’s president and will continue to do so while maintaining his shareholding, is deeply committed to the team. He assumed the role five years ago, successfully elevating them to higher divisions and currently leading them in top-tier Italian football despite operating with a smaller budget compared to their rivals. Their admirable dedication and attention to detail are evident in all their endeavors.”
It is evident that Cogevina Reynal recognizes the potential and value of allowing the sport to chart its own path. Recent evaluations of National Women’s Soccer League (NWSL) teams, such as Sportico’s valuation of Angel City at $180 million with celebrity investors like Serena Williams, Christina Aguilera, Eva Longoria, and Billie Jean King, demonstrate the potential for success. It should be acknowledged, however, that the culture of women’s football in the USA differs from that in Europe, as most teams are affiliated with men’s organizations.
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Mercury/13 places a lot of emphasis on the sport’s commercial potential. “It’s really exciting because you get to speak to brands that never really even saw football as a thing to do,” Cogevina Reyna says. “We’re speaking to beauty and fashion brands, pharmaceutical, baby products, and fertility clinics. There are so many that have women at the core of their strategy. We show them a new world and we show them what it can look like.”
In the past, women’s teams have faced disappointments when they were promised a lot but ended up losing it when times got tough. Cogevina Reynal is determined that Mercury/13 is committed for the long haul. She emphasizes that in Europe, there is a noticeable interest from top players who are eager to join our team because they appreciate our long-term vision and our efforts in creating a solid foundation for this club. This will have a positive impact in various aspects, including their overall playing experience, the additional services we can offer, and even their post-career prospects.
“All of these events are occurring due to our constant focus on women’s football throughout the entire day. This is a reality that larger men’s clubs lack currently. This decision is not based on personal reasons, but rather a business necessity to redirect our attention towards something else.”
The path to success for Mercury/13 has faced challenges. The team had plans to acquire Lewes but ultimately decided against it, which Cogevina Reynal sees as a common occurrence for investment funds. However, despite this setback, their aim to enter the UK market still stands and they aim to make their investment by the end of the year.
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For now, however, Como is Mercury/13’s focus, with the team already on the ground. “I really believe that the world will fall in love with this club the way that we have,” Cogevina Reynal says. “It is this kind of utopia in the world, especially in a country like Italy where women are not where they deserve to be.
“Clearly, we aim for improved performance on the field, but even more importantly, we hope for it to become a prime example of commercial success. We are eagerly anticipating such an example. Angel City served as a stellar example in the US, but we are lacking one in Europe. Hopefully, Como will fulfill that role.”
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Source: theguardian.com
