July 9 – Canada’s Northern Super League has secured the first private equity investment in a professional women’s football league, after international sports investment firm APEX Capital acquired a stake in Canada’s fledgling competition.

Details of the investment haven’t been made public but Apex Capital is reportedly investing C$20 million ($14.1 million) for a minority stake that values the league at C$85 million ($60 million). Apex has an option to increase its investment to C$30 million ($21.1 million).

The deal is another sign of growing institutional confidence in women’s football – investors are pouring money into the sport, which has become one of the fastest-growing sectors in the global sports industry.
The Apex investment will back the league’s next phase of growth – specifically its plans to expand commercial revenues, develop digital products, grow its audience and strengthen its international distribution ahead of future media rights negotiations.

The NSL has just completed its inaugural season with about 275,000 supporters attended the league’s 80 matches, placing it among the best-attended women’s leagues in the world, ahead of some Europ’s big women’s leagues including Spain’s Liga F and France’s Première Ligue. 

The NSL said its league-wide revenues surpassed CAD$30 million before any media rights income had been realised.

Commercially, the league attracted 16 national sponsors in its first year, headlined by Toyota, Coca-Cola and DoorDash, while domestic broadcast deals with CBC and TSN reached more than three million viewers. ESPN+ also carried matches in the United States.

Christina Litz, president of the NSL, said: “In just one season, the Northern Super League demonstrated that there is significant demand for professional women’s soccer in Canada. This investment from Apex reflects confidence not only in the progress we have made, but in the opportunity that lies ahead. As we continue to build the league, Apex ‘s global experience, strategic perspective, and commitment to growing sports properties will help us accelerate audience growth, strengthen our commercial business, and position the Northern Super League for long-term success on the international stage.”

Apex says it sees women’s football as one of the biggest long-term growth opportunities in sport – and the figures back it up. The global women’s sports market is reportedly worth around $2.4 billion, with its worldwide fanbase predicted to rise to 800 million by 2030.

Founder and chief executive António Caçorino said: “Women’s football has the players, the fans, and the competitive quality. With the right capital and commercial infrastructure behind it, the sport has the opportunity to unlock significant long-term value globally. The NSL delivered in season one. Now we are excited to help enable the next phase of growth.”
João Verol Marques, Partner and Head of Growth & Private Equity at Apex, added: “Women’s sports have evolved into a powerful, global product with undeniable momentum, and we at Apex believe the NSL sits at the intersection of that rise and Canada’s exceptional soccer legacy. With world-class talent developed domestically and proven on the international stage, the league has every right – and every ingredient – to become one of the top leagues globally.”

Contact the writer of this story, Harry Ewing, at [email protected]