Investment firm Atwater Capital has made a strategic move into women’s sports, targeting undervalued media rights and fostering growth in leagues like League One Volleyball. The firm aims to leverage its extensive media and entertainment expertise to elevate these platforms and close the valuation gap.

Transforming Women's Sports with Media Expertise and Strategic Investments

The Undervalued Potential of Women's Sports Media Rights

The Los Angeles-based investment firm Atwater Capital identified an untapped opportunity within the realm of women’s sports. With their inaugural venture into this sector through League One Volleyball (LOVB), the firm recognized that despite rising valuations for some professional women’s sports teams, media rights remain significantly undervalued. This discrepancy presents a compelling case for strategic investment.Vania Schlogel, founder of Atwater Capital, highlighted the growing fan base and record-breaking attendance figures as evidence of the potential waiting to be unlocked. For instance, a 2023 college volleyball match drew over 90,000 spectators, filling a stadium typically reserved for football games. Similarly, the National Women’s Soccer League’s Angel City attracted an average of over 19,000 fans in 2024, rivaling the attendance of top NBA teams. These statistics underscore the immense popularity and latent value of women’s sports media rights.

A Focus on Fan Engagement and Community Building

Atwater Capital’s decision to invest in LOVB was driven by more than just financial metrics. The firm saw an opportunity to engage with a passionate fanbase and build a sustainable ecosystem around the sport. Schlogel emphasized the importance of community in nurturing long-term success. By fostering connections between junior clubs and professional leagues, LOVB aims to create a seamless pathway for young athletes from grassroots to the pro level.Katlyn Gao, cofounder and CEO of LOVB, noted that this approach not only benefits individual players but also strengthens the overall sport. High school volleyball, for example, boasts nearly 470,000 female participants, making it the second most popular high school sport for girls. This robust pipeline ensures a steady influx of talent and maintains the sport’s cultural relevance.

Leveraging Media and Entertainment Expertise for Growth

Beyond capital infusion, Atwater Capital brings invaluable media and entertainment know-how to LOVB. The firm’s extensive experience in digital media and content production will be instrumental in enhancing LOVB’s visibility and market presence. Currently, LOVB has secured a U.S. distribution deal with ESPN, but the potential for expansion is vast.Schlogel explained that one of private equity’s strengths lies in applying proven business processes and learnings from past investments. By leveraging these insights, Atwater can guide LOVB in optimizing merchandising sales, marketing strategies, and content creation. Gao acknowledged the immediate impact of these connections, noting that LOVB has already benefited from introductions within the entertainment industry.

Cultural Relevance and Awareness Drive Success

For any professional league to thrive, cultural relevance and awareness are paramount. LOVB recognizes this and is actively working to position itself as a key player in the sports landscape. Through strategic partnerships and targeted outreach, the league aims to cultivate a strong identity and fan loyalty.Gao emphasized that achieving cultural relevance requires engaging with diverse audiences and leveraging influential networks. By tapping into the entertainment space and collaborating with well-known figures, LOVB can amplify its message and attract broader support. This multifaceted approach ensures that the league remains at the forefront of women’s sports innovation and growth.