Female Athletes Break Barriers: The Rise of Ownership in a Multi-Billion Dollar Industry
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The gap in earnings between male and female athletes remains stark, but a new wave of athletes is challenging the status quo by focusing on ownership rather than solely relying on performance and endorsement deals. For three consecutive years, not a single female athlete has appeared among the world’s 100 highest-paid athletes, a trend that underscores a systemic issue. In 2025, the threshold to even reach that list jumped to $53.6 million, up 19 percent year-on-year, while Coco Gauff, the highest-earning female athlete, earned $34.4 million – nearly $20 million short. Despite the explosive growth of the global women’s sports market, projected to reach $2.35 billion in 2025 from $1.88 billion in 2024, wealth isn’t flowing to the athletes who generate it.
The Systemic Disconnect: Performance vs. Ownership
The issue isn’t a lack of visibility or demand, but a fundamental flaw in how female athletes are compensated. “Visibility is no longer the problem. Demand is no longer the problem,” one source close to the athletes stated. “What’s missing is a clear path to long-term security once the contract ends and the spotlight moves on.” Traditionally, female athletes have been paid for their performance and for endorsing products, but rarely for owning a stake in the businesses that profit from their talent. Ownership, however, is the key to building generational wealth and having a genuine voice in shaping the future of their sport.
American Trailblazers: Building Equity While Playing
A growing number of athletes in the United States are refusing to wait for the system to change and are proactively building equity around their careers. Serena Williams exemplifies this shift, having built a venture capital portfolio of over 80 companies, many focused on underrepresented founders. She recognized that “influence without ownership expires the moment you stop competing.” Naomi Osaka followed suit, raising $5 million for her media company, Hana Kuma, from investors including Epic Games and Fenway Sports Group. Allyson Felix, the most decorated track and field Olympian in history, founded Saysh, a women-first footwear brand that has secured $8 million in venture capital. These athletes aren’t just building brands; they’re building long-term financial security.
Others are reshaping the structures of sport itself. Former WNBA star Renee Montgomery became a part-owner of the Atlanta Dream, while Napheesa Collier and Breanna Stewart co-founded Unrivaled, a 3-on-3 basketball league where players share 15 percent of the league’s total equity. Michele Kang’s ownership of three professional women’s football clubs across multiple continents represents perhaps the clearest signal of what’s possible, a model built on positioning women as integral parts of a long-term value ecosystem.
Impact and Momentum: The WNBA’s Response
These moves are already having a tangible impact. The WNBA recently proposed a new maximum salary of $1 million, a fourfold increase over last season’s supermax, alongside expanded revenue sharing. This shift wasn’t isolated; it was a direct result of athletes creating alternatives and leveraging their influence. As one analyst noted, “When athletes create alternatives and build leverage elsewhere, the balance of power begins to move.”
A UK Shift: Equity and Governance Take Center Stage
The United Kingdom is witnessing a similar, albeit younger, movement. Chelsea captain Millie Bright has taken an equity stake in Sokito, a sustainable football boot company, while Lucy Bronze holds an ownership position in sports nutrition brand Soccer Supplement. Olympic champion Dame Jessica Ennis-Hill co-founded Jennis, a women’s health platform that has raised approximately £1 million in early-stage funding. While these investments may be smaller in scale compared to US deals, they represent a significant mindset shift. UK athletes are increasingly focused on equity, governance, and long-term financial planning beyond sponsorship rates.
The UK’s evolving landscape offers a unique opportunity to shape these structures deliberately, unlike the more established, closed systems prevalent in men’s sport. Women’s sport is forming new leagues, establishing investment frameworks, and defining ownership models in real-time, often in tandem with commercial growth.
The Women’s Sports Alliance: A Vision for 2030
Jordan Guard, founder of the Women’s Sports Alliance, emphasizes the evolving conversations within the athletic community. “Five years ago, most athlete conversations centred on contracts, injuries or tax. Today, they’re increasingly about brand, visibility and how to make that attention work harder over the long term.” The Alliance’s ambition is straightforward: to have at least ten female athletes appear on the list of the world’s 100 highest-paid athletes by 2030. This isn’t about prestige, but about signaling a fundamental shift in the economics of women’s sport, where ownership is prioritized alongside earnings.
What’s needed now is consistent support to help athletes step into ownership roles early, while their leverage is strongest and opportunities are most abundant. The US model demonstrates the potential when athletes approach ownership with confidence and intent, and the UK now has the chance to forge its own path, tailored to its unique sporting culture and financial landscape.
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