Iger and Bay, dean of the USC Annenberg School for Communication and Journalism, will take over controlling ownership of Angel City from Reddit co-founder Alexis Ohanian, a sale that will value the club at $250million.
The value shatters the $120million for the San Diego Wave sale in March, which was then a record-breaking price for a National Women's Soccer League team.
The sale, which is pending league approval, will see Iger and Bay invest more than $50million.
"We know they are the right partners to lead us into this new era – they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports and to championing the team’s broader mission, including the advancement of equity for athletes and women founded businesses," the ACFC Board of Directors said in a statement.
Bay will serve on and have full control of the club's board, which will continue to include Ohanian, and actress Natalie Portman, video game entrepreneur Julie Uhrman and venture capitalist Gillian Berry, who founded the club in 2020.
Angel City also have numerous smaller investors including retired athletes Billie Jean King, Abby Wambach and Lindsey Vonn and actresses Jennifer Garner and Eva Longoria.
"This is really just the start. I'm excited to see this continued investment and to keep building Angel City into what I know can be the biggest brand in all of women's professional sports," Ohanian, husband of tennis great Serena Williams, told Reuters recently.
Angel City have amassed an impressive list of commercial partners and season-ticket holders and have played in packed stadiums since their debut season in 2022.
The team play their home games at BMO Stadium, which is also home to Major League Soccer men's team Los Angeles FC.
