Five years ago, the U.S. women's national team were being feted in Washington, D.C., one of several celebratory events to commemorate their fourth Women's World Cup title. The trophy offered a fresh reminder that they are one of most established teams in the broader sports landscape – they remained the gold standard in women's soccer, as well as one of the most dominant teams in American sports. In attendance that day was the equally impressive, if lesser-known, Cognosante founder and CEO Michele Kang.
An immigrant from South Korea who moved to the U.S. as a student, she achieved one particular version of the varied American dream – joining the nation's billionaire class. In a nation that Forbes reports has a record 813 billionaires, one can get away with building a successful medtech company but otherwise keeping a low profile. One of the things that deep pockets can afford you, though, is the opportunity to change your professional interests in short order.
"Other than [a] brief stint in the elementary school days, I was not really aware," she said at a press conference in New York on Tuesday. "I was not really a fan, but once I got exposed to women's soccer right after the 2019 World Cup, when the players came back and there was a celebration, I learned about the presence of the professional league and actually, the team in the D.C. area, and I was blown away. As I started getting involved, I just saw an incredible potential and where it was versus where it could be and I was really very surprised that there was just so little investment appreciating the potential. So just like what I did in my other professional career, when I believe in something, I just jump in. So I did with my head first."
Tom Daschle, the former Democratic senator from South Dakota who served as the senate minority leader from 2001 to 2003, introduced Kang to Steve Baldwin, a tech executive who was the Spirit's managing owner. Baldwin set up a dinner between Kang and Spirit players Andi Sullivan and Aubrey Kingsbury and by December 2020, Kang had a 35% stake in the Spirit.
It was one of the first meaningful investments in an NWSL team since the 2019 World Cup, which serves as the origin story of many of the league's owners, around two-thirds of whom have come on board in the last three years. That moment is also the start of Kang's origin in sports, joining the ranks of visible billionaire owners, a legacy she can add to on Saturday as the Spirit chase their second NWSL Championship against the Orlando Pride (8 p.m. ET, CBS, Paramount+).
Kang is doing so as the first women's soccer mogul, boasting a multi-million dollar global portfolio that's emblematic of the rapid rise of women's sports as a whole.
The battle for the Spirit
Kang's initial investment in the Spirit marked her first venture in sports, but her stint as an unknown quantity was fairly short-lived. Eight months after she joined the Spirit's ownership group, The Washington Post published the first of several investigative reports detailing abusive behavior from then-head coach Richie Burke that Baldwin turned a blind eye towards. As the NWSL underwent a reckoning on abusive behavior across the league, Kang launched a bid to take control of the Spirit.
"I became aware of some of these issues starting in April of this year, as many staff and players approached me to confidentially share their own stories that reflected how toxic our workplace culture had become," she wrote in a statement that September. "Over the past five months, I have worked very hard to convince my co-owners that fundamental changes were needed to provide a safe and professional workplace for our players. Those efforts were met with denial, evasion, and outright hostility. … It is time for the Spirit to turn the page on this sad chapter in its history and bring in new leadership to chart a new path."
Kang then became locked in a months-long battle to control the Spirit with Baldwin, who agreed to sell the club as part of the NWSL's investigation into Burke, but was dragging his feet doing so. He resigned as the Spirit's managing partner and CEO within days of Kang's statement, but the players called upon him to sell the club to Kang just hours after his announcement. "The person we trust is Michele," the players said in a statement. "She continuously puts players' needs and interests first. She listens. She believes this can be a profitable business. … Please sell to Michele at a reasonable price."
The power struggle continued as the Spirit won their first NWSL Championship in 2021 and through the winter. Baldwin tried to sell to billionaire Todd Boehly (yes, that Todd Boehly) and retail executive Jennifer Tepper Mackesy, who reportedly bid $25 million to acquire the club, forcing Kang to increase her offer to $35 million. She then led what Baldwin described as a "coup" and Sports Business Journal called the deal of the year, converting non-voting, non-equity investors into full shareholders that formed a new majority ownership group that supported her campaign. By February 2022, Baldwin agreed to sell to Kang, who became the first woman of color to serve as the majority owner of an NWSL club.
It marked an monumental first impression from someone who was once an unknown quantity in women's soccer, which had long been a sport where players advocated for themselves but had few allies in leadership positions. Kang's leadership is one reason why the experiences of the Spirit's up-and-coming stars vary greatly from the squad's veterans, staying true to her promise about putting the players first three years ago.
"I was actually talking about this to Brit [Ratcliffe] and Aubrey [Kingsbury] today, about how different things were when they were rookies – like, completely different," Washington rookie Hal Hershfelt said on Thursday. "They were still living with host families. … I feel like being a part of this club that pushes the agenda of how important women's sports should be and how much we should be rewarded for the work that we put in is just something so special and it's so cool that that's honestly all I know as a rookie. It kind of puts things into perspective that our older players, our veteran players didn't always have. That's what makes me feel extra grateful when we have an owner like this now – it's the reason that me, Croix [Bethune] and Makenna [Morris], all of our rookies, that's all we know right now."
Kang has spent the years since living up to the beliefs the Spirit players said she had, including a transformative one – that women's soccer could be a profitable business.
Kang's women's soccer empire
Kang's first acts as the Spirit's majority owner focused on obvious upgrades like moving into the training facilities and stadium owned by MLS' D.C. United on a full-time basis, but the team continued to make splashes. They landed a front-of-jersey sponsorship deal with the John F. Kennedy Center for the Performing Arts for the 2022 season, with Kang previously serving on the center's International Committee of the Arts. In May 2022, Trinity Rodman was rewarded for her rookie of the year campaign by becoming the first NWSL player to sign a contract worth $1 million. She took another bold step over the last year by landing UEFA Women's Champions League winner Jonatan Giraldez as the head coach, reportedly quintupling his Barcelona salary to get the deal done.
"I first had to fly to Barcelona and I spent like, I don't know, six hours in Barcelona with, actually, my general manager [Mark Krikorian] and others," Kang told CBS Sports Golazo Network's Morning Footy on Tuesday. "We started from the vision. We started from the day-to-day operations and we started on how we can do this together and why somebody like Jona, who's already so established and so successful, should come to the U.S. – very different, no family and all that. It was a very long process, but it took several months, it took visits and it took sharing and debating the vision and the future of women's sports and I'm just very grateful that he took the pledge. He had faith in us, not only just me but the club and the NWSL and the U.S. women's game."
Kang's outlook on women's sports is unflinchingly ambitious, to the point where she's building a women's soccer empire at what feels like breakneck speed. Her big splashes over the last year and change include launching Kynisca Sports International, the first multi-team ownership group dedicated specifically to the women's game and includes France's Olympique Lyonnais and England's London City Lionesses. She launched an innovation hub in August that is dedicated to expanding sports science research on female athletes and has invested in the U.S.' Olympic bronze medal winning women's rugby team, women's athletic footwear brand IDA Sports and media company Just Women's Sports. Most recently, she made a $30 million donation to U.S. Soccer that is dedicated to fueling development for young female athletes, as well as resources for women in coaching, refereeing and technical staff roles.
The billionaire's empire is a long list of first-of-its-kind investments but as much as Kang can be commended on her ingenuity, she is remarkably clear-eyed about how her plans just make plain business sense.
"I think that at the end of the day, it's not any different from any other businesses," Kang said at a press conference on Tuesday. "Any particular business or industry can't be successful just focusing on only one part of the value chain. There needs to be all the elements present, even though you may take up only part of the entire value chain. The other components of the value chain need to be there."
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A vision for the future
Though Kang's empire is vast, it can be summarized quite simply.
"What you see is what you get," U.S. Soccer president Cindy Parlow Cone told CBS Sports on Tuesday. "This isn't a facade. This isn't a front. She truly cares and is so passionate about women's sports and specifically women's soccer."
Kang has perfected the act of putting her money where her mouth is, as her commitment to the Spirit players in 2021 and her successful attempt to bring Girladez to the NWSL proves. The same is true for her recent gift to U.S. Soccer, which began with "what was supposed to be a short breakfast that turned into a very long breakfast" during the Paris Olympics, according to U.S. Soccer CEO JT Batson.
"We started talking about the need to invest in the ecosystem to invest in all of the things that pay off, long term, and we outlined our plans at U.S. Soccer to do those things and shared that's not where people traditionally give money," Batson told CBS Sports. "She's like, 'But that's the important stuff,' so that's how this all came to be."
By Kang's own admission, investing in the women's soccer pipeline does not just make business sense on its own – it also protects the initial investment she made in the Spirit nearly four years ago.
"As an owner on a day-to-day basis, I experience what's needed for the team and the league and so forth," Kang said. "[NWSL owners] came in specifically to invest and grow this sport and we have been doing that. So the results, I have to say, [are] pretty spectacular in terms of viewership growing, the attendance growing, sponsorship and all the above. So this is all great, but this is not going to be permanent unless the pyramid structure and ecosystem is there.
"I get the question: 'You're in England, you're in France. How do you compare those countries' soccer systems versus the U.S.?,' and I have to say, one of the major differences is actually the youth system – youth academies, youth development. There [are] a lot more structured and well thought out programs, everything in Europe relative to the U.S., so I felt there was some need there.
"Also, even in the NWSL, we're talking a lot about expansion and we want to give more opportunities but we don't want to lower the quality by just expanding and right now, one of the limiting factors is not even the players. It's really the number of coaches, the number of referees – preferably also but not exclusively female coaches and referees – and I felt that it's about time that we paid attention to it otherwise collectively. We're not going to be able to maintain this momentum, let alone improving and creating even bigger momentum for all of us."
Kang also described the donation as "deeply personal" for her, not only because she's become the type of die-hard soccer fan who wants to be left alone even as people try to network with her in a stadium suite, choosing instead to watch every moment of every game. Her growing women's soccer empire offers Kang a chance to pay it forward.
"I'm an immigrant to this country and I feel very grateful that this country has given me an opportunity to pursue and achieve my dream," Kang said. "There are so many young girls and women whose passions are playing soccer and playing the game for their country, the teams and I want to make sure and I want to give back whatever I can to help those young girls and women in this country and around the world to have a shot at achieving their dreams. Soccer happens to be where my passion is right now and I want to do everything I can to provide that environment so that they can go for and pursue their dreams."
Kang may still be a relative newcomer to women's soccer, but she has seemingly breezed through any learning curves that come with the territory. Along the way, she has earned the plaudits of mainstays like Parlow Cone, a youth international who went on to win a World Cup and Olympic gold as a player and an NWSL Championship as a coach before becoming the federation's president.
"If you would've told me five years ago that being in this position would enable me to work with this team, to go and do what we're doing right now, I would've thought you were crazy," Parlow Cone said. "To have Michele doing what she's done today, impacting the lives of women and girls – it's really even hard to put into words and imagine that I live it every single day in the ecosystem but to really think about the impact, not only today but for years to come, long after my presidency is done, is honestly mind-blowing."
Sandra Herrera contributed to this report.
