interview
Football has now become a huge business that is increasingly about money. It’s hard to imagine life without big sponsors – and they have now also discovered women’s football. Economist Henning Zülch explains why investors’ entry into the women’s sector is only logical and why it is perceived differently than among men.
rbb|24: Mr. Zülch, two months ago the Monarch Collective was a strategic one Investor at Viktoria Berlin got in. It is the first global investor specializing in women’s sports to be involved in the first two women’s national leagues. From your point of view, a logical development?
Henning Zülch: From an investor’s perspective, this is more than logical. If you look at women’s football at the moment, in economic terms it is what is known as an “early growth market”. This means that there is a sharp increase in reach, increasing sponsorship interest, but still comparatively low club ratings. An investment is definitely worth it.
“Immense sales growth in women’s football”
Despite its sporting quality, Germany in particular has not been a central investment market in women’s football. The fact that an international investor is now entering the upper leagues shows that the market is perceived as ripe enough for professional capital partnerships. As a side note, it should be emphasized in this context: The sales growth in global women’s football is immense. Sales in 2023/24 were 116 million euros. That was an increase of 35 percent compared to the same period last year. The trend is increasing.
To person
Henning Zülch is an economist and head of the chair for accounting, auditing and controlling at the HHL Leipzig Graduate School of Management. There he researches, among other things, in the area of sports management and deals with the success planning and strategies of professional sports clubs and how recognized business concepts can be transferred.
rbb|24: Why did the investor choose Viktoria Berlin for this first step into the German market?
Zülch: Viktoria Berlin is very attractive as a capital city location and as a project with attitude. Especially since the deal is publicly framed as values-based. As a strategic growth partner, Monarch wants to gradually acquire up to 38 percent of the club. It is important that the 50+1 rule is followed [besagt, dass die Mehrheit der Stimmanteile an einer ausgegliederten Profiabteilung immer in den Händen des von Mitgliedern bestimmten Muttervereins liegen muss; Anm. d. Red.] The foundation remains, as does the club’s value structure. There is also transparent and democratic co-determination among the club members. So that fits very well.
Clubs form their own league association
rbb|24: How does this step fit into the professionalization efforts of women’s football in general?
Zülch: The step fits perfectly into the current structural reorganization. The clubs in the women’s Bundesliga are currently doing one Spin-off and reorganization into its own league association ahead. There are huge financial levers at the league level. In Germany it was recently reported that the German Football Association wants to invest 100 million euros in professionalization. (FBL GmbH was initially founded at the beginning of December 2025 without the participation of the DFB. It is not yet clear whether the DFB will invest 100 million euros over eight years as initially planned, editor’s note.) New revenue and distribution logics are also being added at the European level. UEFA is expanding women’s club competitions and centralized marketing and distribution systems. The total revenue and prize money are expected to grow significantly.
This sends a clear signal to the market and reduces the risk of investing in women’s football. Based on the league’s efforts, you get clearer marketing, better planning of media and sponsorship revenues, more professional standards and a more stable framework for product development, such as matchday experiences, content and distribution. Precisely because women’s football often cannot be scaled through media rights alone, but rather through commercial and community, the regulatory framework and product strategy are crucial success factors. That is ensured here.
Unlike in men’s football, in women’s football additional money flows less into star transfers and more into the professionalization of the structures.
rbb|24: What can this entry mean for the future development of Viktoria Berlin?
Zülch: Here you have to separate between capital and opportunities. Let’s first look at the effect of the capital made available. Unlike in men’s football, in women’s football additional money flows less into star transfers and more into the professionalization of the structures. FIFA shows how big the range of development is. We have a global average salary of $10,900 a year in women’s football, with an average salary of $24,000 in the top leagues. This is exactly where a structured investment can create speed and quickly increase the attractiveness of the club or the league.
When it comes to options, we often have underestimated levers. Monarch, Viktoria’s investor, brings not only money, but also a huge network and operational business understanding from US women’s sports. It’s about brand and community building, sponsorship, event marketing and so on. If this takes effect, Viktoria will soon be able to professionalize sponsorship packages more quickly, convert reach into money and achieve a clearer positioning in the Berlin sports market.
All in all, with Monarch Collective as an investor, Viktoria Berlin will, on the one hand, receive greater stability and better infrastructure options, which will increase sporting performance in the medium term. On the other hand, the club’s marketing position will become stronger, which will open up greater scope for investment in the long term.
“Women’s football does not make the mistakes of men’s football”
rbb|24: When external donors get involved in men’s football, there is a lot of skepticism – in fan scenes, media reporting, etc. At Viktoria Berlin it worked differently. It was felt to be an achievement for women’s football. Do you share this impression of different public perception?
Zülch: Yes, absolutely. You have to take a closer look at the different perspectives. In men’s football, investors are often burdened with three narratives. Firstly, they mean a loss of identity and control, i.e. a member association versus capital interests. Secondly, there is the narrative of inequality or distortion of competition. And thirdly, there is distrust due to negative examples, i.e. investors who act short-term or create governance conflicts. A negative example is the development of Hertha BSC after Lars Windhorst’s investment.
In Germany in particular, the discussion about 50+1 and the influence of investors is very charged. With Viktoria and the entry of Monarch, the communicative framework was completely different. They made it clear from the start that they explicitly adhere to 50+1, that they have a value system from which they do not deviate, and that Monarch does not want to take over the club, but rather acts as a growth partner. This reduces the fear of losing control and increases acceptance. So women’s football doesn’t make the mistakes of men’s football.
rbb|24: Does that mean the difference lies primarily in external communication or do you also see actual structural differences between investments in men’s and women’s football?
Zülch: Of course, structural discrepancies also play a role. First of all, there is a different starting level. In men’s football, the active fan scene defends a status quo that is already experienced as ‘too commercial’. In women’s football, however, many things are still considered to be underdeveloped, such as structures, visibility and resources. An investment here is seen more as recognition and enablement. And professionalization is not just nice to have, but rather the basis for fair working conditions.
Men often fear that the money will go to short-term sporting success at any price, such as transfers and consultants. The situation is different for women. Money goes into working conditions and infrastructure. This creates greater credibility and legitimacy. In addition, the time horizon and risk management are completely different. Women’s football has a lot more staying power and not everything has to work out within a year.
Another point are the so-called governance signals. If an investor visibly accepts participation and emphasizes respect for the rules, he or she appears more compatible with fan culture. To be fair, however, it has to be said that this fan culture differs significantly between men’s and women’s football. When it comes to fans of men’s football, there is a tension between those who want to have a say and pay attention to values and so-called consumers who are looking for entertainment. In women’s football, this distinction is rather negligible as the fan culture is still developing.
Thank you for the conversation.
The interview was conducted by Lukas Witte, rbb Sport.
Broadcast: rbb|24, January 5th, 2026, 12:00 p.m
