As yet, the name of the team and its home venue are undecided, although the ownership group have adopted the nomenclature Angel City.
Joining Williams are actress Natalie Portman, who won as Oscar for her role in the film Black Swan, as well as fellow Hollywood luminaries like Jennifer Garner, Jessica Chastain, and Eva Longoria.
To make it a Williams family affair, her husband, Alexis Ohanian, co-founder of the technology company Reddit is also involved with the project, whilst their two-year old daughter Olympia is also listed as an owner!
Other members of the ownership group including investors from the media and technology sectors as well as 14 former members of the US womens team.
Los Angeles has been chosen because not only do most of those involved in the new venture live and work around there, but also because there are currently no California-based teams in the NWSL, despite widespread interest in womens football in The Golden State.
The NWSL is the main professional womens football league in the United States. It was founded in 2012 as a successor to earlier leagues which foundered for a variety of reasons, mainly financial.
Originally launched with six teams, it has since grown to nine with the addition of three expansion teams. And, in addition to the new Los-Angeles team, a new team based in Louisville, Kentucky is planning to join the NWSL from the start of next season.
This years league has just begun, after the initial start of the season was delayed by the Covid-19 pandemic, although matches, like in most parts of the world, are currently being played behind closed doors.