Investors once shied away from buying stakes in WNBA franchises. Now, people are clamoring to invest in a league relishing its newfound popularity and commercial interest.
The average WNBA team has increased in value by 180% over the past 12 months, according to Sportico’s valuations released this week. That data landed as the Women’s National Basketball Players Association (WNBPA) lawyers and the league’s legal counsel have been combing over details laid out in partial collective bargaining agreement proposals, according to a source familiar with the negotiations.
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The union recently received a counter response from the league, which WNBPA president Nneka Ogwumike considered a “good” development in the negotiation timeline. As the WNBPA continues its negotiations with the league over a new CBA, it will spotlight data points such as team valuations that show the WNBA’s rapid financial growth, arguing players deserve a greater cut of the pie in the next CBA.
The Sportico valuations caught the attention of team owners, executives, players, fans and media members. It also captured interest from the WNBPA, according to another source who asked not to be identified because negotiations are private.
The union opted out of the current CBA last October, and now both sides have until Oct. 31 to reach a new agreement to avoid a possible work stoppage.
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The current revenue sharing system pays players 50% of all incremental revenue, a percentage of earnings that exceed set growth targets. WNBA players are pushing for a greater portion of the league’s revenue to be shared.
Ogwumike recently told reporters that both sides were still on track to get a deal done before the fall deadline.
“Everybody wants to go to the same place; everyone just has a different idea of how we get there,” Ogwumike said after the Seattle Storm’s win over the New York Liberty last Sunday. “But it definitely starts with valuing the players in a way that makes sense for what we’re doing out here and also makes sense for the people that follow us and the fans that are supporting us. We’ve seen a lot of growth recently, so we have to see that being reflected in how we’re compensated to continue to give you guys games like this every night.”
Team valuations are soaring, with attendance, TV viewership and online engagement spiking since the start of the 2024 season. Next year, the league’s new 11-year media deals kick in, and they are expected to generate $260 million in annual revenue.
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The boom has paved the way for the league to plan its expansion—adding teams in Toronto and Portland next year—before a key labor deal has even been struck. Detroit, Philadelphia and Cleveland are among the cities with ownership groups that have placed bids vying for another franchise opening. WNBA commissioner Cathy Engelbert has previously said she expects to expand to 16 teams by the 2028 season (it will have 15 once Toronto and Portland join).
“Anytime the league makes a statement about expanding teams, it says a lot,” WNBPA CBA committee member and Chicago Sky forward Elizabeth Williams recently told Sportico. “Because you’re basically saying that the product is growing and there’s room for other teams to come in. … We should get what we deserve.”
WNBPA executive director Terri Carmichael Jackson previously stated she hoped to have significant progress made on a new CBA by the All-Star Game on July 19. Meetings leading up to that event in Caitlin Clark’s home arena are seen as crucial, and the All-Star Weekend in Indianapolis should be much livelier off the court than in typical years. CBA negotiations will be top of mind with owners, execs, players and agents in town mingling in shared spaces. Union reps are also expected to meet that week, and Engelbert will face questions on the status of negotiations during her annual press conference.
“We understand where our league has been and where it’s going,” Ogwumike said. “We’re prepared. And we want to be able to come out here and represent ourselves and our value the same way we do on the court, in our contracts, in our facilities, in the standards of the resources that are available to us.”
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