Sportico releases WNBA valuations as Golden State tops the list at $500M

The GIST: Yesterday, Sportico published its estimated WNBA valuations, illustrating YoY valuation gains for teams across the board. One significant surprise? The financial power of the Golden State Valkyries, which tipped off its inaugural season last month and already leads the league in valuation, just ahead of the NY Liberty and Indiana Fever. That new new.

The landscape: According to Sportico, WNBA teams are collectively worth $3.5B (or $269M on average), up an unprecedented 180% (!!!) YoY, and generated a total of $243M in revenue in 2024, up 53% YoY. Notably, the W now leads all major North American sports leagues in terms of revenue multiples, which compares a team’s value relative to the revenue it generates.

The Valkyries’ golden era: Remarkably, the WNBA’s first expansion team since 2008 shot straight to the top of league valuations, coming in at $500M. This is partly fueled by the team’s 20-plus sponsors, including JPMorgan Chase, Kaiser Permanente, and United Airlines.

• So far, the Valkyries have sold out all seven home games, set a single-game revenue record (over $3M), and are averaging $1.5K a pop for courtside tickets, rivaling some NBA teams. With these early numbers, Sportico estimates the Valkyries’ revenue to reach $70M — double any W team’s 2024 earnings and better than half the MLS field. All net (gains).

The Liberty’s momentum: The Valkyries surpassed the $420M valuation for the NY Liberty, which was previously believed to be the most valuable women’s sports team. While the Liberty are no longer first, the team didn’t get this high by accident: Owners Joe and Clara Wu Tsai invested in a championship roster and world-class facilities, positioning the Libs to showcase its success with local TV deals and viral social media moments.

The Fever heat up: Indiana’s team ranks third with a $335M valuation, a 273% YoY increase that marks the largest valuation jump for any W team. Caitlin Clark’s squad also leads WNBA teams in revenue, generating $33.8M last year, with the number expected to rise at least another 30% during the 2025 regular season.

• The Fever’s 17K average fans per game in 2024 beat out more than six NBA teams and three MLB teams, with Indiana seeing higher gameday merch sales than any NBA squad last year. Additionally, the franchise had the highest YoY increase in sponsorship deals across women’s sports (43%) and nabbed 82 partnerships — the most in the WNBA.

The takeaways: So what do these leading teams all have in common? Each one wields powerful cultural currency: Clark’s popularity is bringing brand attention to Indiana, the Liberty’s NYC locale and championship pedigree have put them in the national spotlight, while the Valkyries are getting critical support from the NBA’s Golden State Warriors, prominent sponsors, and Bay Area legends.

• Although these three may be in front, it’s important to note there’s opportunity (and returns) when activating around every W market. The Atlanta Dream, which rounded out the list with a $165M valuation (up 203% YoY), inked its first seven-figure sponsorship deal in May and expects sponsorship revenue to increase 65% this year. Dream big.