Fever pitch

The GIST: The Caitlin Clark Effect. Clarkonomics. The Iowa star’s game-changing influence on college basketball encompasses many terms, but thanks to her declaration for the 2024 WNBA Draft, there’s a new one: Caitlin Clark Fever. Clark is already reshaping the economy for her expected landing place, the Indiana Fever. It’s getting hot in here.

$140: The current average price of an Indiana Fever ticket on Vivid Seats, up 133% from last year’s $60 average. The Fever finished 10th out of 12 in the W and had the league’s second-lowest attendance in 2023, hence a lack in competitive pricing, but nothing’s changed besides Clark’s draft decision — and she hasn’t even officially been chosen yet with the Fever’s No. 1 overall pick.

$166: The current lowest available ticket price for the Fever’s May 14 season-opening visit to the Connecticut Sun. Another aspect of the Clark Effect is bringing in opposing fans who want to watch her play. Even the Las Vegas Aces, who led 2023 WNBA attendance and previously sold 8K season tickets, sold another 300 immediately after Clark’s announcement. A rising GOAT lifts all boats.

$487: The current get-in price for the Fever’s home opener against the NY Liberty on May 16th. Indianapolis has a unique home court advantage through its proximity to Iowa City — Fever fans are prepared to drive an average of 314 miles to watch games compared to 237 miles last year, a jump which could reflect the influx of Iowa fans ready to hop on the Indiana bandwagon.

180%: How much Fever home page traffic spiked overnight after Clark declared for the draft. The Fever also reported increased social media engagement following her announcement and have been fanning the flames in hopes the hype around Clark will catch on.

Lingering questions: For the past two seasons, Clark has brought record attendance and viewership to Iowa women’s basketball. We’ve seen fans respond to the news, but the bigger question is how WNBA infrastructure and women’s sports sponsorship will react — Clark will be the first to bring unprecedented collegiate NIL backing to the W. Watch this follow through.

The GIST: NWSL owners rolled out new rules last week about how private equity (PE) funds can invest in multiple teams. The policy also excludes sovereign wealth funds from ownership, meaning Saudi Arabia’s Public Investment Fund (PIF) and other state-owned investment funds will be unable to buy NWSL stakes as the league grows. Interesting…

The details: According to the new guidelines, no PE fund can own passive minority stakes in more than three NWSL teams, and a single fund can only hold between 5% and 20% of a club’s equity. Clubs themselves are also restricted — no team can have more than 30% of its total equity owned by multiple PE funds.

• These rules are only applicable to PE funds investing in multiple teams, while investment in a single team does not face such restrictions. This is important in the case of teams like Bay FC, which is majority-owned by prominent PE fund Sixth Street. Rules don’t apply.

The examples: No PE fund currently meets the three-team limit, but two have had multiple investments. Arctos Partners owned passive equity stakes in the Utah Royals and Portland Thorns until the Thorns sold to the Bhathal family, while Angel City FC co-founder Kara Nortman is a managing partner in the Monarch Collective, the women’s sports–centric firm involved in Boston Unity ownership.

The reasoning: As the NWSL sees rapid expansion and increased interest, it’s being intentional about how it sets out investment parameters. The league clearly wants to protect multiple franchises from being jointly controlled by one overly influential ownership group, which could shift power dynamics and cause conflict.

• But the other preemptive measure is the NWSL’s unique clause prohibiting sovereign wealth funds, which is how wealthy Gulf countries are currently expanding into sports. For now, Saudi Arabia’s PIF cannot invest in the NWSL like it did in Newcastle United, the English Premier League (EPL) team it owns and reportedly compromised with political subterfuge.

Zooming out: Critics of sportswashing have expressed concern about entities like the EPL, NBA, and ATP accepting investments from nations with human rights concerns, and resistance has been notably stronger in women’s sports. The NWSL could set a precedent for women’s sports properties as they are increasingly faced with the sovereign wealth fund dilemma. Don’t pick up the phone.

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