Easy money
From The GIST Sports Biz (hi@thegistsports.com)
Happy Friday!
Chicago Sky star Angel Reese may be sidelined from WNBA play, but she’s still very much in the lineup as a brand ambassador. Reese has advertised everything from tall girl jeans to Wicked movie tickets, but her partnership with Hershey’s might be her sweetest opportunity yet.
- After launching a long-awaited merch collection with the company’s Reese’s Pieces product line, Reese expanded her namesake partnership with her own limited edition Reese’s Puffs cereal box cover and an upcoming fashion collab. Who needs Wheaties?
NWSL
💰 Courage to change
The GIST: Billionaire investor Marc Lasry has put his hat in the ring for NWSL ownership in the past, and he seems to finally have an in. An exclusive Sportico report indicates the former Milwaukee Bucks owner is close to finalizing a deal for a control stake of the NWSL’s NC Courage, which is currently valued at about $108M — more than double the team’s $52M valuation in 2023. Score.
The investor: The Moroccan-American businessman is a private equity investor and hedge fund manager who co-founded Avenue Capital Group with his sister, Sonia Gardner, in 1995. Worth a whopping $1.9B, Lasry bought a 25% stake in the NBA’s Bucks in 2014 for $550M, which he sold at a $3.5B valuation last April before launching the Avenue Sports Fund.
The details: Lasry has signed a letter of intent to purchase a 60% stake in the team from Courage owner Steve Malik. According to the document, Lasry would be the team’s principal owner in addition to owning a controlling stake.
- Lasry saw his Bucks stake value increase more than sixfold over nine years, and his newest acquisition could be on the same track. NWSL valuations have been skyrocketing: The San Diego Wave was valued at $90M last year and sold for a record $120M in March, while Angel City’s valuation hit a record $250M in July.
The background: While NC has one of the lowest revenue figures in the league, that also means there’s plenty of growth potential for Lasry’s investment. The Courage are still a young team — it launched in NC in 2017 — but have already won back-to-back championships.
- Malik added a half-dozen minority investors in 2021, including tennis ace Naomi Osaka. Two years later, fellow tennis player Ons Jabeur also became a part-owner of the team, while the Courage raised $15M at a reported $66M valuation.
Zooming out: Sportico notes that within the past four years, nearly every one of the NWSL’s 14 teams got a new principal governor. The frequent turnover in leadership and rapid expansion proves the NWSL is in its growth era, where new leadership often brings in fresh ideas and a good supply of capital — all of which multiplies these rising valuations. Easy money.
WNBA
📈 Doing numbers
The GIST: Ion bet early on the WNBA with a media rights partnership, a move that’s paying off more than ever in 2024. The network released historic viewership numbers and advertising sales for the latest WNBA season yesterday that should spur the network to re-sign with the league. Bet on women.
The network: Scripps bought the Ion Network in 2020 and launched its Scripps Sports division in 2022, which has banked deals with the WNBA, NWSL, and three NHL teams. Scripps paid $39M for Friday night WNBA games on Ion from 2023 to 2025, while its NWSL deal for Saturday night matches on Ion is part of the league’s $240M media rights deal through 2027.
- Scripps Sports president Brian Lawlor previously told The GIST that women’s sports are helping diversify Ion’s programming. When Scripps acquired Ion, the channel was primarily scripted dramas and lacked sports programming, so Lawlor looked at media rights deals up for grabs and saw opportunity in the women’s game.
The numbers: Ion’s WNBA viewership more than doubled YoY with 23.37M viewers across the entire season. Ion has Caitlin Clark and the Indiana Fever to thank: The team starred in all seven broadcasts that averaged more than 1M viewers. Ion’s increased investment in its studio show offerings also paid off — its WNBA Friday Night Spotlight averaged 670K viewers, up 133% YoY.
- In terms of key demographics, male viewership between the ages of 25 and 54 grew by 181%. Even better? The network balled out when it came to reaching women fans, with Ion drawing the largest female audience compared to the W’s other media partners. Among all Ion WNBA viewers, 45% were women and 50% of viewers aged 18 to 49 were women.
- Advertisers took note of Ion’s expanded reach, with more than 20 new brands snatching up air time on the channel’s WNBA broadcasts. And though it only broadcast W games for two seasons, Ion has quickly become a fan favorite, with about 9.46M of its viewers catching the league’s games only on Ion and not competing media partners.
Lingering question: The numbers are great, but as of right now, Ion isn’t included in the next WNBA media rights deal. It’s been reported that current WNBA rights holders Ion and CBS — who were left out of the joint three-network deal with the NBA in July — could still sign deals with the league. Watch this space.
The GIST's Bracket Challenge
🏀 Get ready for tip-off with The GIST's Pro Women’s Basketball Bracket Challenge
Are you ready for an epic postseason basketball experience? Join fellow GISTers and show off your hoops knowledge for a chance to win major prizes and bragging rights.
What's on the line: First place wins a pair of Nike basketball sneakers of your choice, second place wins a basketball jersey of your choice, and third place wins a basketball hoodie. Ballin'.
How to play: Sign up for free, and we’ll remind you to lock in your picks before the playoffs start. It’s that easy!
🌹 WNBA announces Portland as 15th WNBA city and awards ownership to Bhathals
As discussed on yesterday’s episode The GIST of It, the WNBA confirmed Wednesday that its 15th franchise would be awarded to the Bhathal family and the city of Portland, Oregon. And now it’s on to the next one: The WNBA has tapped Allen & Company — which helped facilitate the league’s $75M capital raise — to assist in the process of acquiring a 16th expansion franchise.
💰 Angel City partner Justworks furthers support with Player 22 grant investment
Earlier this month, Angel City partner Justworks announced 10 new grant recipients for the team’s Player 22 Small Business Grants program, which supports the post-career employment and entrepreneurial ventures of current and retired NWSL players. Justworks specifically chose to support two of the 10 recipients: Tiny Soccer Troops and The Keeper Institute.
- Angel City co-founder Julie Uhrman described the program as “first-of-its-kind” in the NWSL and is supported by five partners involved in the club’s innovative 10% sponsorship model: Justworks, HubSpot, PNC Bank, Payscale, and Johnnie Walker Blended Scotch Whisky.
💼 Nike continues to amplify Paralympians with GameOn job program
Dedicated Paralympic sponsors are doubling down on their investment, including Nike. Besides launching a new ad campaign featuring Paralympians like Bebe Vio, the sportswear company launched GameOn, a new job program in partnership with the U.S. Olympic and Paralympic Committee that offers career opportunities to athletes. Flying high.
🦇 NJ/NY Gotham FC announced retired NWSL legend Ali Krieger as its first-ever team ambassador yesterday. Join the club.
🇨🇦 Canadian telecomms giant Rogers Communications is set to buy Bell Canada Enterprise’s 37.5% stake in Maple Leaf Sports and Entertainment (MLSE) for $3.48B.
🛥️ Parity announced a new partnership with boat rental company Boatsetter this week through an activation celebrating five-time Paralympic medalist Brittni Mason. 10 out of 10.
🍺 After announcing plans to franchise this April, pioneering women’s sports bar The Sports Bra officially became available for franchising.
💸 Spanish soccer star and 2023 Ballon D’Or winner Aitana Bonmatí likely became the highest-paid women’s soccer player this week after a contract renewal with FC Barcelona through 2028.
🏐 LOVB announced COO Rosie Spaulding’s promotion to president of LOVB Pro as the volleyball league prepares for its inaugural season in November. Serve.
Giveaway Alert
While we’re gearing up for an iconic WNBA postseason, we also want to celebrate Paris Hilton’s brand new album “Infinite Icon” with a special prize giveaway. Sliving at its finest.
The prize pack includes:
💿 A signed Infinite Icon vinyl
👕 An Infinite Icon boyfriend tee
🍸 Paris Hilton sparkle martini glasses
🎧 Gabba Good headphones… and so much more!
What are you waiting for? Enter to win today.
Peep our squad’s MVPs (Most Valuable Picks):
💡 What to learn more about
Gatorade’s Gx Sweat Patch, a one-time-use wearable tech that analyzes sweat to optimize athlete performance. With leagues like the NFL putting it to use, science is officially on the roster.
🧑🍳 What to buy
The Science of Cooking. The helpful starter book will have you mastering the kitchen in no time. Perfect for all of those pre-game meals this fall.
📖 What to read
Above the Noise: My Story of Chasing Calm. NBA star DeMar DeRozan opens up about his journey with depression in this powerful memoir of resilience, courage, and love.
Today's email was brought to you by Aryanna Prasad and Briana Ekanem. Fact checking by Bonnie Lee. Editing by Dee Lab. Operations by Elisha Gunaratnam and Lisa Minutillo. Ads by Katie Kehoe Foster and Alessandra Puccio. Managing edits by Molly Potter and Ellen Hyslop.