A stroke of genius
From The GIST Sports Biz (hi@thegistsports.com)
Hi there!
The Minnesota Lynx won the fourth WNBA Commissioner’s Cup on Prime Video last night, which The GIST set the stage for in Monday’s sports newsletter and Tuesday’s podcast. While we love to dig into the juicy details on the business side here, our conversations on the sports world at large are also worth a listen. Sign yourself up if you haven’t already!
WNBA
🃏 Aces high
The GIST: It’s already been a banner year for the Las Vegas Aces, who became the first WNBA team to sell out all regular season home games last Thursday. While the mainstream media has largely focused on rookie hype, the Aces’ numbers don’t lie: Dynasties are the real money makers.
The team: The reigning back-to-back champs initially made history this March as the first W team to sell out season tickets, and were dubbed the most in-demand team ahead of the 2024 season by StubHub. Last week, the Aces topped Sportico’s WNBA valuation list at $140M and currently boasts the WNBA’s fourth-highest average attendance (10.3K).
- All but two of the Aces’ games this season will be held at its 12K-seater home venue, Michelob Ultra Arena. Following the latest women’s sports trend, the Aces decided to flex up two of its games to the 20K-seater T-Mobile Arena.
- The Aces’ latest record means it sold out the massive Las Vegas venue twice, including the team’s upcoming July 2nd game against Caitlin Clark and the Indiana Fever. Maybe it’s time to level up to the next stadium, Mark.
The precedent: Las Vegas hopes to be the first WNBA franchise to win three consecutive championships since the now-defunct Houston Comets in 2000. The Comets drew some of the WNBA’s highest viewership, especially due to its NY Liberty rivalry. When the Comets came to town in the late 90’s, the Liberty sold out MSG, according to WNBA legend Rebecca Lobo.
- Men’s sports further prove the financial momentum behind dynasties: at least six of the 10 most valuable sports franchises were once dynasties, including No. 2 on the list, the Golden State Warriors. Golden State built a $8.2B valuation on its four championships since 2015, quite the jump from the $450M the team was sold for in 2010.
The takeaway: There’s overlap between the WNBA’s best-performing teams and its highest-valued franchises, further proving the power of intentional ownership and long-term investment. The best examples of this are the Liberty under Joe and Clara Wu Tsai, and Mark Davis’ control of the Aces.
- Davis built the W’s first dedicated practice facility, hired Becky Hammon and made her the league’s highest-paid coach, and brought two consecutive championships to Vegas. Putting money into being the best pays on and off the court. Just win, baby.
Golf
⛳ A stroke of genius
The GIST: On Monday, Tiger Woods and Rory McIlroy’s TMRW Sports — parent company of the tech-forward TGL golf competition — announced that it’s valued at nearly $500M, impressive considering TGL hasn’t even begun play. Without any product to show yet, the valuation speaks volumes about the league’s owners and investors, as well as the booming golf leisure space.
How it works: TGL is set to tee off in January 2025 after a year delay due to technical issues at its landmark SoFi Center facility. With 24 PGA golfers signed on for the inaugural season, TGL will host two-hour weekly golf competitions between six teams representing six cities, which will air in primetime on ESPN. The competition will take place both on a real green and with a golf simulator.
- While the LPGA and PGA individualize golfers, newer collaborations like LIV and TGL and mixed competitions such as Capital One’s The Match have re-envisioned golf as a team sport. Three’s a par-tee.
The investors: All of TGL’s franchises boast experienced owners in the sports world. The LA team has drawn particular celebrity interest: Serena and Venus Williams and Alexis Ohanian are all owners. Alex Morgan and Michelle Wie West also signed on as investors, with Wie West explaining in October that TGL can “democratize golf.”
The space: The golf leisure ecosystem is booming. After golf equipment brand Callaway merged with TopGolf in 2021, the new-look golf franchise generated $4.2B in 2023 sales. And TGL–owner Woods has taken over the space with mini golf franchise PopStroke and his T-Squared Social Club, a sports bar with Full Swing golf simulators and famous patrons.
- Golf has been an exclusive club for so long, but seasoned athletes and investors recognize the growing desire to pick up clubs in a different way — 29% of recreational golfers credit TopGolf as their meet-cute to the game. TGL’s valuation proves betting on golf leisure is a sure thing — and that Woods knows how to turn a profit.
Together With SponsorPulse
💰 Let’s make a deal
🤝 Let’s imagine you’re looking to increase your brand’s impact and reach. There are so many influencers out there, and you need to know which one will best align with your target audience and messaging goals.
- Good thing SponsorPulse knows how to measure a celebrity’s potential ROI.
✨ So you pop open their 2024 H1 Top Celebrity Report, which goes beyond traditional metrics like impressions to capture the full picture of a celebrity’s influence, offering clear numbers on reach, sentiment, relevance, momentum, and more.
- What’s more, it also features valuable insights into the year’s top celebs, helping you understand what really makes a brand partnership work.
⬇️ Download the free report now to learn more about the top-performing influencers and what makes their fans tick. You’re welcome.
👀 NBA Finals viewership lags as WNBA viewership soars
The Boston Celtics’ decisive NBA Finals Game 5 victory over the Dallas Mavericks drew 11.3M viewers, down 3% YoY. Meanwhile, WNBA viewership — especially in games starring the Chicago Sky’s Angel Reese and the Fever’s Caitlin Clark — continues to trend upwards.
- Sunday’s third installment of the Clark-Reese rivalry saga averaged 2.3M viewers on ESPN, making it the network’s most-watched WNBA telecast ever and the highest-viewed W game since 2001. These numbers also edged past the historic 2.25M average viewership for CBS’ June 16th Sky-Fever broadcast.
⚽ Recent shake-ups affect NWSL front offices
On Monday, Bay FC announced that general manager (GM) Lucy Rushton is leaving the club midway through its first season. Rushton built her resume with executive roles in the Premier League and with MLS’ D.C. United, where she was the first woman GM in over two decades.
- Then down south in San Diego, the Wave parted ways with 2022 NWSL Coach of the Year Casey Stoney. The club recently named Camille Ashton as GM a mere three weeks after she left a similar role with the Kansas City Current. Have whiplash yet?
👟 Brand darling Sha’Carri Richardson officially qualified for the Olympics in the 100m, running the best women's time this year. It’s all happening so fast.
📺 Fox Sports secured the U.S. rights for the 2025 UEFA Women’s Euros, continuing the network’s expansive coverage of international soccer.
🌱 Sprouts Farmers Market was named official grocer of the SEC through a deal that includes a focus on investing in women’s college sports like basketball and gymnastics.
🏂 Sports investment firm Unrivaled Sports — which counts former Olympic snowboarder Shaun White as an investor — acquired a minority stake in Colorado-based action sports facility Snöbahn.
🇩🇪 Top German women’s soccer flight Women’s Bundesliga will expand from 12 to 14 teams for the 2025-26 season. Wunderbar.
💰 The NBA approved the 15% stake sale of NY Liberty parent BSE Global — recently valued at $6B — to the Koch family.
💸 Indiana Fever and Caitlin Clark sponsor Gainbridge is offering $150K in grants during Parity Week alongside sponsorship platform Parity and the Women’s Sports Foundation.
Together With Boardroom
Co-founded by NBA star Kevin Durant and entrepreneur Rich Kleiman, Boardroom is a media network that covers the business of sports, music, and entertainment. From emerging leagues (pickleball, anyone?) to new tech, they’re committed to offering a unique perspective on how athletes, musicians, creators, and executives are moving the business world forward.
- Sign up for their daily newsletter, HeadlineToGo, to get an inside look at the Boardroom universe.
Here’s what has The GIST team currently hyped:
⚽ Who’s stealing the show
Tolami Benson, the partner of English soccer player Bukayo Saka. At the Three Lions’ opening Euro match, Benson rocked a custom leather jacket by designer Antonia Bronze, and the internet is rightfully obsessed.
👟 What to read
This Business of Fashion article that breaks down the signature shoe market revival and the newest footwear contenders.
🛹 What to watch
Skate-hers. Follow seven revolutionary female skateboarders making worldwide waves in the Olympic Channel’s new series.
Today's email was brought to you by Aryanna Prasad and Briana Ekanem. Fact checking by Sara Buck. Editing by Lindsay Jost. Operations by Elisha Gunaratnam and Lisa Minutillo. Ads by Katie Kehoe Foster and Alessandra Puccio. Managing edits by Molly Potter and Ellen Hyslop.