New kids on the block
From The GIST Sports Biz (hi@thegistsports.com)
Happy Wednesday!
Women’s soccer legend Alex Morgan is living her best life this summer, especially following the news that her former NWSL club San Diego Wave will retire her jersey in September. Morgan is the first Wave player to have her number retired, although other clubs have done the same for fellow NWSL icons like Megan Rapinoe.
- It’s worth noting that Morgan had the NWSL’s top-selling jersey last year, something the Wave could build on with a limited-edition jersey opportunity (especially with the GOAT iconography already on lock). Killin’ the game.
WNBA
✨ New kids on the block
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.
🎓 Colleges begin burdening students with athlete revenue-sharing obligations
Unfortunately, the financial wins for college athletes following the $2.8B House v. NCAA settlement are coming at a cost for those outside college athletics. According to Front Office Sports, several SEC schools have begun charging fees to incoming students as a way of offsetting athlete payouts, while Florida approved the use of $22.5M in state funding toward athletics.
- Effectively, this means that instead of revenue-sharing with athletic departments, schools are finding new ways to source money to pay athletes. And by burdening other students with this cost, colleges may be pressed to increase transparency around funding sources. Watch this space.
🔥 Details emerge about Kevin Hart’s Fever Fest debut during WNBA All-Star Weekend
On Monday, the inaugural fan festival put on by Kevin Hart’s Hartbeat announced its lineup: Rapper The Kid LAROI is headlining, while G-Eazy, BIA, and comedians Deon Cole, Cedric the Entertainer, and Leslie Jones will all make appearances. Notably, Hart’s company chose to debut during WNBA All-Star Weekend, denoting a shift toward women’s sports events as cultural moments.
📱 TikTok announces support of news influencers after Meta backs away
According to Axios Media, TikTok is making a concerted effort to support news influencers on the platform, especially considering half of American users claim to source their news from the app. This is an interesting shift after Meta backed away from fact-checking on its apps and has gone so far as to block news on its platforms.
📺 Sunday’s Indiana Fever and Las Vegas Aces game averaged 1.7M viewers and peaked at 2.2M, making it ESPN’s third most-watched regular season WNBA game.
👀 Grand Slam Track’s chief content officer and chief live event officer both left the organization following the new track league’s event cancellation earlier this month. Interesting…
🍸 Tequila brand Cazadores launched a fan-inspired campaign featuring Mexican actor and former pro soccer player Cristo Fernández of Ted Lasso fame.
🎥 Netflix tapped Euphoria director Augustine Frizzell to direct the streamer’s upcoming biopic about MMA star Ronda Rousey.
🎮 Video game retailer Gamestop shared plans to expand into the collectibles industry during its annual meeting last week.
⛵ SailGP — which is seeing an influx of high-profile women investors — is considering two expansion teams for 2026. Come sail away.
Together With McLaren and Mastercard
Have you tried explaining a race weekend to your bestie, only to get a blank stare? That checks out because everyone has different passions — and Mastercard’s all about bringing you closer to yours, whether it’s on the race track, in the kitchen, or around the world.
🧡 But if you are a racing enthusiast, you’ll love how Mastercard opened the door for lucky fans to experience the firsthand thrills of motorsport at an exclusive Mastercard Ultimate McLaren Formula 1 Team Fan Experience in Montréal on June 11th.
👀 That’s right, Mastercard provides cardholders with unique access to extraordinary experiences, including exclusive events at Canada’s race weekend in Montréal.
🌎 Check out Priceless.com for more exclusive events around the world for Mastercard cardholders. Priceless, indeed.
Here’s what passed The GIST squad’s vibe check this week:
🏃 What to run in
Bandit, one of the flyest running brands on the block. Think hypebeast drops meet high-performance.
📚 What to read
What NASCAR pit crew star Samuel Wright is reading. Molecular biology grad, poet, and The Poppy War fan. This man contains multitudes.
🌈 What to cop
The GIST’s 2025 Pride Collection, of course. Whether you’re grabbing the She’s Gay, Marcus hat or the Sports are for the Girls, Gays, and Theys tote, 10% of proceeds go towards a brighter, more supportive future for the LGBTQIA+ community.
Today's email was brought to you by Aryanna Prasad and Briana Ekanem. Fact checking by Emily Ohman. Operations by Elisha Gunaratnam and Marga Sison. Ads by Katie Kehoe Foster, Alessandra Puccio, and Lisa Minutillo. Managing edits by Molly Potter and Ellen Hyslop. Head of content Ellen Hyslop.