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The Valkyries' $1B valuation—built on Warriors infrastructure and Bay Area sponsor density—gives the WNBA's media rights negotiators their first ten-figure comp.
$1 billion
according to CNBC's 2026 WNBA franchise valuations
$50 million
expansion fee in 2023—and play select games at Chase…
$3,500
per seat for marquee matchups
11,200
fans during its inaugural season across split dates at…
The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 WNBA franchise valuations, making them the first women's professional team to cross ten figures. The franchise began play in May 2025.
The Valkyries share ownership with the Warriors—Joe Lacob's group paid a $50 million expansion fee in 2023—and play select games at Chase Center, where courtside inventory commands $3,500 per seat for marquee matchups. The team drew an average of 11,200 fans during its inaugural season across split dates at Chase and the 6,000-seat Kaiser Permanente Arena in Santa Clara. League-wide average attendance in 2025 was 8,300. The valuation implies a 20x multiple on the entry cost in under three years.
What separates the Valkyries from the rest of the twelve-team league is sponsor access. The Warriors' existing partnership infrastructure—Apple, Rakuten, Google Cloud—allowed immediate cross-selling. The Valkyries announced nine founding partners before tipoff, including a front-of-jersey deal with Kaiser Permanente whose terms were not disclosed but which rival executives estimate in the low eight figures annually. For comparison, the Las Vegas Aces' MGM Resorts patch is believed to be worth $2 million per year. Chase Center's premium hospitality suites, built for eighty-two Warriors dates, now accommodate an additional twenty Valkyries games, creating incremental yield on fixed infrastructure. One family office that sized a minority stake in a different WNBA team last year noted the Valkyries "run a revenue model closer to an MLS club than a traditional W franchise."
The $1 billion figure also reflects optionality. Chase Center hosts concerts, conference finals, and All-Star weekends; the Valkyries can schedule around those anchors or step into them. When the Warriors hosted the 2025 NBA Finals, the Valkyries played a home game seventy-two hours later in front of a carried-over corporate crowd. Ticket buyers for that game included 340 people who had never attended a WNBA contest, according to data the team shared with sponsors. The next closest franchise in CNBC's rankings is the New York Liberty at an estimated $790 million, followed by Los Angeles at $750 million. Both benefit from media market scale but lack the real estate and sponsor integration the Valkyries inherited day one.
The valuation arrives as the WNBA negotiates its next media rights package. Commissioner Cathy Engelbert has said the league is seeking deals "in line with our growth trajectory," which the current $60 million annual contract with ESPN and CBS does not reflect. If the Valkyries' number holds under audit, it gives the league's bankers a clean comp when they walk into Warner Bros. Discovery or Amazon meetings. The argument becomes: if one team with one year of operating history is worth $1 billion, what is a twelve-team league with thirty seasons of IP worth in a bundle? The answer will likely surface before July, when the current deal allows for an opt-out.
Two other expansion franchises—Toronto and Portland—begin play in 2026. Toronto's ownership group, led by Larry Tanenbaum, owns the Raptors and Maple Leafs. Portland's is headed by Lisa Bhathal Merage and plays at the Moda Center, home of the Trail Blazers. Both will enter with valuations well above the $50 million fee they paid, though neither has the Chase Center variable. Golden State's front office is already staffing for year two: the team is interviewing assistant general manager candidates from NBA and MLB systems, according to two people familiar with the search, and has begun conversations with a performance analytics firm that works with three Premier League clubs. One person close to ownership said the goal is "to build the 2035 version of the franchise in 2026," which explains the hires and the spend.
Watch the media rights timeline. If a new deal is announced before the WNBA draft in April, expect at least two more teams to announce expansion or relocation by summer, riding the comp Golden State just set. The Valkyries' next twelve home games are already 91% sold at season-ticket holder levels, per the team. Courtside renewals opened in January; all 48 seats were claimed within six days.
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