The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 WNBA franchise valuations released this week. The franchise began play in 2025.
No professional team in North American sports history has crossed ten figures faster. The Valkyries entered the league as an expansion franchise for the 2025 season, playing out of Chase Center in San Francisco. CNBC's methodology weighs revenue, operating income, debt, and market adjustments; the report does not disclose whether the figure reflects enterprise value or equity value, though league sources familiar with the structure say the franchise carries minimal debt. The previous high-water mark for WNBA valuations was the New York Liberty, estimated at $175 million in CNBC's 2024 rankings.
The speed matters because it resets the clearing price for future transactions. Three ownership groups are reportedly circling Portland's expansion slot, expected to be awarded in Q3 2026; one family-office principal told colleagues the Valkyries number "retires the $100 million floor." The WNBA's last expansion fee was $50 million for the Valkyries in 2023. Commissioner Cathy Engelbert has said publicly the league will consider bids "in line with current franchise values," which now means nine figures minimum. Toronto, Nashville, and Austin are also in the mix for a fourteenth team by 2028.
The Valkyries benefit from structural advantages that other franchises cannot replicate at scale. They share Chase Center with the Golden State Warriors, eliminating venue capital expense and splitting operations overhead. Ticket revenue in Year One reportedly cleared $18 million across 20 regular-season home dates, per two people familiar with the gate splits. The Warriors' corporate partnership apparatus—refined over a decade of deep Silicon Valley relationships—delivered founding sponsors including Accenture, Google Cloud, and JPMorgan Chase before the roster was finalized. Jersey patch and arena naming rights were not separately sold; the Valkyries are bracketed inside the Warriors' master deals, which industry observers estimate allocate 15-20% of total value to the WNBA property.
Television is the other lever. The WNBA's new media deal begins in 2026, paying the league $2.2 billion over 11 years—roughly $200 million annually, up from $60 million in the expiring contract. The Valkyries' local rights sit with NBC Sports Bay Area, part of a regional bundle that also carries the Warriors. Two rival GMs said privately they expect the Valkyries to command a premium local-market rate when that deal renews in 2028, potentially in the $8-10 million per year range. For context, the Las Vegas Aces' local deal is estimated at $3 million annually.
The valuation also reflects scarcity. Twelve WNBA franchises exist; only one plays in the sixth-largest media market in the U.S. The Warriors ownership group, led by Joe Lacob and Peter Guber, structured the Valkyries as a separate legal entity but under the same parent company, preserving optionality for a future sale or stake sale without triggering NBA cross-ownership restrictions. That structure has drawn interest from private equity, which is prohibited from holding more than 20% of an NBA team but faces no such limit in the WNBA. One LP at a sports-focused fund said his firm modeled a $250 million minority investment in the Valkyries last fall; the number "no longer pencils."
Watch for Portland's expansion terms, expected by September. If the bid exceeds $150 million, it confirms the Valkyries are not an outlier but a benchmark. Also watch Lacob's movement in Q2 2026; he has historically used offseason windows to take minority capital in adjacent properties, and the Valkyries are now large enough to support a structured round. The franchise's next audited financials are due to the league office by June 30.
The Toronto group has already begun recruiting a head coach.
The takeaway
The Valkyries' **$1 billion** valuation sets a new floor for expansion bids and resets private equity's entry math into women's basketball.
wnbagolden state valkyriesfranchise valuationwomen's sportsexpansionprivate equity
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