The Golden State Valkyries are worth $1 billion, according to CNBC's franchise valuation release on May 4. The expansion franchise entered the WNBA in 2024. No other women's sports property has crossed ten figures in enterprise value.
The Valkyries played their first regular season game in May 2025. Joe Lacob and Peter Guber, who own the NBA's Golden State Warriors, paid a $50 million expansion fee in 2023. The franchise now trades at a 20x multiple on paid-in capital in under two years. The league's previous high was the New York Liberty, valued at $165 million in CNBC's 2023 assessment. Las Vegas and Los Angeles franchises sold for $25 million each in 2021 and 2022.
The number reflects Chase Center economics that other WNBA franchises cannot replicate. The Valkyries share the Warriors' 18,064-seat arena in San Francisco's Mission Bay. Season ticket revenue ran $42 million in year one, per two people familiar with the books. Sponsorship inventory moved at NBA rates: jersey patch and court signage sold for a combined $18 million annually, more than half the league's other eleven teams generate in total local sponsorship. Rakuten, the Warriors' jersey sponsor since 2017, took the Valkyries' chest in a package deal worth $6 million per year. The team also benefits from shared back-office infrastructure—ticket operations, content production, analytics staff—that reduces operating expense to 34% of revenue, compared to a league average near 58%.
The valuation arrives as the WNBA negotiates its next media rights package. The current deal with ESPN, CBS, and Amazon pays the league $200 million annually through 2027. The next cycle is expected to clear $500 million per year, according to two network executives involved in early conversations. That would push league-wide revenue past $1 billion by 2028, up from an estimated $320 million in 2025. Higher league revenue lifts franchise multiples. The NBA's Oracle Arena tenants, the Warriors, traded at 4.2x revenue when Lacob bought them in 2010. The Valkyries are running at roughly 8.5x trailing revenue, reflecting both scarcity and the assumption that women's sports rights are underpriced.
Other WNBA franchises are moving. Toronto's expansion bid, led by Kilmer Sports Ventures, is expected to pay between $75 million and $90 million when the league announces the franchise in June. Portland's group, anchored by the Bhathal family, is offering $80 million for a 2027 entry. Both numbers sit well below the Valkyries' implied per-team league value of $83 million ($1 billion divided by twelve teams). The gap reflects what allocators call the "infrastructure premium"—teams that rent NBA arenas and share ownership with NBA franchises command higher multiples than standalone operations.
The Valkyries' first season drew an average of 16,100 paid tickets per home game, second only to Las Vegas. Merchandise revenue, which the league pools and redistributes, ran $8.2 million, with the Valkyries accounting for 19% of league-wide sales despite being one of twelve teams. Nike extended its WNBA kit deal through 2032 in February, paying $55 million annually, up from $18 million. The Valkyries' share of that incremental revenue starts in 2026.
Lacob has not taken outside capital since paying the expansion fee. Three family offices approached him in March about acquiring minority stakes at a $900 million valuation, according to a person who reviewed one term sheet. He declined. The $1 billion figure gives him a mark for future fundraising or a partial exit, but it also sets a floor for future expansion bids and creates pressure on lower-revenue franchises to either find arena partners or sell.
Watch Toronto's final bid number in June. If it clears $85 million, the league will have doubled expansion pricing in two years. Valkyries assistant GM Kelsey Plum's contract runs through 2026; front offices around the league expect her to draw GM interest this summer. Chase Center's 2026-27 event calendar is not yet public, but the Valkyries are expected to request 22 home dates, up from 20 in 2025, which would require displacing Warriors practices or concerts. Nike's next kit drop is September, and the Valkyries are rumored to be one of four teams receiving new primary uniforms.
The valuation landed on a Monday morning. By Tuesday afternoon, Lacob's phone had logged twelve calls from family offices and three from WNBA owners asking what his number is. He has not returned them.
The takeaway
Valkyries' $1B mark resets WNBA franchise pricing ahead of Toronto's $75M-$90M bid and 2028 media rights that could triple league revenue.
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