The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 franchise valuations published Monday. The club began play in April 2025.
No women's sports franchise has crossed ten figures before. The previous WNBA high was the New York Liberty at $250 million in last year's Forbes estimate. The Valkyries' valuation puts them ahead of seven NHL clubs and on par with the NBA's Memphis Grizzlies ($1.01 billion, Forbes 2025). Warriors owner Joe Lacob paid the league a $50 million expansion fee in January 2024. His basis is $10 million; he owns the arena, the practice facility, and the medical staff contracts already. Chase Center revenue runs through the same books as the NBA team. CNBC cited "unmatched operational synergies" and "Bay Area corporate density" in its methodology.
The valuation arrives six weeks before the league's national media rights renewal window opens. Current deals with ESPN, CBS, and Amazon expire in October 2026 and paid the league $200 million annually. League sources expect the new package to exceed $500 million per year, driven by Valkyries and Liberty local ratings. San Francisco-Oakland-San Jose delivered a 2.8 local rating for Valkyries home games in Year One, higher than Warriors regular-season telecasts on the same RSN. Advertisers paid $45,000 per thirty-second spot in April; they're paying $72,000 now.
What the valuation signals is sponsor appetite at the top end. The Valkyries sold $48 million in sponsorship inventory before tipoff, more than the NBA Warriors sold in their first season at Chase Center. Rakuten's jersey patch deal is worth $8 million annually, matching the men's rate. JP Morgan Chase holds naming rights to a Valkyries-branded club suite and a women's financial literacy program Lacob's team runs in Oakland Unified schools. The program has 1,200 enrolled families. Chase does not have a men's Warriors sponsorship. Visa signed a four-year deal in March 2025 worth $12 million with performance kickers tied to playoff gates. Visa has not renewed its NBA sponsorship since 2019.
The Los Angeles franchise, expected to begin play in 2027, will test whether the model works without an existing NBA operation underneath. The ownership group includes Billie Jean King, Candace Parker, and a family office that passed on buying the Clippers in 2014. They'll pay an expansion fee near $75 million and build a practice facility in El Segundo. They do not own an arena. Crypto.com Arena's calendar is controlled by AEG, which charges the Lakers and Kings $1.2 million per event for full building access. The LA franchise will negotiate per-game rates or play in a college gym. If they match Valkyries sponsorship per capita, LA's corporate base can deliver $60 million in Year One.
The valuation also resets acquisition math for existing clubs. The Atlanta Dream sold for $30 million in February 2025, three months before the Valkyries tipped off. The Dream are now worth $110 million in CNBC's model, a 267% gain in 14 months for an ownership group that inherited a roster, not a stadium deal. Seattle, Phoenix, and Dallas are under $90 million and carry no real estate. Las Vegas is at $135 million, buoyed by MGM's suite package and T-Mobile Arena access. The Connecticut Sun, a legacy franchise with no NBA sibling, are valued at $88 million despite leading the league in operating profit margin.
Commissioner Cathy Engelbert told CNBC the league will consider raising expansion fees for future markets. Toronto, Portland, and Philadelphia have submitted formal interest. Portland's group includes Nike co-founder Phil Knight, who has not spoken to Engelbert since their December meeting in Beaverton.
The Valkyries play at Chase Center through 2045 under the same lease terms as the Warriors. Lacob holds renewal options. The franchise's local TV deal runs through 2028 with NBC Sports Bay Area and carries a $14 million annual rights fee, paid by the network. The Warriors' deal is worth $35 million annually and expires in 2029. Comcast has told both clubs it will negotiate them together.
The takeaway
**$1 billion** for a one-year-old franchise resets WNBA acquisition math and hands Engelbert leverage in October's media talks.
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