The Golden State Valkyries are worth $1.02 billion according to valuations published for the 2026 WNBA season, making it the first women's professional basketball franchise to breach ten figures. The team has yet to play a game.
The franchise was awarded to Joe Lacob and Peter Guber's ownership group in May 2023 for an expansion fee reported at $50 million. The Valkyries begin play in October 2025 at Chase Center, sharing the building with Lacob's Golden State Warriors, currently valued at $7.7 billion by Forbes. The WNBA valuation reflects a 1,940 percent return in under three years, on paper.
The number matters because it resets the negotiating table. When the WNBA's collective bargaining agreement comes up for renewal after the 2027 season, player representatives will point to franchise values, not just league revenue, to argue for a larger revenue share. The NBA splits basketball-related income roughly 50-50 with players; the WNBA's current deal guarantees closer to 10 percent of league revenue, with additional performance bonuses pushing effective splits higher but still below 20 percent. A $1 billion franchise valuation implies an asset class, not a subsidized marketing play. The Warriors' WNBPA liaison has been in six meetings since October with agents representing draft-eligible guards, according to two people familiar with the conversations.
The valuation also creates a floor for Toronto's expansion bid, expected to be announced in the next 90 days. League sources indicate the expansion fee for Toronto will exceed $75 million, up from the Valkyries' $50 million entry price. The Bay Area franchise proved market appetite; Toronto ownership groups now have a comp that justifies a higher ask. Commissioner Cathy Engelbert has mentioned Portland and Philadelphia as additional expansion candidates by 2028, with fees likely calibrated north of $100 million if the Valkyries maintain or exceed current performance metrics.
Chase Center's infrastructure gives the Valkyries structural margin other franchises lack. The Warriors cover arena operations, in-house production, and ticketing backend; the Valkyries inherit $1.4 billion in sunk capital without balance-sheet exposure. Inaugural season sponsorships are being priced at a 40 percent premium to league average, per two brand-side executives shown rate cards in December. Rakuten, already the Warriors' jersey patch partner at $60 million over three years, is in conversations for a separate Valkyries front-of-kit deal. The expected range is $4 million annually, which would make it the highest jersey sponsorship in WNBA history, ahead of the Las Vegas Aces' $3 million annual deal with a locals casino group.
The franchise hired Ohemaa Nyanin as general manager in November, pulling her from the Warriors' front office where she spent four years in basketball operations. Nyanin has made six hires since December, including two assistant coaches with prior WNBA head-coaching experience. The Valkyries hold the fifth pick in the April 2025 draft. Season-ticket deposits, which required a $500 refundable commitment, exceeded 11,000 within the first 72 hours of availability in September, according to the team. Chase Center's lower bowl configuration seats 18,064 for basketball; the Valkyries are targeting an average gate above 14,000, which would rank second in the league behind Las Vegas.
What comes next is whether the valuation holds through actual operations. The Aces, coming off back-to-back championships, were valued at $340 million in the same report. The New York Liberty, playing in Barclays Center with equivalent venue infrastructure, sit at $280 million. The gap between the Valkyries' $1.02 billion and the next-highest franchise reflects brand halo and market optimism, not yet revenue multiple. If the team averages mid-pack attendance and misses the playoffs in year one, the comp starts looking thin.
Rakuten's decision timeline is the tell. If the deal closes before the draft, it signals confidence in the franchise independent of roster. If it drags past training camp, the number was speculative.
The takeaway
A **$1 billion** WNBA franchise creates a new CBA negotiating reality and pushes Toronto's expansion fee above **$75 million** within **90 days**.
wnbagolden state valkyriesfranchise valuationwomen's sportsexpansioncba
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