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The Aces' **$420M** valuation sets a new WNBA comp and creates pricing tension for Golden State's expansion bid this summer.
$420 million
for 2026
$310 million
in 2025
$110 million
in paper value across twelve months
35.5% annual return
outpaces the S&
The Las Vegas Aces filed a franchise valuation of $420 million for 2026, up from $310 million in 2025. Tom Brady's minority position, acquired at the lower basis, appreciated $110 million in paper value across twelve months.
The 35.5% annual return outpaces the S&P 500's trailing year and matches early-stage venture marks in a league where liquidity events remain sparse. The Aces won back-to-back championships in 2022 and 2023 before missing the playoffs in 2024; the valuation climb decoupled from on-court results. Brady took his stake in late 2023 through Mark Davis's ownership structure. The precise percentage was never disclosed. Davis owns the Aces outright and cross-collateralizes with the NFL Raiders; the Aces valuation now represents roughly 15% of the Raiders' $2.8 billion book value, a ratio family offices track when sizing cross-sport exposure.
The jump matters because it establishes a new WNBA comp at a moment when Golden State's bid for an expansion team will set the league's next price anchor. The Warriors' ownership group is preparing a formal application; league sources expect a $150 million to $200 million expansion fee, but the Aces number suggests secondary market bids could clear $300 million for a team with existing infrastructure and roster. No WNBA team has traded hands in open sale since 2021. Valuations filed for league purposes often lag market-clearing prices by 20% to 30%, meaning the Aces could fetch north of $500 million if Davis ever explored a sale, which he has not.
Brady's stake also creates a publicity arbitrage other leagues envy. His mere presence in Michelob Ultra Arena raises the franchise's brand value in ways that do not appear on P&L statements but do appear in sponsor renewal calls. The Aces' jersey patch deal with MGM Resorts runs through 2027; early conversations for the next cycle are pricing the inventory at $4 million annually, up from $2.5 million in the current contract. MGM executives cite Brady's association as a factor when justifying the increase to their board. Same logic applies to the team's local broadcast deal with Scripps, which expires in 2026. The station is preparing a 60% rate hike, betting that Brady's occasional courtside appearances justify higher CPMs.
The broader signal is that WNBA franchises are now tracking NBA G League valuations, which have hovered near $400 million for top-market teams, but with better upside optionality. The G League has no path to independent equity raises or international expansion; the WNBA has both. Investors sizing new positions are modeling 15% to 20% annual appreciation through 2030, assuming the league's next media rights deal—negotiated in 2027—triples the current $200 million annual payout from ESPN and CBS. The Aces' filing gives those models a twelve-month proof point.
Watch for secondary market activity in Q2 2026, when two WNBA teams are expected to explore minority stake sales to institutional buyers. The Aces valuation becomes the floor. Also watch Golden State's expansion bid, expected by June; if the Warriors pay above $175 million, it validates the Aces number and pulls every other franchise valuation higher. Brady has not commented on his stake's appreciation. His camp typically declines to discuss private investments until liquidity events. There is no liquidity event here. Just a very patient basis trade in a league where the best operators knew five years ago what the market is pricing today.
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