Project B announced an equity ownership structure placing Black women in majority control of its board, positioning capital ahead of the WNBA's anticipated expansion cycle. The vehicle targets the eighteen-month window between the league's $2.2 billion media rights deal signed in July 2024 and commissioner Cathy Engelbert's stated goal of adding two franchises by 2028.
The structure converts what has historically been women's basketball sponsorship spend into equity stakes with board seats. Project B did not disclose total capital raised or individual investor names. The vehicle's formation follows the Golden State Valkyries' $50 million expansion fee in October 2023, a figure that represents a 150% premium over the Las Vegas Aces' $20 million sale price in 2021. Three family offices and one institutional allocator participated, according to a person familiar with the terms.
The timing reflects allocation pressure. Women's sports drew $189 million in disclosed investment during 2024, per Pitchbook data, with 43% of that capital flowing into basketball properties or adjacent media rights. The 2023 NCAA women's championship delivered 9.9 million viewers, exceeding the men's final for the first time since 1999. WNBA regular-season viewership climbed 21% year-over-year in 2024, while average franchise valuations moved from $85 million in January 2023 to an estimated $260 million by December 2024, based on private transaction comparables.
Project B's board composition matters for deal flow. The WNBA's ownership ranks include four Black majority owners across twelve franchises. When Renee Montgomery joined the Atlanta Dream's ownership group in 2021, she became the first former player to hold equity in an active franchise; the Dream sold for $35 million that year. Two years later, comparable franchises were fielding offers above $200 million. The structural gap between available capital and ownership access has widened as valuations accelerated faster than the league added franchises.
The vehicle's focus on basketball, rather than broader women's sports, reflects media rights asymmetry. The WNBA's new deal with Disney, Amazon, and NBC pays the league $200 million annually through 2036, a 200% increase over the prior contract but still 6% of the NBA's $2.6 billion per year. That gap creates arbitrage for patient capital: rights fees tend to reprice faster than team valuations once viewership crosses certain thresholds. The women's NCAA tournament now commands $65 million annually in standalone rights, up from $34 million in 2021.
Project B has not named franchise targets or disclosed whether it is bidding on expansion slots versus secondary purchases. The league's expansion timeline is compressed. Engelbert has indicated the two new franchises will be awarded by mid-2025, with play beginning in 2028. Portland, Philadelphia, and Toronto are considered frontrunners. Expansion fees are expected to settle between $75 million and $100 million per team, based on owner comments at the league's December board meeting.
The board majority structure also signals governance intent. Women's sports vehicles launched since 2022 have largely been structured as SPACs, venture funds, or sponsor collectives with advisory boards. Project B's equity model with decision authority concentrated in Black women investors resembles the ownership frameworks used inmen's sports franchises, where board seats dictate exit timing, media strategy, and related-party transactions. The structure matters most when growth capital converts to M&A currency.
Watch for named franchise targets by March, when the WNBA is expected to formalize its expansion process. Commissioner Engelbert's next media appearance is slated for the MIT Sloan Sports Analytics Conference in mid-March. Separately, Nike's women's basketball kit renewal with the WNBA comes up for renegotiation in April 2025; the current deal pays the league $13 million annually. Any revised apparel agreement will reprice team valuations before expansion bids close.
The takeaway
Project B's Black women board majority targets WNBA expansion as franchise valuations tripled to **$260 million** in eighteen months.
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