The WNBA awarded an expansion franchise to Atlanta, the league's 14th team, at a valuation exceeding $150 million. The announcement comes two years after the league added Golden State at $50 million and reflects accelerating interest from ownership groups positioning women's basketball as a growth asset within diversified sports portfolios.
Atlanta joins the Bay Area and Portland as the league's most recent expansion cities. The Golden State Valkyries begin play in 2025, followed by Portland in 2026. Atlanta's entry date has not been announced. League commissioner Cathy Engelbert has stated the WNBA will expand to 16 teams by 2028, leaving two franchise slots open. Toronto and Philadelphia ownership groups have expressed interest; neither has been formally awarded a team.
The $150 million entry price represents a 200% increase over Golden State's fee and arrives as Forbes valued the New York Liberty at $180 million this week, the highest mark for any women's professional team. The Liberty valuation—driven by a new arena deal at Barclays Center, a championship run, and proximity to brand sponsors—sets a ceiling that incoming franchises now approach at entry. For context, the Phoenix Mercury sold for $15 million in 2004. The league's median team valuation stood at $85 million in Forbes' 2024 rankings, up from $55 million a year prior.
The Atlanta market offers advantages that justify the premium. The city anchors the Southeast, a region without WNBA representation since the Dream last played there—though the Dream currently operate in Atlanta, making this either a relocation or a naming clarification that has not been detailed. The metro area includes 6.2 million residents, a corporate sponsor base led by Delta, Coca-Cola, and Home Depot, and State Farm Arena, a 21,000-seat venue controlled by the Hawks ownership group. The NBA franchise structure provides operational scaffolding that reduces startup risk for investors unfamiliar with women's basketball infrastructure.
Expansion revenue flows directly to existing team owners, not league operations. The $150 million Atlanta fee will be divided among the current 13 teams, delivering roughly $11.5 million per franchise. This matters because the WNBA reported aggregate losses of $40 million in its most recent disclosed fiscal year, though Front Office Sports noted this figure includes accounting for shared services with the NBA and does not reflect standalone team profitability. The expansion capital provides a near-term cash injection while the league negotiates a new media rights deal expected to exceed $200 million annually, up from the current $60 million package.
Family offices and billionaire individuals now lead WNBA ownership, replacing the NBA-affiliate model that dominated the league's first two decades. The Valkyries ownership group includes Joe Lacob and Peter Guber, who also control the Warriors. Portland's franchise is backed by Raj Sports, led by Lisa Bhathal Merage and Alex Bhathal. Atlanta's ownership structure has not been disclosed, though league sources expect the announcement within 30 days. The shift toward dedicated capital matters for franchise stability; teams with independent ownership have consistently outspent NBA-affiliate clubs on coaching salaries, charter travel, and performance infrastructure.
Investors are pricing the WNBA as a pre-growth asset with demographic tailwinds. Attendance rose 48% from 2023 to 2024, driven by rookie star Caitlin Clark and broader cultural momentum. Average ticket revenue per game increased 35% year-over-year, and merchandise sales doubled. Franchise buyers are underwriting the view that the league will secure a media deal closer to MLS ($250 million annually) than NWSL ($27 million), which would materially shift team economics.
Watch the ownership announcement for Atlanta within four weeks. The league's new media rights deal, currently in negotiation with ESPN, Amazon, and NBC, will be finalized by June 2025, setting the revenue baseline that determines whether $150 million entry fees become the floor or the ceiling. Toronto's bid remains live; a decision is expected by the All-Star break in July.
The final two expansion slots will almost certainly exceed $150 million. Engelbert has repeatedly referenced $200 million as a medium-term valuation target. Markets are behaving accordingly.
The takeaway
WNBA expansion fees tripled in two years; the next franchise will test whether buyers value women's basketball at NBA minor-league or MLS growth multiples.
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