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Golden State's $1 billion valuation is a Chase Center arbitrage dressed as WNBA growth; watch whether Portland and Toronto can clear $500 million by 2029 without arena control.
$1 billion
according to Sportico's 2026 franchise valuations released this week
$925 million
followed by the Indiana Fever at
$405 million
The league's median valuation now sits at
$205 million
up from
The Golden State Valkyries are worth $1 billion, according to Sportico's 2026 franchise valuations released this week. The team began play in the 2025 season. No other WNBA franchise has crossed ten figures.
The New York Liberty rank second at $925 million, followed by the Indiana Fever at $405 million. The league's median valuation now sits at $205 million, up from $115 million in 2024. Twelve franchises operate in the league. Portland and Toronto enter in 2027 at announced purchase prices of $210 million each—double the $105 million fee Golden State paid in 2023.
The Valkyries' number reflects three overlapping factors. The team plays at Chase Center, which seats 18,064 for basketball and is controlled by the same ownership group that runs the NBA's Warriors. Second, the franchise launched into a television environment where the WNBA's national rights deal with Disney, Amazon, and NBC pays the league $200 million annually starting in 2026, up from $60 million under the prior contract. Third, Golden State's valuation incorporates forward earnings assumptions tied to sponsorship inventory that shares arena infrastructure with an NBA franchise generating $765 million in annual revenue. The Warriors ownership group, led by Joe Lacob and Peter Guber, structures the Valkyries as a separate entity but bundles certain hospitality and courtside packages.
Liberty's $925 million figure—second in the league—also benefits from arena economics. The team plays at Barclays Center, where owner Joe Tsai controls both the Liberty and the NBA's Nets. Tsai paid $50 million for the Liberty in 2019 when the franchise relocated from Westchester County. The $875 million appreciation in seven years maps to the league's media-rights surge and the Liberty's on-court performance: the team won the 2024 championship and averages 12,733 fans per game, second in the league behind Golden State's 13,102.
Indiana's $405 million valuation, third in the rankings, tracks the Caitlin Clark effect with precision. The Fever drafted Clark with the first pick in 2024. Television ratings for Fever games that season averaged 1.61 million viewers, more than triple the league average. The franchise sold out all 17 home dates at Gainbridge Fieldhouse, which seats 17,274. Sportico's methodology weights revenue growth and projects forward earnings; Indiana's valuation incorporates Clark's remaining contract years and assumes continued attendance strength. The team is controlled by Herb Simon, who also owns the NBA's Pacers.
The league's valuation curve now creates a new problem for ownership groups evaluating acquisitions. The $210 million Portland and Toronto paid in 2023 and 2024, respectively, for teams beginning play in 2027, appears modest against Golden State's $1 billion. But those expansion franchises enter without Chase Center's infrastructure, without incumbent sponsorship relationships, and without two seasons of ticket sales to model demand. The league's collective bargaining agreement, signed in 2025, directs 50 percent of revenue to player salaries starting in 2026. The salary cap for 2026 sits at $16.2 million per team, up from $1.46 million in 2024. Those payroll obligations compress margins for franchises without premium venue economics.
Liberty president Jonathan Kolb told reporters in March that the team's 2025 revenue exceeded $80 million, driven by playoff ticket sales, merchandise, and sponsorship renewals. The franchise employs 127 full-time staff, up from 68 in 2023. Kolb noted the team is negotiating a jersey patch deal separate from the NBA Nets' Motorola agreement; early bids are in the $8 million to $12 million annual range.
Golden State's front office is already staffing for 2027. The team is hiring a senior vice president of corporate partnerships, a role focused on selling Valkyries-specific inventory to brands that do not overlap with Warriors accounts. The franchise operates a separate ticket sales team of 22 people and maintains its own social media staff. Valkyries merchandise sales in 2025 ranked second in the league behind Indiana, according to Fanatics data shared with league sponsors in January.
Watch for Portland and Toronto ownership groups to pursue naming-rights deals before their 2027 debuts; neither venue currently has a title sponsor. Indiana's front office is negotiating Clark's first extension, which becomes eligible in July 2026 under league rules. Liberty's Barclays Center lease renews in 2029, and Tsai is negotiating terms that separate WNBA game revenue from Nets-controlled concessions. Golden State's valuation will likely adjust when Sportico releases its 2027 rankings; the franchise's second-year revenue will clarify whether $1 billion reflects durable cash flow or forward optimism priced into a league adding $140 million in annual media money.
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