The Golden State Valkyries reached a $1 billion franchise valuation in their second year of play, according to CNBC's 2026 WNBA franchise rankings released Thursday. No other women's professional basketball team has cleared nine figures.
The franchise entered the league for the 2025 season after owners Joe Lacob and Peter Guber paid a $50 million expansion fee in 2023. The valuation implies a 1,900% return in roughly three years, or 20x on invested capital before operating expenses. The Valkyries play at Chase Center, share Golden State Warriors infrastructure, and drew sellout crowds through their inaugural season. The team finished 18-22 in year one, missing the playoffs by two games.
The comp structure matters. Las Vegas Aces owner Mark Davis paid $2 million for his franchise in 2021. New York Liberty sold for $100 million in 2019, considered high at the time. Commissioner Cathy Engelbert told reporters at Lake Tahoe this week that the Valkyries "really helped raise the bar" for franchise operations, which translates to: they proved the model works at Warriors-grade sponsorship rates and premium ticket velocity. The league approved a Connecticut Sun sale and relocation to Houston the same week, with terms undisclosed but understood to price above $100 million based on people familiar with the structure.
The signal for allocators sizing bids on the three confirmed 2028 expansion slots—Portland, Philadelphia, Denver remain frontrunners—is that $75 million entry fees floated informally in Q4 2025 now look cheap. The league has not published official expansion economics for the next tranche, but team presidents expect the floor to move closer to $125 million when the window opens in early 2027. NBA ownership synergies are no longer optional. Lacob and Guber's playbook—shared practice facility, integrated ticketing systems, unified sponsorship inventory—became table stakes after the Valkyries' year-one revenue performance. Toronto (MLSE) and Milwaukee (Bucks ownership) are both running quiet diligence processes on bids, per executives who have taken their calls.
The Houston approval is relevant context. Connecticut Sun, a legacy franchise dating to 1999, failed to secure a downtown arena plan and relied on Mohegan Sun casino partnership economics that could not scale. The buyer group, led by energy and real estate operators, committed to a $150 million arena renovation at a to-be-named Houston site and will inherit a roster that made the 2025 Finals. That the league let the Sun leave rather than force distressed local ownership into a Chase Center-style capital plan tells you where the growth model is: expansion markets with NBA-grade infrastructure, not rescue operations in secondary venues.
Watch for the league's 2027 national media rights renewal, expected to kick off formal negotiations in Q3 2026. Current deals with ESPN, CBS, and Amazon expire after the 2027 season. The Valkyries' valuation sets an implied revenue multiple that rights buyers will use to stress-test their bid ceilings. Separately, Portland's expansion application window closes in April 2027, and Philadelphia's group—anchored by Comcast Spectacor and Sixers ownership—has already filed preliminary site plans for a Wells Fargo Center practice facility conversion.
The Valkyries are worth ten figures because they proved women's basketball can run at NBA economic altitude in a top-five media market. The expansion fee for the next three franchises will reflect that proof.
The takeaway
**$1B** Valkyries valuation resets WNBA expansion fee comps to **$125M+** ahead of 2028 Portland, Philly, Denver bids.
wnbafranchise valuationgolden state valkyriesexpansion economicswomen's basketballsports investment
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