The Golden State Valkyries, the WNBA's newest expansion franchise set to begin play in 2025, have been valued at $850 million in a recent appraisal, marking the league's first franchise to approach nine-figure territory and resetting expectations for women's professional sports ownership stakes.
The valuation, disclosed as part of the 2026 expansion cycle documentation, represents a 340% premium over the $25 million the Las Vegas Aces commanded in their 2021 sale to Mark Davis. The Valkyries are backed by a consortium led by Joe Lacob and Peter Guber, the same ownership group that paid $450 million for the Golden State Warriors in 2010—a team now worth $7.7 billion per Forbes. The Valkyries ownership includes Sixth Street Partners and the family office of former Disney CEO Bob Iger, signaling institutional capital is treating WNBA franchises as legitimate alternative assets rather than philanthropic adjacencies.
The $850 million figure matters because it establishes a new floor for league expansion conversations. Commissioner Cathy Engelbert has fielded inquiries from groups in Philadelphia, Houston, and Nashville, and the Valkyries number gives her a reference point when those talks turn to check-writing. The league's 30th season begins in May with a media rights deal worth $2.2 billion over eleven years—triple the prior contract—and sponsors including Nike, State Farm, and Google paying eight-figure annual commitments. The Valkyries valuation implies investors are pricing in sustained revenue growth, not just the novelty of Caitlin Clark's rookie year driving 2.3 million average viewership on ABC.
What the $850 million does not reflect is operating income. The WNBA has never disclosed league-wide profitability, and individual franchises remain opaque. The Valkyries will play at Chase Center, sharing the Warriors' 18,064-seat venue, which eliminates the need for a dedicated arena but also caps ticket inventory and forces scheduling around the NBA calendar. The franchise has pre-sold 15,000 season-ticket deposits, generating roughly $7.5 million in upfront cash assuming a $500 average deposit, but full-season ticket packages in Chase Center's lower bowl are expected to price at $3,200, putting them in line with mid-tier Warriors inventory. Sponsorship commitments are undisclosed, though the Valkyries have signed founding partnerships with Charles Schwab, Adobe, and Accenture, each likely in the $2-4 million annual range based on comparable WNBA deals.
The valuation also reflects scarcity. The WNBA has granted only three expansion franchises in the past decade—Atlanta in 2008, Las Vegas in 2017 as a relocation, and the Valkyries. The league's 12-team structure has kept supply constrained while demand from billionaire family offices and private equity shops has accelerated. Sixth Street, the Valkyries' anchor investor, manages $75 billion and has positions in the San Antonio Spurs, FC Barcelona, and Legends Hospitality, treating sports franchises as inflation hedges with asymmetric upside if media rights continue compounding. The Valkyries ownership structure mirrors this thesis: illiquid, long-duration, thesis-driven.
The $850 million number will now set the baseline for Portland, Toronto, and Miami expansion bids expected to be announced in 2026. Engelbert has said the league will expand to 16 teams by 2028, meaning four more franchises at valuations likely beginning at $900 million if the Valkyries deliver on their season-ticket and sponsorship projections. The math implies a total league valuation approaching $12-14 billion by 2028, putting the WNBA in the same range as Major League Soccer before its recent Apple TV deal.
What to watch: the Valkyries' head coach hire, expected by March, will signal whether ownership is prioritizing veteran credentials or analytics-forward experimentation. Season-ticket conversion rates from deposits to full purchases will be disclosed by June, giving a read on actual Chase Center demand. The league's next media rights cycle begins informal conversations in 2027, with the current deal running through 2036 but including opt-out windows in 2030 and 2033. If the Valkyries average 12,000 paid attendance and $40 million in annual sponsorship by year three, the $850 million valuation will look conservative.
The Golden State Valkyries tip off in May 2025 with a roster to be assembled in the expansion draft. The franchise has already hired a chief revenue officer from the Warriors organization and leased 22,000 square feet of office space in San Francisco's Mission Bay district, three blocks from Chase Center.
The takeaway
The Valkyries' **$850M** valuation sets a new WNBA ownership floor, pricing in sustained media and sponsor growth rather than single-season novelty.
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