The Las Vegas Valkyries are now valued at $850 million, according to a Sportico analysis published Monday, making them the first WNBA franchise to crack the nine-figure threshold by a factor of two. The expansion team, which begins play in May 2025, surpasses Golden State's previous league-high mark of approximately $450 million set last year. The jump is a function of Clark-era attendance tailwinds, a favorable arena deal at Michelob Ultra Arena, and Strip-adjacent sponsorship density that rival ownership groups cannot replicate in secondary markets.
The Valkyries are controlled by Mark Davis, who also owns the NFL's Raiders, and benefited from a $2 billion arena and practice-facility package funded largely by Clark County tourism taxes. The franchise paid a $50 million expansion fee in 2023—a number that now looks pedestrian given Portland and Toronto paid $115 million each for slots awarded in April 2024. Sportico's methodology weights arena control, local sponsorship inventory, and broadcast reach; Las Vegas scores highest on the first two. The team has not yet announced a naming-rights partner for its practice facility, a deal comparable groups expect will clear $8 million annually.
The valuation reset matters because it establishes a new floor for negotiations around the league's next media-rights cycle, which begins in 2026. Existing franchises, particularly those in top-15 DMAs, are now using the $850 million figure to argue for a larger share of the league's central revenue pool, which currently distributes about $16 million per team from national sponsors and broadcast deals. Teams that own their venues—Golden State, New York, Los Angeles—believe they should receive allocations commensurate with enterprise value, not equal splits. Owners in smaller markets, including Atlanta and Dallas, argue the Vegas number is an outlier driven by real-estate synergies that do not translate league-wide. The debate will surface again when WNBA governors convene in June to review revenue-sharing formulas ahead of the collective-bargaining agreement's opt-out window in December 2026.
Portland and Toronto ownership groups are watching closely. Both franchises are expected to begin play in 2026 and paid expansion fees that reflected the $850 million comp, not the $450 million figure that prevailed when Las Vegas entered. Toronto's group, led by Kilmer Sports Ventures, is finalizing a jersey sponsor believed to be a Canadian bank, with terms in the $6-8 million annual range. Portland's group, backed by Seattle Sounders owner Adrian Hanauer and rapper Lisa "Left Eye" Lopes's estate, has yet to announce primary partnerships but is targeting a swoosh-adjacent apparel deal given Nike's Beaverton headquarters proximity. Both teams will play in existing NBA arenas under revenue-share agreements that give them a smaller cut of suite and concession income than Las Vegas enjoys under its standalone deal.
Philadelphia is the next expansion candidate, with a formal vote expected by August. The bid group includes 76ers co-owner David Adelman and Comcast Spectacor chair Dave Scott, and the franchise would play at the Wells Fargo Center under terms similar to the New York Liberty's arrangement at Barclays Center. If approved, the expansion fee is expected to land between $125-140 million, reflecting both the Vegas comp and Philadelphia's top-five media market status. The league is also fielding inquiries from groups in Nashville, Denver, and Austin, though none have advanced past preliminary due diligence.
The Valkyries open their inaugural season May 16 against the Phoenix Mercury. Season-ticket deposits exceeded 12,000 within the first 72 hours of availability last November.
The takeaway
Vegas's **$850M** valuation forces revenue-share talks and sets a **$125M+** floor for Philadelphia's expected expansion bid.
wnbafranchise valuationexpansionlas vegasownershipmedia rights
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