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WNBA franchise values have tripled since 2023, driven by **$50M** expansion fees and a projected **$200M** annual media deal starting in 2026.
$572 million
followed by Golden State at
$550 million
and Las Vegas at
$520 million
The median franchise valuation across the league's 13 teams…
$285 million
more than triple the
The New York Liberty, Golden State Valkyries, and Las Vegas Aces are now valued above $500 million apiece, according to valuations published this week, marking the first time multiple WNBA franchises have breached that threshold. The Liberty sits atop the league at $572 million, followed by Golden State at $550 million and Las Vegas at $520 million. The median franchise valuation across the league's 13 teams now stands at $285 million, more than triple the $85 million median from three years ago.
The valuation jump reflects two structural changes. First, expansion franchises in Golden State, Toronto, and Portland commanded $50 million entry fees in 2023 and 2024, resetting the price floor for existing teams. Second, the league's new media rights package—expected to be finalized this spring—is projected to deliver $200 million annually starting in 2026, a sixfold increase over the expiring deal. Teams are being appraised on forward revenue multiples that assume both national media growth and local streaming arrangements that didn't exist when most franchises last changed hands.
The gap between top and bottom is wide. The Connecticut Sun, valued at $205 million, sits 13th despite selling out Mohegan Sun Arena for 19 consecutive games last season. The discrepancy reflects market size and ownership structure: the Sun are owned by the Mohegan Tribe, which has shown no interest in selling, limiting liquidity signals. By contrast, the Liberty's valuation was anchored by Joe Tsai's $50 million acquisition in 2019, now marked up 11.4x in seven years. Tsai's concurrent ownership of Barclays Center and the Brooklyn Nets allows the Liberty to capture arena revenue that standalone WNBA teams cannot.
Golden State's $550 million valuation comes before the Valkyries play their first game. The franchise is owned by Joe Lacob and Peter Guber, who also control the Warriors, and will share Chase Center. That arrangement mirrors the Liberty's economic model and suggests the valuation premium for NBA-paired franchises is now structural. The Aces, owned by Mark Davis since 2021, play in Michelob Ultra Arena and benefit from Las Vegas tourism economics—sponsorship inventory priced to visiting convention traffic, not just local households.
The valuation surge matters for three groups. Family offices and private equity firms that passed on WNBA stakes at $10 million to $15 million five years ago are now paying $50 million for minority positions in teams valued north of $400 million. League sponsors are recalibrating rights fees: a brand that locked in a three-year deal in 2023 is now paying below-market rates relative to what expansion teams command for jersey patches. And the players' union enters CBA negotiations in 2027 with leverage: the league's revenue base has shifted from break-even operations subsidized by the NBA to profitable franchises with institutional ownership.
Watch for two follow-on moves. The Washington Mystics and Chicago Sky, both valued between $240 million and $260 million, are rumored sale targets this offseason. If either transacts above $300 million, it will confirm that the new valuation floor has moved past expansion pricing. Second, local media deals are being renegotiated team-by-team through 2026. The Liberty's YES Network arrangement reportedly delivers $6 million annually; teams without NBA-affiliated broadcast partners are negotiating with regional sports networks that are themselves being restructured. Those deals will either validate the $500 million appraisals or expose them as forward-looking bets on revenue that hasn't yet cleared.
The Atlanta Dream drew 17,608 fans to Game 6 of the Finals at State Farm Arena on Sunday, the largest crowd in franchise history. The Dream are valued at $275 million. The building was full before noon.
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