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Board choosing between expansion dealmakers and operational disciplinarians as **2027** media opt-out window approaches.
$2.2 billion
league valuation and
48%
average attendance growth but leaves unresolved tensions around expansion…
$1 billion
in 2019 and departs with Golden State's franchise alone…
$50 million
price in its 2023 sale
The WNBA has begun identifying candidates to replace Commissioner Cathy Engelbert, whose five-year tenure delivered a $2.2 billion league valuation and 48% average attendance growth but leaves unresolved tensions around expansion pacing and media rights strategy. The Athletic reports the search includes sitting athletic directors and executives from adjacent leagues, signaling a preference for operational builders over celebrity hires.
Engelbert's exit follows a board decision not to extend her contract beyond its February expiration. She inherited a league valued at roughly $1 billion in 2019 and departs with Golden State's franchise alone commanding a $50 million price in its 2023 sale. Average attendance climbed from 6,535 in 2019 to 9,675 this past season. The league added a 13th team and secured a media package embedding WNBA games inside broader NBA deals, though critics note those rights remain bundled rather than standalone.
The board now faces a definitional choice. One camp wants a dealmaker who can accelerate the current expansion pipeline—Las Vegas awarded for 2028, two more cities likely by 2030—and negotiate media rights independently of NBA leverage. That profile favors executives who have run P&Ls: names circulating include Nicole Curran, president of the Warriors' business operations, and Julie Uhrman, who built the NWSL's Angel City FC from a pitch deck to a $250 million valuation in three years. Curran ran hospitality and premium seating through Chase Center's opening; Uhrman closed 14 sponsorship deals before Angel City played a game.
The other camp prioritizes operational discipline. The league's cost structure remains opaque—players receive roughly 10% of revenue versus 50% in the NBA—and several franchises still operate at a loss despite attendance records. Athletic directors surface here: candidates include Carla Williams at Virginia, who rebuilt a compliance-damaged program and negotiated a $300 million athletics facility package, and Desiree Reed-Francois at Missouri, who managed Washington's Pac-12 exit and revenue-model pivots. Both have hired across dozens of roles and managed budgets through media upheaval.
The timing matters because the league's next media window opens in 2027. Engelbert's current deal runs through 2032 but includes opt-out provisions if certain viewership thresholds hit early. Ratings for the 2024 Finals averaged 1.77 million viewers, up 89% year-over-year, giving the next commissioner leverage to unbundle from NBA packages or demand prime inventory. That negotiation will define whether franchises pencil $8 million or $15 million in annual media distributions, the difference between breakeven and meaningful profit for mid-market teams.
Sponsors are watching the leadership choice closely. State Farm and Google each pay roughly $10 million annually as league partners, but activation budgets depend on schedule certainty and media clarity. One brand executive noted the league still lacks a London game or consistent Christmas Day slot, both of which require a commissioner willing to pressure NBA scheduling or negotiate independently. Another pointed to merchandising: the league shares apparel revenue with the NBA's licensing arm, leaving 60% margins on the table that a standalone deal could capture.
The search itself will reveal priorities. If the board hires a sitting AD, expect slower expansion and tighter cost control. If they choose a league operator or team president, expect franchise fees north of $100 million for the next three cities and a 16-team league by 2030. One advisor close to the process said the board has agreed on one constraint: the next commissioner must have closed a nine-figure transaction, either in fundraising, M&A, or rights deals. That rules out most basketball insiders and brings the conversation back to business operators.
Engelbert's tenure normalized the WNBA as an institutional asset class. Her replacement will determine whether it becomes a $5 billion league with standalone media leverage or a well-run minor property inside the NBA's portfolio. The Warriors host Minnesota on June 1st; expect Curran in a suite with board members present.
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