The WNBA Board of Governors is preparing to vote on three expansion franchises priced between $500 million and $650 million each, according to persons with knowledge of the bids. The range marks a 10x increase from the Golden State Valkyries' $50 million expansion fee paid just two years ago and reflects bidder underwriting that assumes team revenues will reach nine figures within five seasons.
The board will consider applications for teams in Portland, Toronto, and a yet-to-be-disclosed market—most likely Philadelphia or South Florida—with ownership groups including retail billionaires, NBA ownership crossovers, and family offices that sized WNBA stakes for the first time in 2024. Portland's bid is led by RAVentures principal Lisa Bhathal Merage and Boston Beer chairman Jim Koch. Toronto's application involves Kilmer Sports Ventures, already minority holders in Maple Leaf Sports & Entertainment. The third group has not been named publicly, but league sources expect clarity before the April board meeting in Minneapolis.
The valuation reset is tied to Golden State's latest mark. Sportico pegged the Valkyries at $850 million in its February franchise ranking, up from $800 million six months prior. That figure—the highest in the league—is justified by Chase Center venue economics, a local sponsorship base that includes OpenAI and Salesforce, and season-ticket deposits that reached 18,000 within 48 hours of the franchise announcement. Commissioner Cathy Engelbert told investors in December that the Valkyries are tracking toward $40 million in year-one revenue, a threshold no existing franchise reached before 2023.
Expansion bidders are modeling similar trajectories. Portland's group has secured letters of intent from Nike and Columbia Sportswear covering jersey patches and practice facility naming rights. Toronto backers are pitching gate revenue north of $25 million annually based on Scotiabank Arena's 19,800 seats and premium inventory that already supports the Raptors' $350 million annual take. The third bid includes a new arena commitment and a lead investor whose consumer brand would anchor the team's sponsorship stack from day one.
The math matters for existing owners. The league's 12 current teams split expansion fees equally, meaning a $1.6 billion haul from three franchises delivers roughly $133 million per team. That windfall—distributed over three years under typical league practice—effectively eliminates operating losses for mid-market teams like Indiana and Connecticut, which have run red for most of the last decade. It also resets franchise valuations across the board: teams purchased for $10 million in 2018 are now being marked at $200 million–$300 million in estate planning documents.
Sponsorship velocity explains the shift. State Farm, Google, and Michelob Ultra entered the league as first-time national partners in 2024, paying a combined $75 million annually under deals that include WNBA Finals presenting rights and All-Star activations. Nike's apparel extension, announced in October, is worth $60 million per year through 2033, a 4x increase from the prior contract. League-wide sponsorship revenue crossed $200 million last season, up from $25 million in 2020.
Television economics remain the variable. The WNBA's current media deal—$60 million annually from ESPN, CBS, and Amazon—expires after the 2025 season. Engelbert has said publicly the league is targeting $250 million–$300 million per year in the next cycle, a figure that would require linear networks to pay rights fees closer to MLS levels despite the WNBA's smaller ratings base. Early conversations with Disney, NBCUniversal, and Amazon suggest appetite is there, but the final number will determine whether expansion buyers are paying for current fundamentals or betting on a step-change.
The board vote will happen by May, per league bylaws that require expansion decisions six months before the following season's tipoff. Teams are expected to begin play in 2026, giving ownership groups 18 months to hire front offices, construct rosters via expansion draft, and lock venue deals. Portland has Moda Center available immediately. Toronto would play at Scotiabank Arena or the 8,000-seat Coca-Cola Coliseum until a permanent home is finalized.
Expansion draft mechanics will follow the Valkyries model: each existing team protects six players, and the new franchises alternate picks from the unprotected pool. Golden State used that structure to draft 10 players, then traded five for draft capital and salary relief. The strategy worked—Golden State finished 19-21 in year one, a win total that took Atlanta four seasons to reach.
The financial test comes next. Expansion buyers are pricing in arenas that generate $3 million–$5 million per game from premium seating, local sponsorships worth $15 million–$20 million annually, and merchandise revenue that mirrors Golden State's first-year take of $8 million. Miss on any line item and the $500 million entry fee starts looking expensive. Hit all three and the buyers will have reset the market again by 2027.