The Golden State Valkyries are worth $1 billion, per Sportico's 2026 franchise valuations released Thursday. The team played its first season in 2025.
The median WNBA franchise is now worth $230 million, up 87% from $123 million a year earlier. The New York Liberty rank second at $525 million, followed by Indiana Fever at $510 million. The Fever's rise tracks directly to Caitlin Clark: the franchise was valued at $90 million before the 2024 draft. Twelve teams now clear $150 million. Three years ago, the entire league sold expansion slots for $50 million each.
The Valkyries entered at $50 million in their 2023 expansion award. Bay Area season-ticket deposits hit 15,000 within forty-eight hours of the announcement. Joe Lacob and Peter Guber, who own the Warriors, built the franchise around Chase Center's existing luxury infrastructure: same premium seat holders, same corporate hospitality pipeline, same broadcast deal template. The WNBA takes 20% of local media rights; the Warriors' RSN structure gave the Valkyries immediate carriage. Opening night drew 18,532 paid attendance, the third-largest crowd in league history.
The valuation pace matters because the league is expanding again. Commissioner Cathy Engelbert confirmed Portland for 2026 and Toronto for 2027. Expansion fees are now $85 million per team, 70% above the Golden State entry. The new math works: WNBA revenue grew 43% in 2025 to $350 million across the league, driven by a media deal that pays $200 million annually starting this year—five times the prior contract. ESPN, Amazon, and NBC are splitting rights. Corporate sponsorships doubled to $60 million leaguewide. Nike extended its apparel deal through 2033 at $45 million per season, triple the previous rate.
The Liberty's $525 million valuation reflects New York market dynamics and a championship in 2024. Owner Joe Tsai bought the team for $10 million in 2019. The franchise now plays at Barclays Center with separate ticketing but shared suite inventory with the Nets. Sabrina Ionescu's signature shoe line with Nike does $22 million in annual sales, per industry estimates. The Liberty's local media deal with YES Network pays $8 million per season, the highest in the league.
Indiana's $510 million number is the Clark premium. The Fever sold 14,000 season tickets for 2026, up from 4,200 in 2023. Local sponsorship revenue hit $12 million last year. Gainbridge Fieldhouse added 1,800 premium seats ahead of the 2025 season; all sold before Opening Day. The franchise has taken six sponsorship renewals in the past eight months, each at rates 150%-200% above prior contracts. Clark's rookie jersey sales topped 400,000 units, more than every other WNBA player combined.
NWSL franchises are tracking a parallel curve. Angel City FC is worth $250 million, per recent secondary transactions, up from a $2 million expansion fee in 2020. Kansas City Current's new stadium cost $117 million and sold naming rights to CPKC for $8 million annually through 2033. The league's media deal with CBS, ESPN, and Amazon starts in 2025 at $60 million per season, six times the expiring contract. Bay FC, San Francisco's NWSL entry, launched last year with 15,000 season-ticket commitments and a $125 million implied valuation at formation.
The valuation acceleration creates liquidity pressure. WNBA ownership rules require 50% league approval for sales, but private equity firms are circling. Sixth Street Partners and Ares Management have both made inquiries about minority stakes, per league sources. The league office wants patient capital; PE firms want five-year exits. Commissioner Engelbert has quietly told ownership groups she prefers operator-led structures over financial buyers. The tension will resolve when the next wave sells: Atlanta, Cleveland, and Dallas are all mulling secondary offerings.
Watch the Toronto expansion rollout. MLSE (Maple Leaf Sports & Entertainment) is building a 10,000-seat facility adjacent to Scotiabank Arena. The franchise fee was $85 million; industry estimates put opening-day valuation near $175 million based on Toronto market size and MLSE's corporate sponsorship pipeline. Bell Canada, RBC, and Scotiabank are already in discussions for founding partnerships. First game tips May 2027.
The Bay Area proved the model: drop a women's team into mature sports infrastructure with the same corporate sponsor base, same premium seat holders, same media deal structure. It works if the market is already there. Portland and Toronto have both.