Four seasons after the WNBA attempted to play a season in a bubble during the COVID-19 pandemic, the league is enjoying its best year yet. Television ratings and attendance are both increasing, and so is its place in culture.
“I don’t know if we would have been successful, but we wouldn’t be where we are today without the competitive 22-game season we had in the bubble,” WNBA Commissioner Cathy Engelbert said.
Before Engelbert became the WNBA’s first official commissioner in 2019, she was told by the league’s owners that they needed more capital.
In early 2021, the WNBA released offering materials to investors. A year later, they completed a $75 million raise, giving the WNBA a post-money valuation of $475 million. Michael Dell and Nike were the biggest investors, people familiar with the matter said. Nike invested $25 million in the league.
“Nike called me and said they wanted to invest a lot of money, because part of Nike’s strategy was to double down on women’s sports,” she said.
Investors who participated in the financing received about 16% of the league’s stock, with WNBA owners and NBA owners each splitting the remaining half into preferred stock.
The WNBA invested that money in marketing efforts and human capital. The WNBA has grown from about 12 employees to more than 60 today.
Franchise valuations have also increased dramatically. Mark Davis bought the Las Vegas Aces for just over $2 million, but Portland’s all-in expansion fee this year is $125 million.
