đ¨ HEADLINE
The WNBA will grow from 12 teams to 18 by 2030.
New Teams Added (2025â2030):
đĽ 2025: Golden State Valkyries (Warriors ownership)
đ¨đŚ 2026: Toronto (MLSE, Raptors ownership)
đ˛ TBD: Portland (ownership TBD)
đ 2028: Cleveland (Dan Gilbert, Cavaliers)
đ 2029: Detroit (Tom Gores, Pistons)
đ 2030: Philadelphia (Josh Harris, 76ers)
Expansion Fee: $250 million each
Total Capital Inflow: $1.5 billion
All 6 Teams Backed by NBA Ownership
đ SECTION 1: EXPANSION FEE VALUATION LOGIC
Why $250M? Is It Justified?
Metric | Value |
|---|---|
Avg. WNBA Revenue (2024E) | ~$120M |
Avg. Team Revenue (2024E) | ~$10M |
Expansion Fee Multiple | 25x revenue |
Compare to:
League | Fee | Team Revenue | Multiple |
|---|---|---|---|
NWSL | $75M | $4M | 18.7x |
NHL | $650M | $130M | 5x |
MLS | $500M | $55M | 9.1x |
âĄď¸ Insight: WNBA is pricing the future, not the present. And investors are buying in because the media rights upside is exponential (see Section 3).
đ§ SECTION 2: WHOâS BUYING IN â NBA STRATEGIC STACKING
City | WNBA Team | Owner | NBA Team | Strategy Benefit |
|---|---|---|---|---|
Golden State | Valkyries (2025) | Joe Lacob | Warriors | Chase Center co-location, media bundling |
Cleveland | TBD (2028) | Dan Gilbert | Cavaliers | Rocket Mortgage + real estate synergy |
Detroit | TBD (2029) | Tom Gores | Pistons | Platinum Equity portfolio crossover |
Philadelphia | TBD (2030) | Josh Harris | 76ers | HBSE media bundling & Sixers arena deal |
Toronto | TBD (2026) | MLSE | Raptors | National market footprint |
𧊠All these owners are leveraging:
Arena control (maximize dates)
Media leverage (bundled RSN and streaming deals)
Sponsorship scale (one sales team â two assets)
đş SECTION 3: MEDIA RIGHTS UPSIDE â THE BILLIONS AHEAD
Year | Avg. Viewers/Game | Total WNBA Media Value | Note |
|---|---|---|---|
2022 | 372K | ~$60M | ESPN/ABC, CBS, Amazon |
2023 | 505K | ~$80M (est.) | |
2024E | 800K+ | ~$120M+ (forecast) | Caitlin Clark Effect + stars |
2030F | 2.5M | $450Mâ600M | New deal, 18 teams, streaming |
â ď¸ Key Insight:
The WNBAâs next media deal could 5x by 2030, becoming a $500M+ property, largely due to:
More teams = more games = more inventory
Demographic tailwinds (Gen Z female viewers)
Streaming bidders (Netflix, Prime, Apple)
đ¸ SECTION 4: FRANCHISE VALUATION MODEL (DCF-Style)
Assumptions:
Team rev: $10M (2024) â $40M (2030)
EBITDA margin: 20%
Cap rate: 7%
Terminal growth: 5%
Projected 2030 Valuation:
âĄď¸ Conclusion: Teams paying $250M now could be worth $400M+ by 2030
â Implied IRR: ~9.5% annually, before media upside
đ SECTION 5: HISTORICAL CONTEXT â COMPARING GROWTH CURVES
League | Launch | Teams @ Year 10 | Teams @ Year 25 | Media Value |
|---|---|---|---|---|
WNBA | 1997 | 10 (2007) | 18 (2030 proj.) | $500M+ est. |
NWSL | 2013 | 9 (2023) | 16 (2025 proj.) | $60M |
MLS | 1996 | 12 (2006) | 29 (2025) | $1B+ |
âĄď¸ WNBA is growing faster in valuation per team and has stronger bundling with NBA than NWSL or MLS.
đ SECTION 6: CITY MARKET ANALYTICS (POPULATION Ă GDP Ă FANBASE)
City | MSA Pop | GDP (Billion) | Pro Sports Teams | NBA Fandom Index |
|---|---|---|---|---|
Cleveland | 2.1M | $140B | 3 | High |
Detroit | 4.3M | $270B | 4 | High |
Philadelphia | 6.1M | $500B | 5 | Very High |
Toronto đ¨đŚ | 6.3M | $380B | 6+ | National-scale |
âĄď¸ Cleveland and Detroit are legacy cities, but Toronto and Philly offer global upside and massive digital audience growth potential.
𧎠SECTION 7: WNBA REVENUE PROJECTIONS BY LINE ITEM (2030)
Revenue Stream | 2024E | 2030F (18 Teams) |
|---|---|---|
Media Rights | $120M | $500M |
Ticketing & Gameday | $30M | $180M |
Sponsorships | $50M | $250M |
Merchandising | $20M | $90M |
International/Global | $5M | $50M |
Total Revenue Potential: ~$1B by 2030
âĄď¸ 10x growth scenario in under 7 years
đŻ WHY THIS MATTERS
Investors: The $250M expansion fee is not overpricedâitâs a strategic pre-pay on massive upside in media, merch, and mindshare.
Media Platforms: Bundling WNBA with NBA unlocks massive Gen Z + female audience access.
Sponsors: Fastest-growing female-first sports league. The ROI math just flipped.
Fans: This is the golden era. New teams. New stars. New cities. And yesâbigger stages.
