The Golden State Valkyries are worth $1 billion according to CNBC's franchise valuations released May 4, making them the first women's sports team to reach ten figures. The franchise began play fourteen months ago.
The Valkyries paid a $50 million expansion fee in late 2023. The valuation implies a 20x return in roughly eighteen months for controlling owners Joe Lacob and Peter Guber, who also own the NBA's Golden State Warriors. The Warriors are valued at $8.28 billion in Sportico's latest rankings. The Valkyries now represent roughly 12% of the Warriors' enterprise value despite playing in a league with a $200 million salary cap versus the NBA's $141 million per-team cap.
The jump reflects three drivers family offices are watching. First, the WNBA's new media deal pays $2.2 billion over eleven years starting this season, versus $60 million annually under the prior contract. Second, the Valkyries sold out their 18,064-seat Chase Center allotment for all seventeen home games before the season started, generating roughly $42 million in ticket revenue at an average $137 per seat. Third, the franchise signed $31 million in local sponsorships before opening night, led by a $6.8 million annual deal with Thrive Market and a $5.2 million patch deal with Dignity Health. Those figures exceed the $28 million average for NBA teams' local partnerships, according to IEG's database.
The valuation also suggests the league's expansion cycle is underpriced. Toronto paid $115 million for a franchise starting in 2026. Portland paid $125 million for 2027 entry. If the Valkyries' multiple holds, those fees represent 65-70% discounts to fair value. The league is reviewing bids for a sixteenth team, expected to start play in 2028. Three groups are offering north of $150 million, according to two people with direct knowledge. The WNBA has not confirmed a timeline.
For sponsors, the Valkyries demonstrate that women's sports inventory can command NBA-adjacent pricing when the venue, market, and ownership infrastructure align. Thrive Market's $6.8 million annual deal pencils to roughly $377 per seat, in line with mid-tier NBA jersey sponsors. Dignity Health's patch deal works out to $288 per seat. The league average for WNBA patch deals is $94 per seat, per SponsorUnited data.
The franchise's 70-person staff—larger than six NBA teams' front offices—also signals a bet that women's sports margins will compress toward men's leagues as media revenue grows. The Valkyries are paying roughly $4.3 million in total compensation for non-player personnel, or 19% of estimated $22.6 million operating revenue in year one. NBA teams average 14% of revenue on front-office payroll.
The valuation arrives as the WNBA's collective bargaining agreement expires after the 2027 season. Players currently receive 9.3% of basketball-related income under a formula that excludes certain sponsorship categories. The NBA's players receive 50%. Union leadership has said publicly they will push for a revenue-split model. If that happens, franchise margins tighten and valuations could reset lower. The $1 billion figure assumes current economics hold.
The Valkyries finished 19-21 in their inaugural season and missed the playoffs by two games. Season-ticket renewals for year two are running at 89%, per the team. The franchise has not disclosed whether it was profitable in year one. Lacob told CNBC the team is "on track" to break even by year three, faster than the Warriors, who took six years.
Watch for the league's sixteenth expansion decision, expected before July. If the winning bid exceeds $150 million, it will confirm the Valkyries' valuation is a floor, not an outlier. Also watch for the Valkyries' local media deal; the team has broadcast rights open for 2027 and is shopping a package expected to start at $8 million annually. Toronto's franchise begins play in eleven months, and its valuation will be the next data point.
The takeaway
**$1 billion** Valkyries valuation implies recent WNBA expansion fees underpriced by **65-70%**, resetting floor for next franchise sale.
wnbafranchise valuationgolden state valkyrieswomen's sportssports investmentexpansion
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