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 eleven months ago.
The Valkyries entered the WNBA in 2025 alongside Toronto and Portland, paying a $50 million expansion fee. CNBC now values the team at 20x that entry price. Toronto sits at $600 million, Portland at $580 million. The gap reflects Chase Center access, Warriors infrastructure share, and a season-ticket base that sold 12,500 deposits before the roster was announced. The team plays in a 18,064-seat NBA venue with premium suites already wired for dual tenancy. No construction spend. No lease negotiation. The Valkyries walked into a building where courtside buyers already existed.
The valuation arrives as WNBA media rights near closure on a deal expected to exceed $200 million annually, more than triple the current $60 million contract. League revenue has grown 118% since 2020. Attendance is up 48% since 2023. The Valkyries sold out 14 of 20 home games in year one, drawing an average of 16,200 fans. That figure ranks second in the league, behind only Las Vegas. Merchandise sales for the Valkyries outpaced every WNBA team except New York and Las Vegas, despite the franchise having zero legacy fanbase.
The franchise is controlled by Joe Lacob and Peter Guber, the Warriors ownership group that paid $450 million for the NBA team in 2010. The Warriors are now worth $9.14 billion. The Valkyries share front-office staff, ticket operations, sponsorship inventory, and broadcast production with the parent club. Corporate partners who bought Warriors packages were offered Valkyries add-ons at a discount during the launch window. Several took both. The team announced partnerships with Kaiser Permanente, Rakuten, and JPMorgan Chase before tipoff. Sponsorship revenue in year one exceeded internal projections by 22%, per a person familiar with the numbers.
CNBC's methodology weights revenue, operating income, debt, and market conditions. The Valkyries' figure reflects projected cashflow, not historical earnings. The franchise lost money in year one, as all expansion teams do. But the trajectory is steep. Season-ticket renewals for year two are tracking at 91%, and the waitlist has 6,800 names. The team has not yet opened a second premium seating tier planned for 2026. That inventory alone could add $8 million in annual revenue, according to two sponsorship executives who have reviewed the deck.
The $1 billion mark matters beyond bragging rights. It sets a floor for future WNBA expansion fees. Cleveland is expected to enter the league in 2028, and Philadelphia and Denver have been mentioned as候选 cities. If the Valkyries are worth $1 billion after one season, an expansion bid in a top-15 market will start at $100 million, possibly $150 million. That is 3x what Golden State paid two years ago. The league office is watching. Commissioner Cathy Engelbert has said the WNBA will expand to 16 teams by 2028. The Valkyries just told every ownership group what the entry ticket costs now.
The valuation also gives Lacob's group leverage in league governance. WNBA teams vote on revenue splits, playoff formats, and scheduling. Voting power is not strictly proportional to team value, but $1 billion franchises do not get outvoted by $85 million franchises on matters that affect premium inventory. The Valkyries will push for more prime-time slots, more national TV windows, and more control over local streaming rights. They have the revenue to justify it.
Next up: the media rights deal, expected to close by July. If the WNBA secures $200 million annually, each team's share jumps to roughly $16 million, up from $5 million now. That alone recalibrates every franchise valuation model. The Valkyries' $1 billion figure assumes a strong media deal. If the league lands $250 million or more, the number moves again.
The takeaway
First billion-dollar women's franchise sets new expansion fee floor at $100M+ and shifts WNBA governance leverage.
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