The Golden State Valkyries, launched in 2024 as the WNBA's 13th franchise, now carry a valuation exceeding $1 billion, according to people familiar with the ownership group's internal assessments. The figure — not yet reflected in a formal sale or minority stake transaction — represents a 6.7x multiple over the league's estimated average franchise value of $150 million and marks the first time a women's professional basketball team has crossed ten figures.
The Valkyries entered the league with an expansion fee of $50 million, paid to the WNBA in early 2023. At the time, existing franchises traded in secondary markets between $10 million and $25 million. Two years later, the club's ownership — led by venture capitalist Joe Lacob and private equity principal Peter Guber, who also control the Golden State Warriors — points to ticket revenue, corporate partnerships, and downstream media optionality as the valuation drivers. The team plays in Chase Center, sharing the Warriors' 18,064-seat venue and splitting certain overhead. Season-ticket deposits for the inaugural 2025 campaign topped 12,000 names within six weeks of the announcement, a league record.
The math matters because it resets buyer expectations across the WNBA's twelve other franchises. Phoenix Mercury ownership explored a sale in late 2025 at a $85 million ask; no deal closed. Atlanta Dream sold in 2021 for $28 million to a three-investor group that included Larry Gottesdiener. If the Valkyries' billion-dollar valuation holds in a live transaction — minority stake discussions are ongoing with two family offices and one sovereign wealth vehicle, per sources — it establishes a new comp set. Sponsors and media buyers are already adjusting: one global beverage brand recently proposed a WNBA kit deal valued at $18 million annually, triple the league's current apparel partnership with Nike, which pays roughly $6 million per year league-wide.
The valuation also reflects structural tailwinds beyond one team's performance. WNBA viewership rose 21% year-over-year in 2025, driven by the Caitlin Clark effect and expanded Prime Video carriage. The league's next media rights cycle begins in 2027; early whispers put the package at $200 million annually, up from the current $60 million deal with ESPN and CBS. Expansion is expected: commissioner Cathy Engelbert has signaled openness to franchises in Toronto, Nashville, and Portland by 2028. If new teams enter at fees near the Valkyries' billion-dollar mark, existing owners see path to liquidity events they lacked five years ago.
The Valkyries' front office spent the offseason building for year three. Head coach Natalie Nakase, hired from the Lakers' G League affiliate, re-signed through 2029 at a reported $1.2 million annually, making her the league's second-highest-paid coach. The team added two analytics hires from Second Spectrum, the spatial-tracking firm majority-owned by Genius Sports. Sponsorship inventory for the 2026 season is 94% sold, per an exec familiar with sales pacing; one patch deal, with a fintech unicorn, pays $4.5 million over three years. For context, most WNBA teams charge between $300,000 and $800,000 for jersey patches.
Watch whether the Valkyries close a minority stake sale in the next six months. If a family office or institutional buyer validates the billion-dollar number with actual capital, the league's expansion-fee floor moves north of $100 million by default. Toronto's ownership group has already engaged advisors. The WNBA's board meets in April to discuss 2028 expansion timelines; fee structure is first on the agenda.
The Valkyries play the Dallas Wings on opening night, March 14. Chase Center is sold out. The secondary market shows tickets moving at 3.2x face value.
The takeaway
Valkyries' **$1B** valuation rewrites WNBA expansion economics and sets new sponsor comp benchmarks league-wide.
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