The Golden State Valkyries, which won't play a game until 2026, are worth nearly $1 billion according to multiple valuation firms, making them the first women's professional sports franchise to cross that threshold. The number lands two years before tip-off and roughly 18 months after the league accepted the expansion fee.
The valuation reflects a 400% premium over the $50 million expansion fee paid by principal owner Joe Lacob's group in May 2023. For context, the Las Vegas Aces sold for $2 million in 2017. The New York Liberty traded hands for roughly $80 million in 2019. The Valkyries' number isn't an outlier—it's the new floor. League sources expect Portland's 2026 expansion twin to command similar marks when its ownership structure finalizes this spring.
Three factors drive the math. First, the Bay Area media market, the sixth-largest in North America, with disposable income clusters that index high for women's sports consumption. Second, shared infrastructure with the Warriors: Chase Center, a $20,000-per-night venue cost the Valkyries won't carry, plus back-office systems already scaled for premium hospitality. Third, the WNBA's new media deal, signed in July 2024, which tripled rights fees to roughly $200 million annually starting in 2026. That's $16.7 million per team before a single ticket sells, versus $5 million under the old contract.
The Valkyries' corporate sponsorship pipeline is running 60% ahead of initial projections, according to two people familiar with the deals. Founding partners include companies that never wrote checks to women's sports before: a logistics firm, a private equity shop, a semiconductor manufacturer. The common thread is executive teams with women in operating roles who control budget line items, not diversity committees writing five-figure gestures. One Fortune 500 CMO described the Valkyries as "the cleanest brand entry we've seen in a decade"—no baggage, built-in distribution, and a customer base that actually watches ads.
Family offices are calling. Three have asked about secondary stake opportunities in the Valkyries specifically, per a person who structured the initial raise. The appetite isn't for basketball; it's for asset-class proof of concept. A $1 billion women's team, even pre-revenue, gives allocators a comparable when a dozen other women's leagues come fundraising in 2025 and 2026. Expect those decks to cite this number in slide three.
The league's collective bargaining agreement, up for renewal in 2027, will now negotiate off a different baseline. Players currently receive roughly 9% of revenue under the capped structure. The NBA's players get 50%. The Valkyries' valuation hands the union a data point: if one team that hasn't played is worth $1 billion, the league's enterprise value is north of $12 billion on a basic multiple. The math may not be clean, but it's a wedge.
Watch Portland's ownership announcement, expected by April 2025. Watch which Valkyries sponsors convert to league-wide deals when the WNBA opens its next sponsorship window in Q2 2025. And watch whether Lacob's group monetizes a minority stake before opening night—several European soccer owners have used that move to validate early marks and create liquidity without diluting control. The Valkyries' president, Ohemaa Nyanin, has spent the last 90 days meeting with private credit firms. Nobody schedules those unless the term sheet is already warm.
The takeaway
A **$1 billion** pre-revenue valuation resets WNBA franchise economics and gives players a leverage point heading into **2027** CBA talks.
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