The Golden State Valkyries are worth $1 billion, according to CNBC's May 4 valuation release, making them the first women's professional sports franchise to reach ten figures. The team began play 366 days earlier, in May 2024, as the WNBA's 13th franchise. The previous high-water mark for women's sports valuations was the Las Vegas Aces at $140 million in 2023, per Forbes. The Valkyries cleared that number by a factor of seven in their rookie season.
The valuation reflects Chase Center economics more than on-court performance. The Valkyries posted a 19-21 record in their inaugural season and missed the playoffs. But they sold 18,064 season tickets before tipoff and averaged 14,200 fans per home game, third in the league behind Las Vegas and Seattle. Chase Center's 18,064-seat capacity for WNBA games prices at a 37% premium to the league average, according to ticket data reviewed by the league office. The team's local broadcast deal with NBC Sports Bay Area is structured as a revenue share, not a rights fee, but carries an implied annual value north of $12 million, per two people familiar with the contract. No other WNBA team clears $8 million in local media.
The valuation also captures the Bay Area sponsor base that no other WNBA market can replicate. Founding partners include Accenture, Google, Kaiser Permanente, and Rakuten, a roster that skews enterprise software and health systems rather than consumer packaged goods. One sponsor-side executive described the Valkyries' corporate hospitality inventory as "sold through 2027" before the team played a game. The franchise's ownership group is led by Joe Lacob and Peter Guber, who also own the NBA's Warriors, and includes venture investors Marc Benioff, Sheryl Sandberg, and the Chernin Group. The group paid a $50 million expansion fee in 2023, a 20x return on paper in under two years.
The number resets the baseline for WNBA expansion conversations already underway. Commissioner Cathy Engelbert has said the league will add at least one franchise by 2028, with San Francisco, Philadelphia, Nashville, and Austin in active discussions. Expansion fees were $10 million as recently as 2020, when the Atlanta Dream sold for that amount. The Toronto franchise awarded in 2025 paid $115 million, a floor that now looks quaint. One investment banker advising a bid group told a client last week that $150-175 million is the new entry point, citing the Valkyries' comp. The league office has not published guidance, but private conversations reflect the same range.
The Valkyries' margin structure remains unclear. WNBA teams do not disclose financials, and the league's collective bargaining agreement runs through 2027, with players receiving 9.3% of basketball-related income, well below the NBA's 50%. The Valkyries' revenue base is estimated at $60-75 million annually, per two people with knowledge of Chase Center operations, but the team shares venue costs, ticketing infrastructure, and back-office overhead with the Warriors. One rival owner said the Valkyries "probably clear $10 million" in operating profit, but added that "Joe doesn't care. He's building enterprise value, and the math works."
Two near-term events will test whether the valuation holds in transaction markets. The Portland Fire, the WNBA's 14th franchise, begins play in October 2025, with ownership led by the Trail Blazers' Jody Allen. The Fire paid an undisclosed expansion fee believed to be near $125 million, setting a floor for Portland's inaugural valuation. And the Miami Heat ownership group is exploring a WNBA bid for 2026, with a term sheet expected by late summer. If Miami pays $150 million or more, the Valkyries' billion-dollar mark starts to look like index, not outlier.
The league's next CBA negotiation opens in 2026. Players are expected to push for revenue share closer to 30%, which would compress margins across the league but also formalize the business model that makes ten-figure valuations credible. The Valkyries' player payroll in 2025 is capped at $1.46 million under league rules, roughly 2% of estimated revenue. One agent with three Valkyries clients said, "The billion-dollar number is great for Joe. It's going to be expensive for Joe in two years."
The takeaway
The Valkyries' $1 billion valuation in year one resets WNBA expansion pricing and tees up a contentious CBA negotiation in 2026.
wnbavalkyriesfranchise valuationexpansionwomen's sportsgolden state
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