The New York Liberty is now worth $600 million, according to Sportico's latest WNBA franchise valuations, a 200% increase since owner Joe Tsai acquired the team in 2019 for approximately $200 million and triple the club's estimated value just two years ago. The figure places Liberty second among all 12 WNBA franchises, behind only the Los Angeles Sparks, and represents the sharpest valuation climb in the league's history outside expansion franchise premiums.
The jump follows a 2024 championship run that delivered the franchise's first title in 28 years, average home attendance of 13,103 across 20 regular-season dates at Barclays Center—62% above league average—and a playoff gate that cleared $4.2 million in ticket revenue alone across six home dates, per team filings reviewed by the league office. Liberty also locked a five-year extension with Barclays in October, guaranteeing arena control through 2029 and eliminating the venue-split headache that historically constrained WNBA team economics in shared arenas. Tsai, who also owns the NBA's Brooklyn Nets, moved the Liberty from Westchester to Barclays in 2020 and installed former Nets executive Keia Clarke as team president in 2021.
The valuation matters because it resets the floor for WNBA expansion franchise bids, which the league has quietly indicated will be priced north of $100 million for slots opening in 2025 and 2026. Three separate ownership groups—one backed by a Middle Eastern sovereign fund, one led by former WNBA players, and one tied to a California tech family office—have reportedly submitted preliminary term sheets for expansion consideration. Liberty's $600 million marker also creates a reference point for partial-stake transactions: minority investors eyeing 10-15% positions in top-tier WNBA clubs now face entry prices starting around $60-90 million, comparable to lower-end MLS franchise slices and well above the $20-30 million range where WNBA minority deals traded as recently as 2022.
Sponsor appetite explains part of the gap. Liberty signed 11 new corporate partnerships in 2024, including a kit deal with Breeze Airways rumored at $3 million annually—triple the WNBA average—and a courtside entitlement package with JPMorgan Chase that sources peg at $2.5 million per season through 2027. The team's corporate hospitality inventory, historically the weakest WNBA revenue line, sold out by late March 2024, five weeks ahead of tip-off. Clarke told investors in a November call that 87% of 2025 premium seating had already renewed, with pricing up 22% year-over-year. She did not disclose absolute revenue figures, but league sources estimate Liberty's total basketball-related income at $28-32 million for 2024, placing it behind only Las Vegas in WNBA operating revenue.
The comps tilt institutional. Las Vegas Aces, valued at approximately $580 million by the same Sportico methodology, sit on similar attendance (12,800 per game in 2024) and championship equity (back-to-back titles in 2022-23) but lack Liberty's media-market premium and Barclays venue lock. Phoenix Mercury, third on the valuation list at an estimated $475 million, benefits from Footprint Center control but operates in a smaller DMA and with older player contracts rolling off. Seattle Storm, fourth at roughly $460 million, owns strong local sponsorship density but plays in a city where the WNBA competes with MLS, NHL, and MLB for corporate entertainment budgets nine months a year.
What to watch: Liberty's next kit sponsor negotiation, set to open in Q2 2025 when Breeze's initial term expires. Clarke has already fielded inbound interest from two global sportswear brands and one activewear disruptor, according to a person briefed on the discussions. The team is also finalizing a $12 million Barclays practice-facility renovation, funded by Tsai, with naming rights expected to command $1.5-2 million annually. Separately, league expansion franchise announcements are tentatively scheduled for April 2025, with final bids due by March 15.
Tsai paid roughly $3,000 per regular-season ticket holder when he bought the Liberty in 2019. At $600 million, he's sitting on approximately $46,000 per current season-ticket account. The Liberty aren't for sale, but the math now works for people building spreadsheets.
The takeaway
Liberty's $600M valuation sets new WNBA comp, pricing expansion franchises above $100M and minority stakes at MLS levels.
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