The Vegas Valkyries are valued at $350 million before playing a single regular-season game, leading Sportico's 2026 WNBA franchise valuation survey released Thursday. The expansion club, set to debut in May, edges the New York Liberty at $340 million and the Indiana Fever at $325 million. League-wide, the average franchise is now worth $185 million, a 59% increase from $116 million in last year's survey.
The Valkyries' valuation stems from three inputs: a $2 billion privately funded arena opening in Henderson this spring, a roster anchored by Kelsey Plum and a front office led by Natalie Williams, and a market where the city already generates $15 billion annually from sports tourism. Owner Mark Davis committed $125 million for the expansion fee in 2023, meaning the paper return is 180% in under three years without a win. The Liberty's number reflects MSG Sports' decision to keep the team after evaluating a sale last fall; comparable bids were approaching $300 million before the process stalled. Indiana's jump from $85 million in 2025 to $325 million now is driven by Caitlin Clark, whose rookie season moved 400,000 jerseys and increased local television ratings by 330%.
The valuation surge reflects structural changes, not just star power. The league's new media deal, finalized in December, pays $2.2 billion over eleven years starting in 2026, tripling annual rights fees from $60 million to $200 million per season. Disney, Amazon, and NBC are the broadcasters. Revenue sharing improved: teams now keep 70% of local sponsorship and 60% of gate, up from 50% and 40% respectively under the old CBA. Twelve teams will play in 2026, adding Vegas, the Golden State Valkyries (valued at $310 million), and Toronto ($280 million). Commissioner Cathy Engelbert has said the league will reach sixteen teams by 2028; Nashville, Philadelphia, and Miami are negotiating. Expansion fees are now $150 million per team, 20% above what Vegas paid.
For allocators, the WNBA now resembles MLS in 2015: under-monetized relative to engagement, with valuations rising faster than revenue. Average team revenue is $28 million in 2026, meaning franchises trade at 6.6x revenue. The NBA multiple is 8.2x, MLS is 5.1x. The difference is growth rate: WNBA revenue climbed 38% last year, versus 9% for NBA and 12% for MLS. Ticket demand is structural; the Fever sold out their 17,000-seat arena for all home games before the schedule was announced. Merchandise revenue doubled league-wide in 2025, and corporate sponsorship commitments for 2026 are up 42% year-over-year. Nike's apparel deal, renewed in October, pays $60 million annually, a 50% increase.
Watch coaching hires in Vegas and Golden State over the next six weeks; both are interviewing assistants from Phoenix and Las Vegas Aces staffs. Local media negotiations in Indiana and New York close in April; rights fees are expected to exceed $5 million per team for the first time. Toronto's roster expansion draft is March 15, and the selections will signal which franchises are rebuilding versus reloading. Miami's ownership group, led by Jorge Mas and backed by David Beckham's Inter Miami investors, is expected to finalize its bid by June.
The Atlanta Dream, valued at $95 million, are the league's lowest. Owner Larry Gottesdiener has been exploring a sale since November.