The Golden State Valkyries are worth $1 billion, according to CNBC's 2026 WNBA franchise valuations released Thursday. The team began play in 2025.
No women's sports franchise had crossed ten figures before. The Valkyries reached the mark in their second calendar year of existence, faster than any major North American expansion team in the past two decades. The valuation reflects $85 million in local revenue during the 2025-26 season, sponsorship deals with seven Fortune 500 companies, and sellout crowds at Chase Center for all 20 home dates. The team is controlled by Joe Lacob and Peter Guber, who also own the NBA's Warriors. They paid a $50 million expansion fee in 2023.
The figure matters because it resets the floor for WNBA expansion pricing. Commissioner Cathy Engelbert told reporters at Lake Tahoe this week that the Valkyries "helped raise the bar" for incoming franchises. Toronto, Vancouver, and Philadelphia groups are negotiating entry fees. Two people familiar with the Toronto discussions said the league is now seeking $75 million to $100 million per slot, up from the $50 million Portland and Golden State paid. One sponsor executive whose company holds WNBA naming rights said his brand values committee has revised its media-equivalency models upward by 30% for women's leagues after watching the Valkyries' attendance and social impressions.
The valuation arrives as the league approved the Connecticut Sun's sale and relocation to Houston. The move was unanimous among league governors. The Sun will finish the 2026 season in Uncasville, then shift to Houston for 2027. The buyer is a group led by real estate investor Nate Paul and restaurateur Tilman Fertitta. Terms were not disclosed, but two people close to the transaction said the price was near $65 million. Houston previously hosted the Comets, who won four straight titles from 1997 to 2000 before folding in 2008. The city has been without WNBA basketball for 18 years.
The Valkyries' financial performance is structural, not promotional. The team drew 18,064 fans per game, second only to Las Vegas. Sponsorship inventory sold out by December 2024, six months before tipoff. Local broadcast rights went to NBC Sports Bay Area for a reported $8 million annually, the richest regional deal in league history. The team's merchandise revenue—$12 million in year one—ranked third leaguewide despite having no playoff appearances yet. Golden State hired Ohemaa Nyanin from the NFL's 49ers as president in 2024. She previously ran ticket and sponsorship operations during Levi's Stadium's opening phase.
The Sun's departure leaves the Northeast with only New York. Connecticut had been in the league since 2003, originally as the Orlando Miracle before relocating. The franchise made 13 playoff appearances in 21 seasons but never won a title. Attendance in Uncasville averaged 6,200 last season, 23rd percentile leaguewide. The Mohegan Tribe, which owned the team and the arena, began sale discussions in late 2025 after new tribal council elections. One league source said the tribe's gaming revenue priorities shifted after Massachusetts expanded casino licenses.
Sponsor appetite is following the Valkyries' model. Two national brands told Sports Edge they are re-allocating mid-six-figure budgets from NWSL and college softball into WNBA partnerships for 2027. One CMO said her team views the league as "NBA arbitrage"—similar demo skew, 40% lower cost per impression. Another Fortune 100 company is in late-stage talks for a Valkyries jersey patch at a reported $6 million per year, which would match the highest patch deal in the league.
Watch for expansion announcements before the 2026 Finals in September. Toronto's ownership group includes Maple Leaf Sports & Entertainment, which runs the Raptors and Maple Leafs. Philadelphia's bid is backed by Comcast Spectacor and Harris Blitzer Sports & Entertainment. If both pay near $100 million, the league will have added $200 million in capital in three years without diluting playoff inventory. The Sun's Houston arena plans remain unconfirmed—Fertitta controls the Toyota Center, but the facility calendar is tight with Rockets games and concerts. One Houston official said the team is evaluating a split schedule between Toyota Center and a smaller 10,000-seat venue.
The Valkyries play their first playoff game in franchise history on September 12. They clinched a postseason berth with three games left in the regular season.
The takeaway
The Valkyries' **$1B** valuation resets expansion pricing to **$75M-$100M** per franchise, while Connecticut's exit opens Houston and tightens the Northeast.
wnbagolden state valkyriesfranchise valuationwomen's sportsexpansionconnecticut sun
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