The WNBA's 13 franchises are now worth $5.1 billion in aggregate, according to dual valuations released by Sportico and Forbes this week, a near-tripling from the $1.8 billion collective estimate published in October 2023. The jump arrives six months before the league's $2.2 billion media rights package begins in 2026, structurally repricing what a seat at the table costs.

Golden State's Valkyries lead the field at $925 million (Sportico) to $1 billion (CNBC-Forbes hybrid reporting), despite playing their first season in 2025. The Liberty sit second at $780 million to $850 million, followed by the Fever at $680 million to $720 million, per the competing methodologies. The spread reflects differing assumptions on revenue share under the new media deal, but both firms anchor to the same inputs: local market size, ownership depth, and merchandising velocity. The Valkyries benefit from sharing the Chase Center lease and backend infrastructure with the Warriors, erasing the facility amortization that burdens legacy franchises still splitting arena calendars with G League tenants.

The valuation snapshots matter because they set the floor for the league's next expansion wave. Commissioner Cathy Engelbert confirmed in January that the WNBA will add at least two franchises by 2028, with bids expected to clear $100 million per slot. The last expansion fee paid was $50 million for the Valkyries in 2023, a figure that now looks quaint. Portland and Philadelphia are circulating term sheets; Toronto is staging quiet courtship dinners with potential ownership groups that include at least one Canadian pension fund. The new media deal guarantees each team roughly $18 million annually in rights revenue starting 2026, up from $2.5 million in 2025, which rewrites the DCF every banker is running.

The valuation surge also clarifies why existing owners are holding. Four franchises changed hands between 2021 and 2023 at prices ranging from $10 million (Atlanta) to $50 million (Golden State). None are for sale now. The Liberty's ownership group, led by Joe Tsai, turned down a $650 million approach in December, according to two people familiar with the inquiry. The Fever's investor consortium, which bought in at $18 million in 2023, is fielding monthly inbound emails from family offices pricing secondaries at 30x entry cost. One Western Conference owner described the current moment as "the part of the movie where you stop answering the phone."

Sponsor deals are widening in step. The league signed 12 new category sponsors in 2025, including Michelob Ultra ($18 million annually) and State Farm ($22 million), both multi-year. Jersey patch inventory is now commanding $4 million to $6 million per team, double the 2024 rate. Merchandise revenue is running 340% above 2023, driven largely by Caitlin Clark and Angel Reese rookie product, but the secondary beneficiaries include every franchise with a top-15 jersey seller. The Fever alone moved $28 million in licensed goods in 2025, more than the entire league did in 2022.

What to watch: expansion bid deadlines are expected by June 2026, with ownership groups required to submit financials, facility commitments, and local broadcast partnerships. The Liberty and Fever are both negotiating jersey patch renewals before their current deals expire in December 2026; pricing will confirm whether the $6 million ceiling is real or conservative. The league's next CBA negotiation opens in 2027, and the players' association has already filed intent to reopen revenue share language, targeting a move from 9.3% to north of 20%.

The median WNBA franchise is now worth $370 million, roughly the price of a low-market MLS club or a G League team with real estate. The league added 13,000 net new season-ticket holders in 2025 and is selling 91% of available inventory across the 13 markets. The Valkyries played to 96.4% capacity in their debut season, better than six NBA teams.