The Women’s National Basketball Association (WNBA) and National Women’s Soccer League (NWSL) are projected to see their team valuations grow by at least $1.6 billion over the next three years, according to a new study by Wasserman’s The Collective. The report, The New Economy of Sports – Part II, developed in partnership with Royal Bank of Canada (RBC), highlights the remarkable growth trajectory of women’s sports and its potential to unlock billions of dollars in new value for investors.
The study predicts baseline growth for team valuations in the WNBA and NWSL will surpass $4.3 billion by 2027. Over 63% of this growth is attributed to rising broadcast viewership and increased live attendance, with the remaining 40% coming from the addition of new franchise teams.
“WNBA and NWSL teams are leading the charge, but this growth is not limited to these leagues – it’s about the growth of the entire women’s sports ecosystem,” said Thayer Lavielle, managing director of The Collective. “As we continue to see increased fan engagement, media attention, and sponsorship spend, it’s clear that investing in women’s sports is a smart business decision. The future of women’s sports is bright, and now is the time for investors to seize the opportunity and be part of this transformative moment.”
Key Drivers of Growth
The report identifies several factors contributing to the rising valuations:
- Attendance and Viewership: Teams that consistently sell 85% of tickets in home venues, with capacities of 18,000–19,000 attendees, are more likely to achieve higher valuations.
- Merchandise Sales: WNBA fans are 13% more likely than NBA fans to purchase merchandise from their favorite teams.
- Ownership Diversity: Unlike the single-majority ownership model in men’s sports, women’s leagues often adopt diverse ownership models, encouraging active investment and stakeholder engagement.
- Celebrity Investment: Celebrities are nearly twice as likely to own WNBA and NWSL teams compared to NBA or MLS franchises, driving further visibility and growth.
As of 2024, WNBA franchises average $96 million in value, while NWSL franchises average $104 million, according to Sportico data.
Expansion Fuels Momentum
Expansion teams are another major contributor to this valuation surge. The WNBA will grow to 13 teams in 2025 with the addition of the Golden State Valkyries, followed by teams in Toronto and Portland by 2026. Commissioner Cathy Engelbert has expressed confidence that the league will reach 16 teams by 2028.
Similarly, the NWSL will welcome a Boston-based expansion club in 2026, with plans to announce a 16th team by the end of this year.
The Collective notes that the trajectory of women’s sports is about more than just the WNBA and NWSL; it reflects the broader ecosystem of women’s sports. With increased fan engagement, media rights opportunities, and sponsorship investments, the sector is positioned as a lucrative and transformative space for growth.
“This research reaffirms what we’ve known for some time – that the women’s sports industry is an incredibly valuable and rapidly growing sector,” said Lavielle.
A Bright Future
As the WNBA and NWSL expand their reach and influence, their teams' growing valuations exemplify the rising tide of women’s sports. Investors, sponsors, and fans alike have a unique opportunity to play a part in this next chapter of athletic and cultural transformation. The numbers show that the future is bright—and the world is ready to invest.
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