The Women’s National Basketball Association (WNBA) has experienced a surge in interest and talent, growth in profitability, and TV ratings throughout the 2020-2024 years. In 2020, during the height of the COVID-19 pandemic, the league was on the brink of suspension. However, its decision to continue the 22-game season in the bubble led to its most successful year by 2024, with the New York Liberty and Minnesota Lynx in the WNBA Finals. Despite criticisms over the league’s response to online harassment and its finance transparency, the league is thriving.
WNBA commissioner Cathy Engelbert spearheaded a capital raise in 2020 to enable the league to expand and prosper. The successful campaign led to a $75 million raise in investment; far above the initial $50 million prediction. Investment from the likes of Nike and Michael Dell pushed the league’s post-money valuation to a hefty $475 million. The investment magnified the league’s reach, allowed the establishment of WNBA expansion teams, and laid the foundation for a media deal set to commence in 2026.
The Liberty, one of the league’s franchises, also experienced a revamp. After being bought by Clara Wu Tsai in 2019, the team overcame its label as a “distressed asset” and increased its ticket sales, merchandise sales, and sponsorship deals significantly. With an average of 13,000 fans attending the Liberty’s home games, Wu Tsai expects the franchise to become profitable.
Apart from the Liberty, other franchises like Indiana Fever and Dallas Wings saw increases in revenue and interest. The Wings, due to an influx of capital, are moving to downtown Dallas and plan to work in a new practice facility by the 2026 season. This progression of franchises is evidence of the WNBA’s improved financial situation.
As a sign of its growth, the WNBA had franchise valuations increase. Its various franchises have seen new practice facilities and an expansion team in Toronto is also expected in 2026. Engelbert believes that the exponentially increased viewership and a new $2.2 billion media deal over 11 years could lift the valuations even higher.
Over the next few years, the league and its associated players’ union are expected to negotiate a new collective bargaining agreement. Ensuring that the revenue is fairly distributed between the players and the teams will be a priority. With an expectation of an increase in player salaries and the teams eventually moving into profitability, stakeholders are optimistic that the WNBA’s success is set to continue.
