In the largest-ever capital raise for a women’s sports league, the WNBA announced $75 million in funding from a group of investors. With the investment, the league and its teams are now valued at $1 billion.
Shortly after the announcement, the league held a press conference with Commissioner Cathy Engelbert to discuss the investment.
]. The full transcript of the presser will be posted soon.
The WNBA announced today the largest-ever capital raise for a women’s sports property, featuring new investors and existing WNBA and NBA owners. This groundbreaking transaction is part of a multi-faceted financial growth strategy designed to generate new revenue through increased investment in priority areas as part of the league’s long-term business transformation.
Proceeds from this transaction are expected to be used for brand elevation and marketing; globalization of the WNBA; innovation, digital, and growth of consumer touchpoints; and human capital and operational optimization as part of an overall effort to address some of the league’s obstacles to growth and generating new revenue.
“We are incredibly fortunate to be able to capitalize on the current momentum around women’s sports and are grateful to the investors who have chosen to support the WNBA in an unprecedented way and to our team governors who continue to invest in the players and teams,” said WNBA Commissioner Cathy Engelbert. “Our strategy is to deploy this capital to continue to drive the league’s brand as a bold, progressive entertainment and media property that embodies diversity, promotes equity, advocates for social justice, and stands for the power of women. Having just completed our historic 25th season, with this access to additional capital, we are setting the WNBA up for a successful future and it represents a sign and signal of the future direction of women’s sports as a whole.”
As part of its ongoing commitment to empowering women athletes and women’s sports, NIKE, Inc., one of the league’s current premier partners and inaugural WNBA Changemaker, has made a significant equity investment in the WNBA. Nike’s investment further deepens the company’s support for women’s basketball and enables the WNBA to elevate the marketing and storytelling of WNBA athletes.
“Women’s sport is one of the best investments, with great potential to impact and grow the next era of basketball,” said Sonja Henning, VP, North America League Partnerships, NIKE, Inc. “Nike has always been more than a sponsor with the WNBA – we’re a strategic partner. And we’re proud to be part of a movement to redefine the future of sport for a new generation – for WNBA players, fans and girls.”
The initial investors are: Micky and Nick Arison, Carnival Corporation and Miami HEAT; Bill Cameron, CEO and President, American Fidelity, Dallas Wings; Swin Cash, WNBA legend and current New Orleans Pelicans Vice-President of Basketball Operations and Team Development; Baron Davis, NBA legend; Michael and Susan Dell, Dell Technologies and minority investors, San Antonio Spurs; Karen Finerman, CEO and Co-Founder, Metropolitan Capital Advisors; Pau Gasol, NBA legend and Member of the IOC Athletes’ Commission; Ginny Gilder, Seattle Storm; Dee Haslam and Whitney Johnson, Haslam Sports Group, Cleveland Browns and Columbus Crew; Linda Henry, Boston Globe, Boston Red Sox, Liverpool Football Club; Brad Hilsabeck, former CEO, Grantham, Mayo Van Otterloo & Co. and minority investor, Dallas Wings; Eric Holoman, President and CEO, EquiTrust Life Insurance, Los Angeles Sparks; Mark Walter, CEO, Guggenheim Partners, Los Angeles Sparks; Laurene Powell Jobs, Founder and President, Emerson Collective; Ted Leonsis, Founder, Chairman, and CEO, Monumental Sports & Entertainment, Washington Mystics and Washington Wizards; James and Heather Murren, former Chairman and CEO of MGM Resorts International; NIKE, Inc; Condoleezza Rice, Stanford University and 66th US Secretary of State; Angela Ruggiero, CEO and Co-Founder, Sports Innovation Lab; Herb and Steve Simon, Fever Basketball, LLC; and Joe and Clara Tsai, New York Liberty and Brooklyn Nets.
“Susan and I are excited about the growth opportunity in women’s sports and specifically the WNBA,” said Michael Dell, CEO, Dell Technologies and minority investor, San Antonio Spurs. “We also are proud to support a league that is committed to empowerment, and we look forward to supporting Cathy and all the accomplished and diverse women of the WNBA to make a positive impact in the world.”
Both the WNBA and NBA Boards of Governors approved the transaction. Allen & Company LLC served as the financial advisor for the transaction.