The Women’s National Basketball Association announced the completion of a $75 million capital raise, the largest single-round investment ever for women’s sports. The investors received equity in the league previously owned by teams from both the NBA and the WNBA, as the league’s value surged to $1 billion.
Nike, as one of the league’s premier partners, has contributed a significant equity stake as part of its ongoing commitment to empowering women athletes. Among a long list of outside investors in this capital raise is former Secretary of State Condoleezza Rice, Michael and Susan Dell of Dell Technologies, and philanthropist Laurene Powell Jobs.
Current team owners in both the WNBA and NBA have also bought into the league. This includes New York Liberty and Brooklyn Nets owners Joe and Clara Tsai, Dallas Wings’ Bill Cameron, Los Angeles Sparks’ Mark Walter, and Indiana Fever’s Herb and Steve Simon. Former NBA stars Baron Davis and Pau Gasol and former WNBA star Swin Cash round out this list.
This investment is a cornerstone of the league’s growth strategy, increased social responsibility, and long-term plan to elevate its brand. “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,” WNBA Commissioner Cathy Engelbert said in an interview with NBA.com. “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 of the future direction of women’s sports.”
The WNBA continues to gain momentum with strong viewership numbers recorded in 2021.
According to ESPN:
- The regular season ratings were up 24% compared to the last uninterrupted season in 2019, with over 300,000 viewers per game. This was a 49% jump from the 2020 “bubble” season with only 205,000 viewers on average.
- The WNBA Finals between Candace Parker’s Chicago Sky and Diana Taurasi’s Phoenix Mercury brought in an average of 440,000 viewers per game – 15% higher than the 2019 counterpart.
- The most-watched regular-season game between the Chicago Sky and Seattle Storm reached 755,000 viewers. This is the highest single-game viewership since 2012.
What’s next?
The league recently made the New York Times headlines due to its weak retail strategy. This is due to jerseys and other apparel not being readily available to a wider audience despite the increasing demand. There is also a lot of room for improvement on the league’s digital products, such as the WNBA LeaguePass streaming service.
The next logical step is to provide better products to watch the games and gear that fans already crave. This could be a crucial step toward expanding their consumer base and improving fan engagement. Colie Edison has been named the league’s first Chief Growth Officer, which they hope will help to improve these problematic areas.
