On June 24, 2025, Sportico stunned the women’s sports world with its list of every WNBA franchise’s estimated valuation. Not only had the estimated average women's team value increased by a staggering 180% year-over-year, but the team worth the most had, at the time of the list's publication, played only 13 games ever.
Amid pressure from players and a rapidly growing fanbase, the WNBA announced in 2023 that it would expand to the Bay Area, the league’s first addition since 2008. The Golden State Valkyries first took the court in May 2025 with 10 thousand-plus season ticket deposits and more than 20 sponsors under their belt.
Just six weeks later, Sportico valued the team at $500 million, which would make it the world’s most valuable women’s sports franchise, a mark previously set a year prior by the NWSL’s 2022 expansion team, Angel City FC.
Buoyed by the buzz surrounding the Valkyries, the WNBA doubled down just six days later with its June 30th announcement of three more expansion teams headed to Cleveland, Detroit, and Philadelphia, bringing the league’s roster to a record 18 franchises by 2030. A league statement read, “Today’s expansion news reinforces what players, fans, and countless metrics have already proven: the WNBA is thriving and a great investment.”
While the Valkyries’ trajectory is dramatic, it is emblematic of the overwhelming momentum around women’s sports. The boom has led not only to expansion of existing leagues, like the WNBA and the NWSL, but the establishment of new ones: The Professional Women’s Hockey League (PWHL) and two pro volleyball leagues launched in 2024 to great success, followed by the MLB–backed AU Softball League (AUSL), Women’s Elite Rugby (WER), and the Women’s Lacrosse League (WLL) in 2025.
Anthony Di Santi, Managing Director and Head of Corporate Sports Banking at City National Bank, has more than 30 years of experience helping clients buy and sell stakes in pro sports teams. He explained that the breadth of investment and ownership opportunities in the women’s sports ecosystem is bringing more “non-traditional players” into the space — and noted four compelling reasons why entering the market now is especially attractive.
1. Unfolding opportunities
First, because consumer interest in women’s sports is fast-growing, deep-seated, and culture-defining, the decision to invest in a new team or league begets opportunities in a diverse array of associated businesses.
“You’re not only investing in a sports team. You’re investing in a media and real estate asset. The sports team is basically a Trojan horse into a universe where you create content, and that content allows you to pursue investments in areas such as real estate and infrastructure,” DiSanti said.
But taking advantages of these opportunities requires the right experience.
DiSanti’s Corporate Sports Banking Team at City National Bank collectively has decades of experience guiding every stage of these transactions. The experience has culminated with the connections, know-how and creativity required to help clients make the most of their initial investments — and the spin-off opportunities are near-endless.
"It's really a soup-to-nuts approach. We can do everything from negotiating your control transaction and asset purchase agreement to helping to get approved by a league," DiSanti commented. "We'll also work with you on stadium development, assisting with construction loans and working with municipalities to get bonds floated."
Even as women’s sports franchise valuations climb, it is these ancillary opportunities that make investment in a sports team, and especially a relatively affordable women’s franchise or league, a smart choice.
2. Ballooning Media Contracts
Of the diverse opportunities team ownership helps create, media rights deals are particularly lucrative. DiSanti stressed the hunger for live sports content in the modern media landscape.
“It’s really the only content that can’t be time-shifted or binge-watched. a sporting event is going to command a live TV audience,” which garners fan interest and provides a desirable — and rare — platform for advertisers to reach core demographics. Broadcasters and streamers alike can’t get enough live sports content, driving demand and the value of media contracts, and in turn boosting the value of the leagues and franchises themselves.
Take Unrivaled, the startup league that pits the WNBA’s top stars against one another in a unique 3x3 format during the W’s offseason. When the league’s inaugural campaign launched in January 2024, it had already secured a $100 million multiyear media rights deal with TNT — and the viewership stats and subsequent valuation proved it to be worthwhile.
3. Political sentiment and culture-building
Women’s sports aren’t just any live content, though — the space has political winds at its back as it draws fans from across the ideological spectrum. Kinsey Powell Fleming, an assistant vice president with City National Bank’s Entertainment & Sports Banking team, remarks that the emotional and reputational value in women’s sports team ownership cannot be overlooked: “There is, of course, the financial gain, but particularly with women’s sports, it’s about creating the media and sports landscape that we want to see in the next 25 years.” Expansion team and league owners don’t just influence their club’s culture — they can also contribute to a more inclusive and empowering sports culture at large.
4. Low price point
The above three benefits are further enhanced because even with soaring valuations, women’s sports teams are still a relative bargain. As the price tags for traditional men’s pro teams skyrocket — the NBA’s Los Angeles Lakers recently garnered a $10 billion fee for a majority stake — these upstart franchises and leagues offer a lower barrier of entry and massive growth potential for investors seeking an in with the sports industry. “You can’t get into an NHL team for less that $1.8 billion, or an NBA team for less than $4.5 billion to $5 billion. You can’t get into [an NFL] team for less than $6 billion or $7 billion. …I think the price point has pushed a lot of folks out of the market,” Di Santi said. “And women’s sports are now at a price point where you’re attracting significant investment because it’s something that people can afford.”
Considering these unique benefits of women’s sports ownership, Powell Fleming is unsurprised at the rush to invest. “Whether it’s an expansion team to an existing league, a new league, or a minority sale of an established franchise, they come for sale rarely. They’re highly competitive, and you want to be able to move quickly and confidently.” She explains that as the space evolves at breakneck speed, it’s crucial to work with an experienced and efficient team with a 360-degree approach to each transaction: “What we’re offering is an end-to-end value product. …We’re able to counsel and advise, then provide additional services at every stage. You have the expertise and perspective of having worked on a problem from every angle.”
This article is for general information and education only. It is provided as a courtesy to the clients and friends of City National Bank (City National). City National does not warrant that it is accurate or complete. Opinions expressed and estimates or projections given are those of the authors or persons quoted as of the date of the article with no obligation to update or notify of inaccuracy or change. This article may not be reproduced, distributed or further published by any person without the written consent of City National. Please cite source when quoting.
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