WNBA Adds 3 Expansion Teams at Record $250 Million Fee
The WNBA will add new expansion teams in Cleveland, Detroit and Philadelphia, according to a Monday morning league announcement. All three teams have ties to current NBA ownership groups. The expansion fee is a record $250 million, according to two sources who requested anonymity because the discussions were private.
The $250 million cash expansion fee is by far the largest ever paid for a new team in a U.S. women's sports league, topping the $110 million that a Denver group paid to join the NWSL this year.
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The new additions comes on the heels of an earlier round of expansion. The Golden State Valkyries, which agreed to pay a $50 million expansion fee, began play this season. The Toronto Tempo (also $50 million) and a Portland team ($75 million) are set to join in 2026. Additionally, a looming labor fight is also on the horizon. WNBA players opted out of the current CBA at the end of 2024, and talks are underway for a new deal to kick in prior to the start of the 2026 season.
It also comes amid a rapid rise in WNBA team valuations. The average franchise is now worth $269 million, according to Sportico's most recent numbers, up 180% from just a year ago. In their inaugural season the Valkyries top the list at $500 million, followed by the New York Liberty ($420 million) and the Indiana Fever ($335 million).
In September, the WNBA enlisted Allen & Company to run the expansion process for a 16th franchise. The New York-based boutique investment bank served as the league's financial advisor when it raised $75 million in strategic capital in 2022. Bids for this round of W expansion were due at the end of January, and the process drew interest from groups both inside the NBA and beyond. More than 10 cities submitted formal bids in advance of the deadline,, including groups in Austin, Charlotte, Cleveland, Denver, Detroit, Houston, Kansas City and Nashville.
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The WNBA meant to only add a 16th team, but the robust interest spurred the league to add three new franchises.
The NBA owns 42% of the WNBA, with 42% shared by WNBA franchise owners and the other 16% held by the 2022 investor consortium capital raise. As the league expands, neither the NBA's portion nor the investors' stake gets diluted, Sportico previously reported.
The expansion continue the trend of WNBA teams going to owners with NBA ties. Portland is owned by siblings Lisa Bhathal Merage and Alex Bhathal, who are LPs in the Sacramento Kings. Toronto is owned by NBA board of governors chairman, Larry Tanenbaum, who's Kilmer Sports owns 25% of the Toronto Raptors. The Golden State Warriors owners own the Valkyries. That's also true for the groups in Cleveland (Cavaliers owner Dan Gilbert), Detroit (Pistons owner Tom Gores) and Philadelphia (76ers owners HBSE).
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