The average WNBA team is worth an estimated $96 million. To derive the market value of the current franchises, Sportico calculated each team’s revenue, relying on publicly available information and financial records—and interviews with those knowledgeable of team finances, including sports bankers, attorneys and investors actively involved in WNBA transactions. We did not include the two expansion franchises set to start play in 2025 (Golden State) and 2026 (Toronto).

Below are definitions for valuation and revenue.

2024 Valuation: The sum of the current enterprise value of an WNBA franchise, derived from metrics by which basketball team transactions typically occur, including aggregating local and national revenues and factoring in a team-specific multiplier. Revenue multiples remain the standard metric for investment bankers when looking at sports teams, due to fluctuation in profits or the absence of profits in many cases.

Revenue multiples ranged from 6.25 (Atlanta) to 10 (Indiana), with an average of 7.3 and most of them around seven. The Fever were an outlier due to the arrival of Caitlin Clark, who will help the team quadruple attendance this year, up from 4,067 per game last season. For comparison, the average NWSL revenue multiple is 7.1, and it is 11 in the NBA.

Revenue multiples are based on several factors, including historical sales, market (size, saturation and interest by prospective owners), strength of brand, on-court performance (historical and recent), terms of facility lease, and expected future team and league economics.

The valuations include real estate and team-related assets, such as practice facilities.

2023 Team Revenue: Estimated revenue for the 2023 season, includes playoff revenue with the Aces and Liberty the biggest benefactors, as the teams met in the WNBA Finals. Most team revenues are generated on the local level. The league’s national TV contracts are worth an estimated $60 million a year, but nearly 60% of the league-level equity is held by NBA owners and a 2022 consortium of investors. As a result, each team received roughly $2 million last year in central revenue. Teams will get a significant increase under the TV deal on the verge of being finalized.

Revenue averaged $13.2 million per team in 2023 and is expected to be up at least 30% this year.

Local revenue is primarily derived from arenas, sponsorships and merchandise. Arena revenue includes ticket sales, premium seating (luxury suite leases and club seating), parking, concessions and, in rare cases, non-soccer (third-party) events. Ticket revenue and sponsorships represent the bulk of local revenue. Among the WNBA’s current 12 teams, five of them share common ownership with an NBA franchise.

Sportico reached out to every WNBA franchise for this project, and multiple teams validated at least some financial information, while others did not respond.

Sportico is committed to full transparency, For any additional questions, please contact sports valuations reporter Kurt Badenhausen at kbadenhausen@sportico.com.