The WNBA concluded a $75 million capital raise campaign, bringing in new investors who will become equity partners, the league announced Thursday.
It is the largest single investment ever in women’s sports, the WNBA said.
The new money comes from an impressive list of investors, which includes current NBA and WNBA owners, franchise owners in other sports and known names in other industries. Among the investors are Micky and Nick Arison, owners of Carnival Corporation and the Miami Heat; philanthropist Laurene Powell Jobs, the widow of Apple founder Steve Jobs; Swin Cash, former WNBA player and now a New Orleans Pelicans executive; retired NBA players Pau Gasol and Baron Davis; Joe and Clara Tsai, owners of the New York Liberty and Brooklyn Nets; and Condoleezza Rice, former Secretary of State.
CNBC reported that the value of the WNBA and its teams is now $1 billion.
The WNBA said proceeds from the transaction will be used in areas such as player marketing, elevating the brand and engaging fans as well as “consumer touchpoints” and “human capital.”
“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,” WNBA commissioner Cathy Engelbert said in a news release. “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.”
Nike also made a “significant equity investment,” the WNBA said.
“Women’s sport is one of the best investments, with great potential to impact and grow the next era of basketball,” said Sonja Henning, a Nike vice president. “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.”
–Field Level Media