The WNBA is on the rise. It has been for a few years but the bump has been really felt in the last year or so, with the last couple of years’ draft classes really making a huge impact on the league’s viewership and popularity. The growth has been unprecedented in the league’s history as the 2024 and 2025 seasons so far have smashed every popularity metric but the league is growing even faster than its big brother, the NBA. 

There is no question that the NBA is leaps and bounds ahead of the WNBA, having been around for 95 years while the WNBA has been around for just 28 years. Till a couple of years ago, no one thought that its growth rate would even touch the NBA, but the unthinkable has happened. 

The average growth rate of the NBA from 2001 to 2025 has been around 15%; the league even shrunk during the financial crisis from 2008 to 2009. The valuation of the WNBA has gone from an average franchise value of $96 million to $272 million, marking a 183% increase. Although the size is very different and It’s the classic startup vs. mature-market dynamic. The NBA took 5 years to go from $207 million in 2000 and touch 300 million. 

While broader economic factors like inflation and increased interest in live sports properties have played a role, this level of growth remains exceptional. It signals a deeper shift in how the league is valued and is no longer seen as a developmental property or secondary brand but as a major player in the sports business landscape with a growing cultural and financial presence.

What makes this growth even more impressive is the competitive environment in which the WNBA is thriving. Unlike the NBA’s expansion era in the early 2000s, which unfolded in a relatively uncluttered sports market, the WNBA now competes for attention and investment in a crowded arena. It is not only up against well-established men’s leagues such as the NBA, NFL, and MLB, but also emerging and rapidly growing women’s leagues including the NWSL, PWHL, and international basketball leagues.

Despite this crowded field, the WNBA is standing out and commanding investor confidence. Consider that the $272 million average valuation from Forbes’ list is 14.4 times average revenue—far exceeding the multiple in the National Women’s Soccer League (8.8x) as well as in men’s leagues, including the NBA (11.7x), MLS (9.3x) and the NFL (9x).

Investors are not just supporting the WNBA out of goodwill or social momentum. They recognize a rare opportunity. The league is rich with untapped commercial potential, globally marketable talent, and a fan base that is young, digitally savvy, and growing. With the league’s valuation soaring, media deals expanding and attendance breaking records, many see the WNBA as one of the most promising growth assets in sports today.

The WNBA’s recent $2.2 billion media rights deal, which is a 6 times increase over its previous one and record-setting expansion fees in Toronto and Portland signal that the league is not just catching up, while there are problems like player salaries and the CBA issue, which league doesn’t?

Let’s find out how much each franchise is contributing to its growth and how much it is worth in 2025:

Here are the most valuable WNBA franchises:

1. New York Liberty

Valuation (2025) : $400 million 

Valuation (2024): $130 million

Owners: Joe Tsai and Clara Wu Tsai (Cofounder of Alibaba Group and primary owner of the Brooklyn Nets)

Revenue: $25 million

The Liberty are the reigning champions and the team on the high, with veteran stars like Sabrina Ionescu, Brianna Stewart and Jonquel Jones. The owners of the New York Liberty sold a limited partnership stake in the club at a $450 million valuation, according to someone familiar with details of the transaction.

It is the richest valuation ever for a women’s sports team and more than 30 times what Joe Tsai and Clara Wu Tsai paid for the team in 2019. The equity raise is expected to be for between 10% and 20% of the club. They ranked third in last year’s valuations and their title win coupled with some behind-the-scenes changes has bumped them up to number one.

2. Indiana Fever 

Valuation (2025): $370 million

Valuation (2024): $90 million

Owner: Herb Simon (Chairman emeritus of the Simon Property Group and co-owner of Indiana Pacers)

Revenue: $32 million

You probably expected this at number 1, as the Fever has seen an unprecedented level of growth and how can we not talk about Caitlin Clark while talking about the Indiana Fever? The Caitlin Clark effect has taken over the WNBA with multiple broadcasting records, merchandise sales records, and attendance records.

The Fever have the highest average attendance in the WNBA, with 17,000, which is almost twice the league average. Her Indiana Fever jersey not only dominated WNBA sales but also soared to become the second-best-selling basketball jersey across both the WNBA and NBA, trailing only behind Golden State Warriors star Stephen Curry. She is unfortunately injured in the ongoing season and that is expected to impact the Fever, at least temporarily. 

Despite Caitlin Clark being sidelined, the Indiana Fever still drew significant interest, with their loss to the Connecticut Sun averaging 851,000 viewers on ION. This marked the network’s largest audience of the young season and a 119% increase over the comparable window last year (389,000). The numbers indicate that fan engagement extends beyond Clark suggesting a broader and more enduring interest in the team.

3. Seattle Storm

Valuation (2025) : $330 million

Valuation (2024): $135 million

Owners: Lisa Brummel, Ginny Gilder, Dawn Trudeau (Force 10 Hoops)

Revenue: $21 million

The Storm are the most successful team in the league with 4 WNBA titles to their name and had the second-highest valuation last year. It isn’t like the Storm haven’t grown; the franchises around them have grown faster. They are in a slump by their standards, as they lost in the first round of the playoffs last year, while they did not qualify in 2023. 

The only all-female ownership group in the WNBA, the trio of Brummel, Gilder and Trudeau, recently sold small pieces of the WNBA team at a $325 million valuation. The transaction represented roughly 1.5% of the team’s equity. Three new investors joined the ownership group, while two people exited, and a third owner cut their stake. The Storm set a new benchmark for WNBA team values in early 2024 when they raised $21 million from 15 new investors, showing their capability to surpass their competitors in raising money and providing the best support to their players on the court. 

4. Las Vegas Aces

Valuation (2025): $310 million

Valuation (2024): $140 Million 

Owner: Mark Davis  (Owns the Las Vegas Raiders, the NFL team)

Revenue: $22 million 

Once the top dog in the league with the highest valuation in 2024, the team has dropped to fourth in 2025. On the court they are in top form, consistently challenging for the title and their two titles have come in recent years in 2022 and 2023. Those consecutive title wins gave their brand value a boost. Along with that, they have probably the best player in the league on their roster in A’ja Wilson. Wilson also recently launched her shoe line with Nike. The A’One went on sale with a “Pink Aura” version, making Wilson the first Black WNBA player to have a signature shoe since 2011. That shoe was sold out within minutes, signaling her popularity amongst the others in the league. Wilson has certainly boosted their valuation with her exploits on and off the court. 

5. Phoenix Mercury

Valuation (2025):  $300 million

Valuation (2024): $105 Million 

Owner: Mat Ishiba (Chairman and CEO of United Wholesale Mortgage also owns Phoenix Suns)

Revenue: $25 million

The Mercury have long been one of the WNBA’s most popular franchises, with a strong legacy of success (3-time champions) and a passionate base. They are the New York Liberty or the Aces of old. While none of their titles have come in the last 10 years, with the last one coming in 2014, they have formed a strong base ever since. 

The Mercury also benefit from synergies in sponsorships, ticketing, and marketing via the Suns’ infrastructure. They have had Diana Taurasi to star for them, who is arguably the best WNBA player of all time, which just catapulted their popularity. Before the 2025 season, Taurasi announced her retirement and another legend, Brittney Griner, left in free agency, which slightly impacted their brand value. 

6. Dallas Wings

Valuation (2025):  $250 million 

Valuation (2024): $75 million 

Owner: Bill Cameron

Revenue: $15 million

The Dallas Wings are the team on the rise in this list after the acquisition of wonder girl Paige Bueckers at No. 1 in the WNBA 2025 draft. While their on-field record in the past years doesn’t impress, what the investors are valuing is its potential.

They expect Bueckers to replicate what Clark did last year, at least to some extent. The viewership of the team is already increasing along with the attendance; this is one franchise to look out for next year. 

7. Chicago Sky

Valuation (2025): $240 million

Valuation (2024): $95 million

Owner: Michael Alter

Revenue: $16 million

Since Angel Reese became the face of the franchise, the Chicago Sky’s popularity has skyrocketed, both in media attention and cultural relevance. Reese, known for her charisma, confidence, and unapologetic style, is not just a rookie sensation but also a marketing powerhouse. With 4.9 million Instagram followers, she is now the most-followed WNBA player, a testament to her influence far beyond the hardwood.

Chicago is one of the biggest markets in the country and the Sky are yet to fully capitalize on that. They have a lot of potential going forward and the franchise will try and capitalize on their opportunities with the likes of Reese and Camilla Cardoso being the young core for the future. 

8. Los Angeles Sparks

Valuation (2025): $235 million

Valuation (2024): $85 million

Owner: Eric Holoman

Revenue: $16 million

Los Angeles is the second-largest media market in the U.S., offering massive exposure opportunities through TV, sponsorship, and media coverage. The Sparks are one of the founding franchises of the WNBA and have a storied history that includes three championships (2001, 2002, 2016). They’ve featured generational talents like Lisa Leslie, Candace Parker, and Nneka Ogwumike, legends who helped build long-term fan loyalty and credibility.

They are another team currently in rebuild mode, with their offseason transfer Kelsey Plum leading the charge. They also have the 2024 No. 2 draft pick, Cameron Brink, to make her impact, as she is yet to play a full season. Brink tore her ACL last year and will likely be back soon. So you can expect them to move up in the coming years. 

9. Minnesota Lynx

Valuation (2025): $230 million

Valuation (2024): $85 million

Owner: Glen Taylor, Marc Lore, Alex Rodriguez

Revenue: $16 million

Their front office ranking and their on-court performance are certainly not matching, as the Lynx are four-time WNBA champions and are still competing for the trophy. They reached the finals last year and are favorites for 2025. With 2025 MVP favorite Napheesa Collier on the squad, their brand value will only increase from here. Their current fanbase is largely from their dynasty era, led by icons like Maya Moore, Sylvia Fowles, Seimone Augustus, and Lindsay Whalen, who created a lasting legacy and a strong multigenerational fan base.  For the first time in their history, they sold out their home games twice last year, which suggests their fan base is on the rise. 

10. Washington Mystics

Valuation (2025): $205 million

Valuation (2024): $80 million

Owner: Ted Leonsis (Founder, majority owner and CEO of Monumental Sports which owns NBA’s Wizards, the NHL’s Capitals, the WNBA’s Washington Mystics and Capital One Arena)

Revenue: $13 million

The Mystics won their first WNBA title in 2019, led by MVP Elena Delle Donne, marking a turning point in the franchise’s history. Their location in the capital gives them a major advantage for the future and their ownership gives them connections across sports, which further eases their marketing efforts. The one issue they have is their current home stadium, the CareFirst Arena, seats only 4,200. The current young core of Sonia Citron and Kiki Iriafen gives them some hope for the future considering their impressive start. 

11. Connecticut Sun

Valuation (2025): $200 million

Valuation (2024): $80 million

Owner: Mahogan Tribe

Revenue: $14 million

The Connecticut Sun are going through a change on and off the court. The owners of the Sun recently hired investment bank Allen & Company to explore the sale of the franchise. Mohegan Sun, a subsidiary of Mohegan Tribal Gaming Authority, has owned the club since 2003. The franchise is also looking at relocation and their on-court performances also show a sign of a rebuild.

12.  Atlanta Dream

Valuation (2025): $190 million

Valuation (2024): $55 million

Owner: Larry Gottesdiener, Suzanne Abair, Renee Montgomery

Revenue: $11 million

The Dream continues being last on the list as they still cannot capture the city’s attention. The city has established teams in the NBA, NFL, MLB, MLS, and college sports—making it harder for the Dream to consistently stand out. Since their founding in 2008, the Dream have never won a WNBA championship. Their last Finals appearance was in 2013, and they’ve made the playoffs only a few times since. While the addition of Brittney Griner has given them hope, she is at the fag end of her career, and they need some young blood to help them both on and off the court. 

13.  Golden State Valkyries

Owners: Joe Lacob and Peter Guber (They also own Golden State Warriors)

Expected Revenue: $55 million (does not include league distributions from national media and sponsorship deals, or income from merchandise and other ancillary streams)

The latest addition to the league, the Golden State Valkyries, are missing from this list considering it’s only their first year but there are positive signs for the franchise. They sold 10000 season tickets even before the first game was played and the Bay Area has been receptive to the squad at the Chase Center  despite its disappointing on-court performances so far. The league insiders unanimously believe Golden State will be at the top of next year’s list, vaulting past the $400 million New York Liberty, considering its backing from billionaires. 

The WNBA is growing well beyond expectations and is quickly establishing itself as the premier women’s sports league in the United States. With upcoming CBA negotiations poised to secure greater financial rewards for players, the league is laying a stronger foundation that will support emerging talent and help retain its brightest stars. This momentum signals a new era of sustainability, visibility, and long-term growth for women’s professional basketball.