The WNBA made a splash on Monday morning, announcing an expansion plan that will see the league officially grow to 18 teams by 2030, with new franchises joining from Cleveland, Detroit, and Philadelphia.
Subject to approval by the WNBA and NBA Boards of Governors, the league expects to add Cleveland in 2028, with Detroit following in 2029 and Philadelphia in 2030.
With existing NBA ownership groups backing all three cities, the league chose the trio because of "market viability, committed long-term ownership groups, potential for significant local fan, corporate, media, and city and state support, arena and practice facilities, and community commitment to advancing the sport, among other factors."
Notably, while Monday's news will bring a WNBA team to Philadelphia for the first time, the announcement represents a return for the league to both Cleveland and Detroit.
The Ohio city hosted one of the league's inaugural teams, the Rockers, from 1997 to 2003, while the Detroit Shock joined the WNBA in 1998, eventually relocating to Tulsa in 2010 before becoming the Dallas Wings in 2016.
Monday's WNBA expansion plan also follows the already announced incoming teams in Toronto and Portland, both set to tip off next season, as well as 2025 newcomer Golden State.
Each of the three incoming clubs in Monday's announcement paid a $250 million expansion fee — five times the $50 million that Golden State paid in October 2023.
"This historic expansion is a powerful reflection of our league's extraordinary momentum, the depth of talent across the game, and the surging demand for investment in women's professional basketball," said commissioner Cathy Engelbert. "I am deeply grateful for our new owners… for their belief in the WNBA's future and their commitment to building thriving teams that will energize and inspire their communities."
The Golden State Valkyries made a splash on Tuesday, as the 2025 expansion side debuted on Sportico's annual WNBA valuation list at the very top, leading all 13 league teams at $500 million.
With facility ownership and arena management playing major roles, that current estimate of the Valkyries' worth is 10 times the amount that the Golden State ownership group paid in expansion fees back in 2023.
Even more, the figure arguably puts Golden State atop all other women's sport teams worldwide, surpassing even the record-breaking $450 valuation set by the New York Liberty just last month. On Sportico's current list, the Liberty clock in with a $420 million value just behind the Valkyries.
The Sportico report also places the overall average value of a WNBA team at $269 million, a 180% increase over last season's average — and a figure that dwarfs even the $140 million valuation held by 2024 list-leaders Las Vegas.
Of all teams, the Fever saw the biggest leap, rising from sixth to third on the list with a valuation of $355 million — more than 270% higher than Indiana's $90 million mark in 2024.
Valkyries poised to win the 2025 WNBA revenue race
The Fever also led the league in revenue last year with $33.8 million, though the Valkyries are projected to run away with this season's revenue title, as Sportico estimates that Golden State will bring in more than $70 million in 2025.
The Bay Area side already set a single-game WNBA record for revenue generated, making $3 million in their 2025 home opener.
Current calculations put WNBA valuations at an average of 12 times their revenue — the highest revenue multiple among all major pro sports leagues, including the NBA (11.9), MLS (9.4), NFL (9.3), NHL (7.7), NWSL (6.8), and MLB (6.6).
Plus, new media deals with broadcasters like ESPN, NBC, and Amazon Prime — among others — are on track to generate an average of $260 million in annual revenue for the league starting next season.
With Golden State proving that expansion can be immediately profitable, business — and valuations — continues to boom in the WNBA, as the league eyes even more value with the 2026 additions of Toronto and Portland.
The WNBA and NWSL welcomed some new high-profile owners on Monday, as Serena Williams and Sabrina Ionescu announced investments in the country’s leading pro women’s sports leagues.
Tennis icon Williams is purchasing a stake in the Toronto Tempo. There, the 23-time Grand Slam winner will subsequently weigh in on the 2026 WNBA expansion team's visual elements like jersey designs, merchandise deals, and more.
"Serena is a champion," noted Tempo president Teresa Resch. "She’s set the bar for women in sport, business, and the world — and her commitment to using that success to create opportunities for other women is inspiring."
Meanwhile, 2024 WNBA champion and Bay Area product Ionescu also padded her portfolio. Ionescu bought into 2024 NWSL addition Bay FC, where she’ll serve as an official commercial advisor.
"Sabrina is the ultimate innovator and creates new pathways for aspiring and current professional athletes," said team CEO Brady Stewart. "Adding her passion and vision to what we are building at Bay FC will allow us to further disrupt the sports landscape."
Athlete investors lead the way in growing women's sports
Both current and retired athletes are increasingly buying into the business side of women’s sports. The list includes USWNT alums Julie Foudy, Mia Hamm, and Abby Wambach backing Angel City FC and WNBA legend Sue Bird buying into the Seattle Storm and Gotham FC.
Earlier this year, 2024 WNBA Rookie of the Year Caitlin Clark threw her support behind Cincinnati’s recent NWSL expansion bid.
"This moment is not just about basketball," said Williams. "It is about showcasing the true value and potential of female athletes — I have always said that women’s sports are an incredible investment opportunity."
"I whole-heartedly understand how important investment really is and obviously you can talk about it and be about it, but you really have to want to be committed to it and invest to be able to see what you believe in come to light," echoed Ionescu.
Ownership doesn't only keep legends in the game. It also proves that women’s sports are a booming business.
"It hasn't happened overnight for us. It's been years and years for us of athletes kicking down the door, voice what it is that they want to see. It's taken investment, and now expansion," added Ionescu.
"To see it now in real-time — viewership, attendance, sponsorships — everything is at an all-time high."
The WNBA’s 14th franchise is gearing up for its 2026 debut, with the Toronto Tempo introducing former WNBA and NCAA star Monica Wright Rogers as their inaugural general manager on Thursday.
A two-time WNBA champion with the Minnesota Lynx and three-time collegiate All-American at Virginia, Wright Rogers’s resume lists coaching and front office stints at both the college and pro level. She most recently served as the Phoenix Mercury’s assistant general manager.
“The unique combination of experience that Monica will bring to this team is incredible. She’s a proven champion who understands the game from so many different perspectives,” said Toronto Tempo president Teresa Resch in a team release.
“And she’s so much more than the collection of her experiences. Monica is an incredible relationship-builder with a sharp eye for talent who embodies everything we want the Toronto Tempo to stand for: she’s warm, welcoming, smart, driven and fiercely competitive. We couldn’t be more thrilled to have her on board.”
Wright Rogers adds WNBA experience to Toronto expansion team
The WNBA announced its first-ever expansion into Canada in May 2024.
An investment group led by Toronto billionaire Larry Tanenbaum and his Kilmer Sports Ventures filed the WNBA expansion bid. Tanenbaum also chairs Maple Leaf Sports & Entertainment, which owns the Toronto Maple Leafs, Raptors, Toronto FC, Argos, and Marlies.
Tanenbaum originally explored an expansion team via MLSE, but was turned down by other members of the board.
Wright Rogers will lead basketball operations for the Tempo, including hiring a head coach and building out the inaugural roster.
“The excitement about this team, and around women's sports in general in Canada right now is palpable,” Wright Rogers said. “To have the opportunity to play such a key role in building this team in this country at this moment is an honour”
“Sports fans around the world should keep an eye on us,” she added.