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Cathy Engelbert ushers in historic capital raise for WNBA’s 26th season

When Cathy Engelbert took over as WNBA commissioner in the middle of the 2019 regular season, she had many immediate responsibilities but one overarching directive: Grow the business of the league.

From her 33 years at Deloitte, including the last four as CEO, Engelbert had acquired the experience to assess the financial viability of a situation and identify the steps necessary to resolving it. In her role with the WNBA, that meant ratifying a landmark collective bargaining agreement in 2020 and, on Thursday, ushering in $75 million in funding, the largest-ever capital raise for a women’s sports property.

The valuation of the raise totals $1 billion, according to sources with knowledge of the transaction.

With the backing of more than two dozen investors, both existing WNBA and NBA owners and new partners, the WNBA aims to generate new revenue and transform the league’s business model entering its 26th season. For Engelbert, it’s the next step toward validating what she set out to achieve in 2019.

“One of the reasons I was hired by Adam [Silver] was to build an economic model that could enhance pay and benefits and everything we did in that CBA,” Engelbert told Just Women’s Sports on Wednesday.

“From my many years in business, in order to grow a business, you need capital. So we’re going to take advantage of the huge momentum from the 2020, 2021 seasons. Although those were very tough seasons from a COVID and fan perspective, there’s huge momentum for women’s sports, and particularly the WNBA leading it.”

The league’s first capital raise is made possible by original supporters like inaugural WNBA Changemaker NIKE Inc., and WNBA owners Ginny Gilder, Ted Leonsis and Joe and Clara Tsai. Engelbert also leveraged her connections to enlist a diverse set of new investors, such as WNBA legend Swin Cash, former NBA stars Pau Gasol and Baron Davis, former U.S. Secretary of State Condoleezza Rice, Dell Technologies CEO Michael Dell, and Linday Henry, CEO of the Boston Globe and owner of the Boston Red Sox and Liverpool Football Club.

“I’ve been very focused on the fact that women’s sports are very undervalued,” Engelbert said, “and this is a way to bring in capital and outside investors to validate that women’s sports can be supported by a lot of different walks of life.”

Engelbert expects the capital raise to go a long way toward achieving opportunities of growth that might not have been possible before. That includes league expansion, an issue often on the minds of fans, players and coaches as the talent pool continues to outweigh the number of roster spots.

“If we can move faster on transforming the economics of the league and our 12 teams, then we’ll feel comfortable that we have the right model to bring in new teams to thrive and not just survive,” she said. “That’ll definitely open up opportunities for us to move to the next step on expansion.”

In addition to internal growth, the league plans to use the capital for digital and consumer innovation, operational improvements, and brand elevation and player marketing, both domestically and globally. There’s a strong foundation to build on after TV viewership increased by nearly 50 percent during the 2021 regular season. The excitement around this year’s WNBA free agency, Engelbert said, is just another a sign of how much room there is to grow.

It’s not lost on her, either, that the WNBA’s announcement is coming days after the NWSL ratified the first CBA in the league’s 10-year history, introducing higher salaries, guaranteed benefits and a free agency period in professional women’s soccer. As Engelbert enters her third year the helm, she feels the setbacks that the COVID-19 pandemic laid in her path, but also the tangible progress the league has made despite it.

“I think there are some things I would’ve liked to move quicker on, but couldn’t because we couldn’t be in arenas or we couldn’t build fan bases, so I’m very pleased with where we are,” Engelbert said.

“I am a huge believer that a rising tide lifts all boats. When we deploy the capital and see the growth, my hope is this will lift all of women’s sports.”

Hannah Withiam is the Managing Editor at Just Women’s Sports. She previously served as an editor at The Athletic and a reporter at the New York Post. Follow her on Twitter @HannahWithiam.

Talons Win First-Ever AUSL Championship in 2025 Series Sweep

Former University of Alabama star pitcher Montana Fouts returned to Rhoads Stadium for the first time as a professional, pitching for the Talons of the Athletes United Softball League as they played the Volts.
The Talons swept the Bandits 2-0 in the best-of-three series this weekend. (Gary Cosby Jr./USA TODAY NETWORK via Imagn Images)

The Athletes Unlimited Softball League (AUSL) crowned its inaugural champion on Sunday, with the No. 1-seed Talons lifting the first-ever AUSL trophy after sweeping the No. 2-seed Bandits in the weekend's 2025 Championship Series.

Battling inclement weather all weekend, the Talons finished out Saturday's rain-delayed Game 1 to a 3-1 win early Sunday morning, before avoiding a winner-take-all Game 3 by claiming the AUSL title in a narrow 1-0 second victory on Sunday afternoon.

AUSL Pitcher of the Year Georgina Corrick and former Alabama ace Montana Fouts held the powerful Bandits offense at bay throughout the two wins, while infielder Sydney Romero — a former two-time NCAA champion at Oklahoma — secured the Talons' title with a Game 2 sixth-inning home run.

Former University of Alabama star pitcher Montana Fouts returned to Rhoads Stadium for the first time as a professional, pitching for the Talons of the Athletes United Softball League as they played the Volts.
Former University of Alabama star pitcher Montana Fouts led the Talons to the first-ever AUSL title. (Gary Cosby Jr./USA TODAY NETWORK via Imagn Images)

"I wouldn't have wanted to do this anywhere else, with anybody else," Fouts said after the championship win. "I feel like we really are family. That's what makes this so special. Obviously, winning is awesome, but I just feel like whenever you step on the field with people like this, you've already won." 

In addition to the Talons' 2025 championship trophy, AUSL at-large garnered plenty of success throughout its debut season, selling out 14 of the first 29 games while averaging 117,000 viewers per game on ESPN2 — a 65% increase over the 2024 Athletes Unlimited format.

That boost saw the broadcaster upgrade the final series from ESPN2 to ESPN.

"It's really been, in some ways, eye-opening," AUSL commissioner Kim Ng told Sports Business Journal earlier this month. "I don't think that any of us thought that we would get this type of reception. But everyone here is so incredibly excited."

Ogunbowale, Bueckers Fuel Dallas Wings Upset Win Over New York Liberty

New York Liberty guard Rebekah Gardner tries to defend Dallas Wings star Arike Ogunbowale during a 2025 WNBA game.
Dallas guards Arike Ogunbowale and Paige Bueckers combined for 40 points in Monday's win. (Stacy Revere/Getty Images)

The No. 11 Dallas Wings put on a show on Monday, handing the No. 2 New York Liberty their second straight loss behind a combined 40 points from star guards Paige Bueckers and Arike Ogunbowale.

Rocketing to a season-best 63-36 first-half lead, Dallas held off the reigning WNBA champions' fourth-quarter surge to secure the 92-82 upset win — the Wings' eighth victory of the year.

Ogunbowale tallied 14 assists in the win, becoming to first WNBA player to ever record 20+ points and 14+ assists in a single game while committing less than two turnovers.

While the WNBA standings remained relatively stable, Dallas's upswing brought further frustration for the Liberty, as they continue to struggle to keep all five starters healthy at the same time.

While previously injured center Jonquel Jones is back in the mix, New York missed 2023 MVP Breanna Stewart on Monday, with the star forward sidelined after suffering a blow to the leg during Saturday play.

"Just understanding the urgency we need to play with, understanding nobody feels bad for us down some people, we have to come out with a little more purpose," guard Sabrina Ionescu told reporters after Monday's loss.

How to watch the Dallas Wings and New York Liberty this week

New York's next trek is significantly steeper, as the Liberty take on the league-leading Minnesota Lynx at 8 PM ET on Wednesday. A rematch of the 2024 WNBA Finals, the clash will air live on ESPN.

Dallas will be in action at the exact same time, when the Wings will hunt a ninth season win against the No. 4 Atlanta Dream, airing live on ESPN3.

LA Sparks Star Cameron Brink Eyes Return from Injury in Tuesday WNBA Slate

LA Sparks star Cameron Brink claps in celebration of a play during a 2024 WNBA game.
Sparks star Cameron Brink has been sidelined with an ACL injury since June 2024. (Steph Chambers/Getty Images)

Second-year LA Sparks forward Cameron Brink is gearing up to make her long-awaited return on Tuesday night, stepping back on the WNBA court after missing more than a year of action due to a June 2024 ACL tear.

Brink's return couldn't come at a better time for LA, as the Sparks continue to take serious aim at a postseason run after rattling off five wins in a row.

The 2024 No. 2 overall draftee will likely be on a minutes restriction as she works her way back into full-game fitness, with the Sparks easing her in during their Tuesday matchup against Las Vegas.

"It means the world," Brink told the Long Beach Press Telegram about her WNBA return earlier this week. "I'm just very excited, very humbled by this experience. It's no easy thing to come back from."

Brink's comeback will close out a trio of WNBA games on Tuesday:

  • No. 9 Golden State Valkyries vs. No. 4 Atlanta Dream, 7:30 PM ET (WNBA League Pass): After a hot start, the Valkyries slid into a free-fall, leaving Golden State hoping to improve on their 2-6 July record against a gelling Dream side.
  • No. 12 Chicago Sky vs. No. 8 Washington Mystics, 7:30 PM ET (WNBA League Pass): The young Mystics are currently clinging onto the final playoff spot, with a chance to push ahead against the injury-ridden Sky.
  • No. 7 Las Vegas Aces vs. No. 10 Los Angeles Sparks, 10 PM ET (NBA TV): The Sparks are the shiniest team in the WNBA right now, but they'll have their work cut out against an Aces team desperate to bust out of the mid-table doldrums.

USWNT to Honor Retirees Alex Morgan, Alyssa Naeher at October Friendlies

USWNT stars Alyssa Naeher, Alex Morgan, Casey Krueger, and Emily Sonnett celebrate their 2024 Concacaf Gold Cup semifinal win over Canada.
The USWNT will pay tribute to retired stars Alyssa Naeher and Alex Morgan in a pair of October friendlies. (Carmen Mandato/USSF/Getty Images for USSF)

The USWNT laid out its fall plans on Monday, announcing a series of three October friendlies — including nods to recently retired stars Alyssa Naeher and Alex Morgan — in the world No. 1 team's first return to the pitch since early July.

The US will face 2025 Euro participant No. 22 Portugal in the first two matches, opening the series at Subaru Park in Chester, Pennsylvania, on October 23rd before meeting again at Hartford, Connecticut's Rentschler Field in a split doubleheader with the US Men's Deaf National Team on the 26th.

The slate's third game will take place at CPKC Stadium in Kansas City on October 29th, against a still-unannounced opponent.

"Portugal is a growing team that will be highly motivated for these matches, but as always, these three games are more opportunities to work on us," USWNT head coach Emma Hayes said in Monday's release.

"I'm very impressed with the progress we've made since the Olympics and I want to give a lot of credit to the players for embracing our culture and ideas, but our staff and the players know we still have much work to do before World Cup qualifying next year."

In addition to building chemistry as the USWNT pushes toward 2026's World Cup Qualifiers, the first two October friendlies will also see the team celebrating past legends Morgan and Naeher.

The Pennsylvania friendly will honor retired USWNT forward Alex Morgan inside the stadium where she scored her first-ever senior team goal.

Hartford's match pays tribute to Connecticut product and decorated goalkeeper Alyssa Naeher, who hung up her international boots last December.

How to get tickets to the October USWNT friendlies

While various presale opportunities will drop throughout this week, general public tickets for all three matches will go on sale at 10 AM local venue time on Friday.

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