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The Women’s National Basketball Association has raised $75 million from a group of investors that includes Nike Inc., businessman Michael Dell, and former U.S. Secretary of State Condoleezza Rice in an effort to revamp the league.
The $75 million infusion is the largest-ever capital investment for a women’s sports property and will be used to help the league overhaul its brand and appeal to more fans, the WNBA said Thursday. This also marks the first time the league has raised money through investors.
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The funding also gives the group of more than two dozen investors an equity stake in the WNBA, according to the league. The league declined to give details on the size of the stake or to break out how much each investor put in. The $75 million infusion also raised the combined valuation of the league and its 12 teams to $1 billion, according to a person familiar with the matter.
Although the WNBA has been in existence since 1996, its value and size is much smaller than the National Basketball Association, its all-male counterpart. The NBA’s New York Knicks, Golden State Warriors and Los Angeles Lakers were each valued at more than $5 billion in 2021, according to Forbes.
WHITE PLAINS, NY – JUNE 19: New York Liberty guard Brittany Boyd (15) drives to the basket during the second half of the WNBA game between the Atlanta Dream and New York Liberty on June 19, 2018, at Westchester County Center in White Plains, NY. (Pho (Getty Images) The WNBA, which begins its 26th season in May, has had financial struggles throughout its existence and has never garnered as much media coverage or viewership compared with the NBA. NBA, WNBA DEFEND CONDITIONS IN PLAYER 'BUBBLES' The WNBA signed an eight-year collective bargaining agreement in 2020 that raised the maximum base salary to $215,000, up from $117,500 in 2019. "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," WNBA Commissioner Cathy Engelbert said. Ms. Engelbert and other WNBA officials are betting the $75 million in funding will help the league and its teams generate new revenue while also building its fan base. NEW YORK, NEW YORK – SEPTEMBER 10: Former U.S. Secretary of State Condoleeza Rice visits “FOX & Friends” at Fox News Channel Studios on September 10, 2019 in New York City. (Photo by Noam Galai/Getty Images) (Photo by Noam Galai/Getty Images / Getty Images) Ms. Engelbert also said the new funds will give the league the ability to dedicate more money to marketing players to boost their global appeal and help them attract more endorsements. CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM Nike, which has made the WNBA’s game uniforms since 2018, made a significant equity investment, according to the league. "Women’s sport is one of the best investments, with great potential to impact and grow the next era of basketball," said Sonja Henning, Nike’s vice president of North America league partnerships. Sneaker giant Nike sued online reseller StockX in New York federal court on Thursday for selling unauthorized images of Nike shoes, marking the latest lawsuit over digital assets known as non-fungible tokens. Carlo Allegri REUTERS/Carlo Allegri/File (Carlo Allegri REUTERS/Carlo Allegri/File Photo / Reuters Photos) Other investors include Laurene Powell Jobs, philanthropist and the widow of Apple Inc. co-founder Steve Jobs ; Micky Arison, Carnival Corp. chairman and owner of the NBA’s Miami Heat; Alibaba Group Holding Ltd. co-founder Joe Tsai and his wife Clara Wu Tsai, who own the WNBA’s New York Liberty and NBA’s Brooklyn Nets; former NBA stars Baron Davis and Pau Gasol ; and former WNBA great Swin Cash. UNCASVILLE, CT – JULY 12: Phoenix Mercury guard Diana Taurasi (3) defended by Connecticut Sun forward Alyssa Thomas (25) during a WNBA game between Phoenix Mercury and Connecticut Sun on July 12, 2019, at Mohegan Sun Arena in Uncasville, CT. (Photo b (Getty Images) Source: Read Full Article
