WNBA teams capture the top spots in Forbes' elite rankings, proving a seismic shift as franchise values skyrocket, reshaping women's sports economics.
The WNBA has moved from being an afterthought in franchise valuations to setting the standard in women’s professional sports.
Forbes’ inaugural list of the world’s most valuable women’s sports teams places all 12 WNBA franchises among the top 25 globally, underscoring how rapidly the league’s business profile has evolved. The WNBA accounts for the entire top five and half of the overall rankings, a striking shift for a league that once saw teams bundled into men’s franchise sales at little to no added cost.
At the top sits the New York Liberty, valued at $400 million, the highest valuation of any women’s sports franchise in the world. Owned by Joe Tsai and Clara Wu Tsai, the Liberty generated an estimated $25 million in revenue last season and now serve as the league’s financial benchmark.
Close behind are the Indiana Fever at $370 million and the Seattle Storm at $330 million. Indiana’s valuation reflects a league-leading $32 million in estimated revenue, while Seattle’s ownership group continues to benefit from long-term market stability and consistent fan support.
The Las Vegas Aces, valued at $310 million, represent one of the most dramatic appreciation stories in professional sports. Purchased for roughly $2 million in 2021, the franchise now ranks fourth overall on Forbes’ list. The Phoenix Mercury round out the top five at $300 million.
Beyond the elite tier, several franchises cluster tightly in the middle of the rankings. The Dallas Wings are valued at $250 million, tied for 10th overall, while the Chicago Sky ($240 million), Los Angeles Sparks ($235 million), and Minnesota Lynx ($230 million) follow closely behind.
The lower end of the WNBA’s valuation spectrum still reflects nine-figure territory, a threshold that once seemed unattainable for women’s sports. The Washington Mystics ($205 million), Connecticut Sun ($200 million), and Atlanta Dream ($190 million) complete the league’s presence on the list.
Forbes attributes the league’s surge to a convergence of factors: record attendance, rising media visibility, and long-term broadcast security. In 2024, the WNBA finalized media rights agreements reportedly worth $2.2 billion over 11 years, providing owners with predictable revenue streams and investors with confidence in future growth.
While Forbes did not include the Golden State Valkyries in its valuations due to their debut season, the expansion franchise reportedly projected at least $55 million in revenue from sponsorships and ticket sales alone—an indicator of how high the league’s commercial ceiling has risen.
Collectively, the WNBA franchises on the list highlight a broader transformation. What was once a league fighting for survival has become the dominant force in women’s sports valuations, even as labor negotiations over a new collective bargaining agreement loom.
If the league maintains its momentum and avoids a work stoppage, Forbes’ rankings suggest the next chapter may include even higher valuations—and a growing line of investors eager to buy in.