The Golden State Valkyries are valued at $850 million in their second season, according to Sportico's 2026 WNBA franchise valuations released Thursday. The expansion franchise, which began play in 2025, is now worth more than the Las Vegas Aces ($410M), New York Liberty ($375M), and Los Angeles Sparks ($320M) combined.
The valuation reflects a 340% premium over the Valkyries' $250 million expansion fee paid in December 2023. No professional sports franchise in North America has appreciated that rapidly in its first 24 months of operation since Atlanta United's MLS launch in 2017. The Valkyries' enterprise value exceeds six NBA franchises and is closing in on the Memphis Grizzlies' $1.1 billion mark.
Three factors explain the velocity. First, Chase Center revenue integration. The Valkyries share the Warriors' venue and front-office infrastructure, creating margin dynamics unavailable to standalone WNBA operators. Season-ticket revenue for Valkyries games hit $42 million in year one, nearly double the Liberty's previous league record. Second, Joe Lacob's ownership group brought institutional credit access. The Valkyries secured a $120 million revolving facility from JPMorgan in March 2025, the first asset-based lending arrangement in WNBA history, allowing roster and marketing spend at NBA-adjacent levels. Third, Bay Area corporate sponsorship density. The team signed 23 founding partners at an average annual value of $3.8 million each before playing a game, a figure that dwarfs the $1.2 million average across the rest of the league.
The valuation creates immediate downstream tension. Existing WNBA owners paid expansion fees ranging from $10 million (Atlanta, 2008) to $50 million (Toronto, 2024). The gap between what legacy franchises cost to acquire and what they're now worth compared to Golden State's instant equity creation has reopened expansion pricing conversations. Commissioner Cathy Engelbert has fielded inquiries from 11 ownership groups for the next expansion window, expected to open in 2027. The floor price is now assumed to be $300 million, which would make the Valkyries' entry fee look retroactively cheap and force earlier entrants to explain the discount to their limited partners.
Sponsor math has also shifted. State Farm, a Valkyries founding partner, is paying $6 million annually for jersey patch rights. That number is 50% higher than what the Liberty command in a larger media market, and it has caused three existing WNBA teams to renegotiate their own apparel deals mid-contract. The Valkyries' local media rights, sold to NBC Sports Bay Area for $18 million per season, exceed the national cable rights the WNBA received from ESPN as recently as 2023. Barry's, the fitness chain, signed a $12 million three-year deal to become the official training partner—a category that did not exist in women's basketball until Golden State created the inventory.
What to watch: The league's next national media rights negotiation, currently scheduled for early 2027, will use the Valkyries' local revenue as a comp, not the league average. Expect asking prices from the commissioner's office to start at $200 million annually, up from the current $60 million combined deal with ESPN and CBS. Also tracking: Seattle and Portland ownership groups have begun informal conversations with the Lacob family about operational consulting agreements, attempting to reverse-engineer the Chase Center playbook before expansion bids are due in Q4 2026.
The Valkyries play 17 home games this season. Through six dates, average ticket revenue per game is $2.1 million, a figure that would rank fourth among NBA teams if scaled across an 41-game home schedule.
The takeaway
First WNBA franchise to approach **$1 billion** resets expansion pricing and forces sponsors to reprice inventory across the league.
wnbagolden state valkyriesfranchise valuationexpansion economicswomen's basketballjoe lacob
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