Women's sports are on the verge of a major financial breakthrough, and one top investment firm believes a billion-dollar franchise is just around the corner. Ariel Investments, which has already put its money behind the Denver Summit NWSL expansion team and League One Volleyball, predicts that a women's pro team will hit the $1 billion valuation mark within the next five years.
"That's going to happen pretty soon," said Ariel president and general counsel Emma Rodriguez-Ayala during a panel at the Future of Women's Sports event in Nashville this March. Her confidence comes as women's sports continue to shatter previous financial records.
Consider the numbers: In March, the WNBA's Connecticut Sun sold to the Fertitta family for a record $300 million. Just last May, the New York Liberty brought in high-profile minority investors—including Alibaba founder Jack Ma and supermodel Karlie Kloss—in a deal that valued the franchise at $450 million, setting a new high for women's professional sports. And in soccer, an ownership group led by IMA Financial Group CEO Robert Cohen paid a record $110 million expansion fee for the Summit in January 2025. The momentum is undeniable.
Ariel Investments, based in Chicago, is led by co-CEO and president Mellody Hobson—the former Starbucks chair who also personally invests in the Denver Broncos and Chicago White Sox. The firm's portfolio includes heavy hitters like Manchester United and Madison Square Garden Sports Corp., but its recent focus on women's sports signals a major shift in the investment landscape.
In February, Ariel announced it had raised $250 million for Project Level, a fund targeting women's teams and leagues in both the U.S. and Europe, along with adjacent businesses like ticketing platforms and data analytics companies. The fund is still raising money, with a reported goal of $1 billion, and is already invested in the Summit and LOVB.
Rodriguez-Ayala likened women's sports teams to "small caps" in the stock market—high-growth opportunities with plenty of room to run. "If you think of Nvidia or Microsoft, that's like men's sport," she said. In other words, the biggest gains may still be ahead for women's athletics, and investors are taking notice. Whether you're a fan or a player, it's an exciting time to be part of the game.