When Swin Cash looks back at the WNBA's landmark 2022 capital raise, she doesn't see a missed opportunity—she sees one of the smartest moves in sports business. "It's one of the best investments I've ever made," says the Hall of Famer, who will bring her championship insight to Amazon Prime Video's WNBA studio coverage this season.
The numbers tell a story of explosive growth. In 2022, the league raised $75 million by selling a 16% equity stake to a star-studded investor group that included former NBA star Baron Davis, NBA and WNBA owners Joe and Clara Tsai (Nets & Liberty), Herb Simon (Pacers & Fever), and Ted Leonsis (Wizards and Mystics). At the time, reports valued the league at $1 billion, though Front Office Sports later pegged the post-injection figure closer to $475 million.
Fast forward to today, and that valuation seems almost quaint. The arrival of Caitlin Clark, Angel Reese, and the transformative 2024 rookie class has sent the league's popularity—and its financials—into orbit. Expansion teams are commanding $250 million entry fees, with three new franchises set to join by 2030. Existing teams are approaching billion-dollar valuations, and CNBC estimates the Golden State Valkyries have already crossed that threshold.
The league is now reportedly interested in buying back that 16% stake—a move that would cost far more than the original $75 million. Other investors in the deal include Heat owners Micky and Nick Arison, Spurs minority owners Michael and Susan Dell, NBA legend Pau Gasol, and former U.S. Secretary of State Condoleezza Rice.
Cash acknowledges that the ownership structure has become more complex—NBA owners previously held half the league, with WNBA owners controlling the other half, and those shares were diluted to 42% each after the raise. But she defends the league's decision to sell when it did. "I don't think anybody had a globe or a ball to say whether it's right or wrong," Cash says. "The league is growing."