How Golden State Valkyries Became the WNBA’s Most Valuable Team

Even the most optimistic psychic would have had trouble predicting just how successful the Golden State Valkyries inaugural season, from their success on the court to their ability to effectively print money on the business side of things. Not only did the Valkyries set the all-time WNBA single-season attendance mark, they also shot to the top of the league’s most valuable franchise rankings.

According to Sportico, the Valkyries $500 million estimated value already makes them the most valuable franchise in WNBA history. That’s more than double the value of the Minnesota Lynx ($240 million), who finished with the best record in the league this season and played in the WNBA Finals last season.

In a recent New York Times article, journalist Heather Knight examined the Valkyries’ rise from a fledgling expansion to the most valuable franchise in the history of the world’s fastest-growing professional sports league.

One undeniable connection is the fact that the Valkyries’ billionaire owners, Joe Lacob and Peter Guber, who also own the Warriors, give the team a substantial base advantage over other teams in the league owned by smaller conglomerates or lower-tier billionaires. That advantage is exacerbated by the fact that WNBA salaries are so little, while revenue in some cases rivals an NBA franchise.

“Mr. Lacob, a billionaire venture capitalist, and Peter Guber, a billionaire entertainment mogul, combined to pay $50 million in 2023 for the rights to a W.N.B.A. expansion team,” Wright wrote. “That investment has ballooned by a factor of 10.

“Valkyries executives would not disclose revenue numbers. Despite Chase Center selling out each game, a local television deal, sponsorships from the likes of Sephora and Waymo, and jerseys selling like mad, the players struggle to make a living wage by Bay Area standards … [Veronica] Burton’s base salary, before any incentives, is $78,831 this season, which would qualify as low-income in San Fran.”

While a wealth discrepancy certainly factors into why the Valkyries became so valuable, the reality is that you simply can’t average over 18,000 paying fans per game without having a genuine connection with the community. Rookie guard Kaitlyn Chen’s connection with the city’s vibrant Asian community is a prime example, as well as coach Natalie Nakase’s.

“Like Ms. Nakase, the first Asian American head coach in the W.N.B.A., Kaitlyn Chen, a 23-year-old rookie, has become a favorite of the Bay Area’s large Asian American community,” Knight wrote. “When [Chen] was a girl growing up in the Los Angeles area, her idol, Kobe Bryant, looked nothing like her, she noted, with a laugh.”

In a basketball market where the Warriors’ Silicon Valley-resembling prices have made it impossible for some of the city’s most passionate fans to regularly attend, it’s become clear that everyone has a home at Valkyries games.

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