The WNBA: Building a Sustainable Business Admist a Revolution in Women's Sports

We're still a long way from matching the multibillion-dollar professional men's leagues that have dominated televised sports for a century in the United States. But last season (2024) was a turning point for the WNBA. Many ask when I knew it would be. I suspected it might be from the day we put tickets on sale for our April 15 draft; they sold out in minutes.

Cathy Engelbert, WNBA Commissioner ¹

Founded in 1996, the Women's National Basketball Association (WNBA) was launched in 1997 with support from the National Basketball Association (NBA). It was the first women's professional basketball league to receive significant financial and promotional backing from a major men's league. Initially perceived as a marketing extension of the NBA, the WNBA has grown into an organisation at a crossroads. While it is currently experiencing unprecedented attention, increased investment, and growing cultural relevance, it still faces challenges in monetisation, visibility, and long-term sustainability, especially as it navigates critical collective bargaining agreement (CBA) negotiations with its players for the 2026 season.

Some media members and the public believe that the WNBA is at a critical juncture in its history. If the ongoing collective bargaining agreement (CBA) negotiations fail, or if a lockout or strike occurs, the league could face significant challenges that may threaten its future. Commissioner Cathy Engelbert and the league need to address several pressing issues soon. Furthermore, they must navigate the implications of Caitlin Clark joining the league in 2024 and the passionate fan base that supports her. In addition to Clark, the league has seen the intake of several high-profile college players in the 2024 and 2025 drafts, but none with the profile and fan base of Clark.

Many feel the league has not effectively managed its approach to Caitlin Clark. The quote from Cathy at the top of this page serves as evidence of this sentiment, as Caitlin Clark broke records for jersey sales, attendance, and viewership during her last three years at Iowa, a school not typically known for its basketball program. She was featured in both the most-viewed and most-attended women's basketball games in history, with 18.9 million viewers tuning in for the NCAA 2024 finals between Iowa and South Carolina and an attendance of 55,646 for a 2023 exhibition game between Iowa and Duke held in the north end zone of Kinnick Stadium in Iowa City. The attendance in Iowa City nearly doubled the previous record from the Connecticut vs. Oklahoma game in the 2002 NCAA Finals at the Alamodome, which had 29,619 in attendance, reaching only 40.5% of its capacity.

Figure 1: Image of The Crossover at Kinnick (55,646 in attendance of a maximum capacity of 69,250)

Source: https://stories.uiowa.edu/crossover-at-kinnick-record-setting-crowd

WNBA Looking Forward

The WNBA faces several key strategic questions regarding its future, which its commissioner and senior management must address. For the league to achieve its growth objectives, it must become profitable. Some team owners have openly expressed frustration about the lack of return on investment over the past 28 years of operation. The important questions to consider include:

Should the WNBA maintain a close connection to the NBA, or should it pursue full financial and branding independence? How can it become profitable and reduce its reliance on the NBA to cover yearly losses?
What should be the WNBA’s top priority for achieving long-term sustainability? Potential priorities include media rights, player salaries, player management, expansion, and global growth.
How can the league manage tensions between emerging stars and established veterans to keep both longtime and new fans engaged?
In what ways can the WNBA cultivate a fan base that remains active during its short season? With the increase in the number of teams, how should the league approach the season length and the need for more games?
What are the best strategies for capitalising on new media and digital trends to generate long-term revenue?

Additionally, the league must consider important questions related to Caitlin Clark and the large fanbase she has brought with her entry into the league.

How can the WNBA transform the attention generated by Caitlin Clark into sustained business growth?
Should the WNBA centre its marketing efforts around Clark, or adopt a more balanced approach?

WNBA Looking Back

Below is a short video of the history produced by the WNBA.

Video 1: The History of the WNBA March 2025 (WNBA)

The WNBA began with eight teams and has expanded to thirteen teams in the 2025 season, with plans to grow to fifteen teams by the 2026 season. Its current expansion plans aim to reach eighteen teams by 2030 under the leadership of Cathy Engelbert. Over the years, the number of teams has fluctuated due to expansion and contraction, reaching a peak of sixteen teams in the early 2000s. Unlike other women’s leagues, the WNBA has survived for over two decades by aligning closely with the NBA, leveraging its infrastructure, media power, and financial support.

The WNBA season runs from early May to mid-October, including the playoffs. In 1997, with 8 teams, the schedule consisted of 28 games. This was expanded to 30 games, and then 32 games over the next two years, coinciding with the league's expansion to 10 and then 12 teams. Between 2003 and 2019, the schedule featured 34 games. Due to the impact of COVID-19 in 2020 and 2021, the schedule was disrupted, but since 2022, it has increased from 36 games to 40 games, and 44 games in 2025. The 2025 season will also see an expanded playoff schedule.

However, the potential for further expansion is limited. Increasing the number of games could create conflicts with media rights, as both the NBA and, particularly, the NFL dominate the fall broadcast schedule. The NFL has transitioned from a schedule of Sunday and Monday night games to include Thursday games, while Friday and Saturday are largely occupied by NCAA football during the fall. In the spring, NCAA March Madness influences the broadcast schedule until the first weekend in April, and importantly, this tournament affects the readiness of the current season's draft class. Rookies who participate in March Madness and, in particular, the Final Four often enter the league with minimal rest.

Team ownership in the WNBA is diverse, with both independent owners and owners of NBA teams. In some cities, the ownership of NBA and WNBA teams differs. There is also a notable discrepancy in arena capacities among the teams, ranging from a low of 3,200 fans for the Atlanta team to over 19,000 fans for teams in cities like New York and Minnesota. Additionally, four of the WNBA teams that play in NBA cities do so in arenas with capacities of 10,000 or fewer fans, with the Connecticut Sun also in an arena with a capacity of fewer than 10,000 fans.

Title IX and Women's Sports

President Richard Nixon signed Title IX into law in 1972. Title IX prohibits schools and educational institutions that receive federal funding from discriminating against students, employees, or participants based on their sex. This includes sports, requiring schools to have women’s sports teams and to fund them at the same level as men’s sports. The law ensures that women and girls have equal opportunities in sports, covering aspects such as participation, financial aid, and overall program benefits.

Despite its significance, there are still issues regarding the equitable application of Title IX, particularly at the college level, where football often stands out as a primary concern. Since the implementation of Title IX, women’s professional sports in the U.S. have expanded, giving rise to leagues such as the WNBA, NWSL (National Women's Soccer League), and PWHL (Professional Women's Hockey League) and several other failed leagues over the past 50 years. Some, including journalist Christine Brennan, argue that without Title IX, these leagues might not exist, and the WNBA may not have received the financial support it has from the NBA to remain viable. ²

Recently, discussions have emerged in the media about how the WNBA will handle transgender players. Based on Donald Trump's successful legal actions against states and universities concerning Title IX, transgender players will not be eligible for the draft under changes by the NCAA for U.S. college players, and regulations adopted by other professional leagues worldwide may also prevent transgender players from being draft-eligible. Moreover, the new Olympic president's decision to exclude transgender athletes from women’s competitions is likely to influence how all sports governing bodies across the globe address transgender participation in the future.

Ownership and Expansion

The ownership structure of the WNBA is intriguing. NBA team owners control 42% of the league, WNBA owners hold another 42%, and an investment group owns 16%. This investment group contributed $75 million in 2022 and includes notable investors such as Nike, Michael Dell, Linda Henry, Dee Haslam, Condoleezza Rice, Micky Arison, and Laurene Powell Jobs, among others like Ted Leonsis, Herb Simon, and Joe Tsai. Leonsis (owner of the Washington Mystics and Wizards), Simon (owner of the Indiana Fever and Pacers), and Tsai (owner of the New York Liberty and Nets) each have three separate investments in the WNBA due to their roles as NBA owners, WNBA owners, and members of the investment group. The NBA owners also own the Phoenix Mercury and the Minnesota Lynx in those cities. ^{3, 4}

The new ownership in Golden State, Cleveland, Detroit, and Philadelphia are all NBA owners in the same cities. This will mean that more NBA owners will have dual investments in the WNBA. The situation in Toronto is unique, as the primary owner of Kilmer Sports Ventures, Larry Tanenbaum, also owns 25% of Maple Sports and Entertainment, the parent company of the NBA's Toronto Raptors. The NBA's Los Angeles Lakers have recently been sold to one of the owners of the Los Angeles Sparks, and in Minnesota, there is new ownership of the Minnesota Lynx and Timberwolves. Additionally, the Connecticut Sun are reported to be for sale and will likely be relocated when sold.

Expansion will not dilute the 42% ownership held by NBA owners, nor the 16% controlled by the 2022 investment consortium. However, the 42% owned by WNBA owners will be divided among 18 owners by 2030. According to Forbes, WNBA teams are worth 180% more than in 2023. The valuations range from $400 million in New York to $190 million in Atlanta. There are some estimates that the new Golden State franchise's valuation in its first season is $500 million. The average valuation is $272 million, which is 14.4 times the average revenue, which exceeds the valuation in all other major sports. The reasoning for this is that they reflect more on the potential of the league, given the belief it is reaching a tipping point based on what is known as the "Caitlin Clark Effect". ⁵

Challenges

Revenue and Profitability

The WNBA has historically struggled to generate significant revenue compared to men's leagues. For many years, it operated at a loss, but in recent years, it has started seeing growth in sponsorships and media deals. Reports indicate that the league has incurred annual losses in the range of $10 million, and this figure was projected to increase to between $40 and $50 million for the 2024 season.

Revenues for the WNBA have reportedly increased from $100 million to $200 million in recent years. Continued growth is anticipated due to new broadcasting deals, a significant rise in attendance, and increased sales from merchandise and arena concessions starting in 2024. In 2024, the team with the highest revenue is the Indiana Fever, estimated at $32 million, while the Atlanta Dream has the lowest revenue at $11 million. The average revenue across teams is approximately $19 million. ⁶

Additional income will also be generated from expansion fees. The Golden State Valkyries began play in 2025 with an expansion fee of $50 million. Teams in Toronto and Portland are set to begin their seasons in 2026, with expansion fees of $50 million and $75 million, respectively. Additionally, the three new teams announced in June 2025 will each have an expansion fee of $250 million. It is believed that a significant portion of these expansion fees is being returned to NBA owners to help recover the substantial costs incurred in supporting the league over the past 28 years, as well as to provide some returns to other investors. These new teams will be located in Cleveland (2028), Detroit (2029), and Philadelphia (2030). Other cities that submitted expansion bids include St. Louis, Kansas City, Austin, Nashville, Houston, Miami, Denver, and Charlotte. ⁷

Media Coverage and Broadcasting

Media exposure for the WNBA has lagged behind that of men's leagues. Limited broadcasting slots and a lack of prime-time games have restricted its visibility. However, there is a positive change underway with recent broadcasting agreements with ESPN and Amazon Prime. In 2026, a new media deal sees the current media deal increase from approximately $60 million a year to around $200 million a year over 11 years with Disney (ABC and ESPN), NBC Universal, and Amazon Prime. It will also continue its Friday night double header on ION, which in the past has been reported to be worth $13 million a year. Terms of the new deal with ION to begin in 2026 have not been disclosed. ⁸

In 2024, the average network ratings for WNBA games, including both the regular season and playoffs, reached 394,000 viewers for games that did not feature the Indiana Fever and Caitlin Clark, the 2024 Rookie of the Year. However, games featuring Clark averaged 1.14 million viewers. Many of these games, along with playoff games and the All-Star Game, achieved ratings that the league had not experienced since it began in 1997. Notably, several of Clark's games outperformed NBA games on the NBA Network, and the league saw multiple games surpass the million-viewer mark for the first time in years.

The 2025 season is witnessing similar viewership trends. Thirteen of the top fourteen WNBA regular-season broadcasts in 2024 featured Caitlin Clark, each attracting over one million viewers. The only exception, ranked 14th, was a game aired before one of the Fever games in that list (see Figure 9).

ESPN's broadcast numbers, which include ABC, are illustrated in Figure 2. In the media rights deal that expires at the end of 2025, ESPN platforms, along with CBS, have access to the largest WNBA audiences. Other broadcast platforms, such as ION and NBA TV, have smaller audience reaches. Additionally, Amazon Prime, another broadcast partner, does not publicly release viewership numbers. Games broadcast regionally are available live on the WNBA's League Pass platform, and rebroadcasts of all games can also be accessed on that platform.

Figure 2: WNBA Viewership Across ESPN Platforms

Source: https://espnpressroom.com/us/press-releases/2024/10/the-2024-wnba-season-delivers-record-viewership-across-espn-platforms/

Below are the Nielsen Ratings over the history of the league indexed against all sports. The important aspect is the trend of the ratings over the years. (See Figure 2 and Figure 4)

Figure 3: WNBA Viewership Indexed Against Total Sports Viewership (1997 to 2025)

Source: https://amsgrowthpartner.com/wnba-2025-will-the-ws-keep-coming/ - Nielsen National TV View, P18+. WNBA ratings by season indexed against All Sports ratings for the full year.

In addition to the historic ratings levels, the average number of per-broadcast impressions for the WNBA is compared to MLB and the NHL, with and without Caitlin Clark. These ratings included all broadcasters that have media rights deals for the WNBA. In 2025, the Indiana Fever developed a streaming package to stream about half of their games in an expanded regional area across Indiana, Iowa and other neighbouring states. Other teams seem to be considering similar broadcasting packages.

Figure 4: Average P18+ Regular Season Impressions 2024 in thousands

Source: https://amsgrowthpartner.com/wnba-2025-will-the-ws-keep-coming/ - Nielsen National TV View P18+. Average of all regular-season games for each sport in 2024.

Pay Equity and Player Compensation

WNBA players have been advocating for improved salaries and working conditions. The 2020 Collective Bargaining Agreement (CBA) was a significant step forward, providing higher pay, maternity benefits, and better travel accommodations. This agreement extends through 2027; however, the WNBA Players Association (WNBPA) has chosen to revisit the contract early and is currently renegotiating terms for the 2026 season. A major concern remains that players' salaries continue to be significantly lower than those of their NBA counterparts. In fact, during the term of the agreement, players' revenue share decreased from 11.1% to 9.3% due to a surge in league revenues. ⁹

Since 2014, the salary cap for teams has increased from $901,000 to $1,507,100 in 2025. Before 2020, there were yearly increases of 1.3% in the cap. (See Figure 5) The new CBA in 2020 raised the salary cap from $996,000 to $1,300,000. Since then, the cap has increased by 3% each year. The 2020 CBA also introduced free agency and trade deadlines to the league. ¹⁰

Figure 5: WNBA Salary Caps 2017 to 2025

Data Source: https://www.spotrac.com/wnba/cba

Nneka Ogwumike, the president of the WNBPA, expressed the union's motivations for opting out of the current CBA: "Opting out isn't just about bigger paychecks—it's about claiming our rightful share of the business we've built, improving working conditions, and securing a future where the success we create benefits today's players and generations to come." ¹¹

Key issues include salaries, the salary cap and its structure, and working conditions for players, as well as the priorities of the owners. To address these challenges, players may need to prioritise the WNBA over other commitments. Currently, the average salary in the WNBA for the 2025 season is $102,249, which runs from early May, including training camp, to mid-October, including the playoffs. Many players opt to play overseas during the offseason for significantly higher salaries. Those who remain in the U.S. often participate in Athletes Unlimited (https://auprosports.com/) or the new Unrivaled 3-on-3 (https://www.unrivaled.basketball/) leagues. Unrivaled launched in January 2025 and offers much higher average salaries than the WNBA.

Sponsorships, Marketing and Brand Building

The WNBA has had numerous sponsors for a variety of services and products since its inception. A list of these sponsors can be found in Exhibit 1. Additionally, individual teams have sponsors, including jersey sponsors, which are outlined in Exhibit 2 for the 2025 season. The league is making concerted efforts to increase sponsorships, evident through initiatives like the in-season Commissioner's Cup tournament sponsored by Coinbase. All participating players receive $5,000 in cryptocurrency, and the winning team members split a total of $500,000 between them. Significant funds are also allocated to team-supported charities during the tournament. (See Figure 6).

Figure 6: Commissioner's Cup Prize Money

Source: https://www.threads.com/@indianafever/post/DLnL3hiRTyW?xmt=AQF0e2JNZhyoLIpp-9GFDHx1NljLShMrE5OImHcDBJ2qyw

There is a growing emphasis on pregame fashion runways, attracting support from outside the traditional athletic sponsors, including partnerships with cosmetic companies like Sephora, which sponsored the upstart Unrivaled Basketball and is an official sponsor of the new franchises in Golden State and Toronto.

Moreover, the league is making efforts to build the individual brands of star players such as Caitlin Clark, A'ja Wilson, Paige Bueckers, and Breanna Stewart. This is crucial for increasing the league's popularity, similar to what has been seen in Major League Baseball (MLB), the National Football League (NFL), and the National Basketball Association (NBA). Caitlin Clark has been likened to sports legends like Michael Jordan, Larry Bird, Magic Johnson, and Tiger Woods for her role in introducing the sport to new audiences, particularly casual sports fans. The challenge for the WNBA is to leverage its other stars to build upon Clark's momentum. Cathy Engelberg has acknowledged that the league was unprepared for Clark's impact. Christine Brennan, a respected sports journalist known for her support of women's sports, critiques the league in her new book, *On Her Game: Caitlin Clark and the Revolution in Women's Sports*, for not adequately preparing players and teams for the changes Clark brings.

Caitlin Clark and the "Caitlin Clark Effect"

They cannot have f____ed up this Caitlin Clark thing up any worse if they tried.

Charles Barkley, Naismith Basketball Hall of Fame member on narratives surrounding Caitlin Clark ¹³

Below is a WNBA ad featuring Caitlin Clark promoting the first game that will feature Clark, the 2024 number one draft choice and Paige Bueckers, the 2025 number one draft choice.

College Phenom as An Iowa Hawkeye

Caitlin Clark, the former star of the University of Iowa and the No. 1 overall pick in the 2024 WNBA draft for the Indiana Fever, is widely recognised as a transformative figure in women’s basketball. Noted for her exceptional shooting range, charisma, and competitive spirit, she became a household name during her record-breaking college career.

During her college career, Clark set the all-time scoring record for both male and female Division I players, helped her Iowa Hawkeyes reach consecutive Final Four finals, and set viewership records in the Women’s Tournament that exceeded those of the Men's Tournament. Notably, the final game in 2024 featuring Iowa and South Carolina attracted 18.9 million viewers, with a peak viewership of 24 million, showcasing the most-viewed women's college basketball game ever and placing it just behind a handful of men’s games. She also features in three of the top-most-viewed women's college basketball games and the two most-viewed national championship games.

WNBA Entry

Clark's entry into the WNBA in 2024 has sparked a significant surge in media attention, ticket sales, and commercial interest in the league. It all began with the 2024 WNBA Draft, which featured Clark and drew a record 2.4 million viewers—the highest ever recorded. This marked a 4.2-fold increase over the previous high set in 2004 and was double the viewership of the 2025 draft featuring Paige Bueckers.

Her debut in the WNBA attracted over 2.1 million viewers on ESPN2, making it the most-watched WNBA game since 2001. The Indiana Fever experienced a remarkable 319% increase in home attendance. During road games, their matches sold out opposing arenas, with some teams, such as those in Atlanta and Washington, needing to move games to larger venues.

In 2025, several teams with smaller arenas adjusted their schedules to accommodate games featuring the Fever and even offered premium packages that required purchasing additional tickets to access Fever games. The Fever saw an astounding 1,193% increase in jersey sales, prompting an audit of their merchandise store in 2025. Additionally, draft beer sales at Gainbridge Fieldhouse, the Fever’s home arena, surged by 750%. In total, the Fever set 10 viewership records across 38 televised games during 2024.

Merchandise and the Secondary Market

Clark's influence extended to the secondary market, where her games caused ticket prices to spike by 5 to 10 times. Conversely, when she missed some games due to injury in 2025, ticket prices on the secondary market fell drastically. During that period, overall television viewership for the league dropped by 55%.

Wilson Sports sold out limited edition Caitlin Clark basketballs multiple times in less than 30 minutes in 2024. In 2025, 13,000 pairs of her Nike player edition shoes reportedly sold out in under a minute on the SNKRS app and are being resold for two to three times their original price of $190 on the secondary market. According to Fanatics, her jersey is the second most popular among both NBA and WNBA players, ranking only behind Stephen Curry. Special edition items, such as her All-Star jersey, sold out in minutes. Additionally, her autographed sports cards continue to break record prices and consistently outperform all other WNBA players significantly.

On the Court

On the court, Clark set 62 WNBA records (see Figure 7), and her performance in the 2024 season is unparalleled in the league's history when you consider her complete stat line, excluding turnovers, in the Across The Timeline database (see Figure 8). Only 153 players in the history of the league have matched her rookie stat line over their careers. As of July 14, 2025, that number has decreased to 112 players. Throughout the history of the WNBA, 1,134 players have participated in at least one game, according to Across The Timeline. Clark became the first rookie to achieve a triple-double, accomplishing this impressive feat twice during her rookie season. Additionally, she led the Fever to qualify for the playoffs for the first time since 2016. In 2025, despite missing a significant number of games due to injury, she continues to set new WNBA records.

Figure 7: Caitlin Clark's Records 2024 Rookie Season

Source: https://www.reddit.com/r/wnba/comments/1flf1cz/every_caitlin_clark_recordmilestone_this_season/

Figure 8: Caitlin Clark's Rookie Stat Line Compared to All WNBA Players' Seasons

Source: https://www.acrossthetimeline.com/wnba/stat-finder.html#game_type=Regular%20season&category=player&type=season&criteria=PTS%3E%3D769&AST%3E%3D337&REB%3E%3D227&STL%3E%3D53&BLK%3E%3D27

Sponsorship & Endorsements

Caitlin Clark has significantly elevated the WNBA's profile by bringing high-profile sponsors such as Nike, Gatorade, and State Farm into the conversation, alongside her Name, Image, and Likeness (NIL) sponsorship deals. While other players have secured NIL deals and endorsements, Clark has signed high-value contracts. Upon entering the league, she inked an 8-year, $28 million deal with Nike, which is reportedly far more valuable than any contract previously held by other players in the league. Clark is projected to earn over $11.1 million annually, with less than $80,000 coming from her WNBA salary, according to Sportico. This impressive income places her 10th on the global earning list, ahead of all other WNBA players, and she is the only team athlete in the top 15. In contrast, net worth estimates for other top WNBA stars typically range from $2 to $5 million.

There has been significant backlash from fans directed at Nike for not producing a signature shoe or clothing line for Caitlin Clark, as well as a lack of advertising featuring her. Other players, such as A'ja Wilson, Angel Reese, Sabrina Ionescu, Paige Bueckers, and JuJu Watkins, have received player edition or signature shoes from Nike and other sporting goods companies like Adidas and Reebok. This criticism comes amid a disappointing performance from Nike's stock. Rumours suggest that a Clark signature shoe and clothing line will be launched around Christmas 2025, with a second player edition shoe expected to be released in October 2025.

In addition, Clark has done several commercials for her sponsors, Wilson, State Farm, and Gatorade and has deals with the following companies either as a WNBA player or through her collegiate Name, Image, Likeness (NIL) deals. In some cases, her NIL deals followed her to the WNBA. It is not clear if some of the deals at the bottom of the list (below Hy-vee) continued beyond her college career.

Nike: A major endorsement deal that includes a signature shoe and logo.
Gatorade: A partnership with the sports drink brand.
State Farm: An endorsement deal with the insurance company.
Wilson: A multi-year deal that includes a signature collection of basketballs.
Panini: A partnership with the trading card company.
Xfinity: A deal with the telecommunications company.
Gainbridge: A partnership with the financial services company and naming partner of the Fever Arena.
Lilly: A partnership with the pharmaceutical company and Fever Jersey sponsor.
Hy-Vee: A partnership that includes a custom cereal brand, "Caitlin's Crunch Time".
Buick: An automobile manufacturer. NIL 2023 deal.
H&R Block: An income tax service company. NIL 2022 deal.
Bose: Speaker and headphones manufacturing company. NIL 2024 deal.
Shoot-A-Way: A Basketball shooting machine manufacturer. NIL 2023 deal.
Goldman Sachs: An investment firm. NIL 2023 deal.

Based on the incoming players and the NIL deals now available to them in the NCAA, there has been a trend of increased player and league sponsorship valuation. This valuation is expected to rise. Trends like increased attendance, interest in franchises, and television ratings also influence this trend in valuation significantly.

Demographics & Market Expansion

With the drafting of Caitlin Clark and the emergence of the 2024 and 2025 draft classes, the WNBA has seen an influx of younger, more diverse fans. This shift is particularly evident in increased attendance and participation in autograph events before and after games, with a significant number of young girls and families attending. Furthermore, there appears to be a rise in family attendance overall. For example, the Indiana Fever reported a 300% increase in attendance in 2024, while draft beer sales in the arena skyrocketed by 750%. This suggests a changing demographic among the new fans and supports the observation that more families, particularly dads taking their daughters to games, are becoming involved.

Another noteworthy trend is the growing crossover interest between NCAA and NBA fan bases and the WNBA. During the 2025 preseason, several teams played in the college arenas of their star players, such as Caitlin Clark at Iowa, Sabrina Ionescu at Oregon, and Angel Reese at LSU, which drew strong attendance. Caitlin Clark's game at Iowa was especially successful, selling out quickly with higher initial ticket prices and the highest average secondary ticket prices in WNBA history. This indicates a significant crossover of NBA and WNBA fans, particularly in Indiana with Pacers supporters and in Golden State among Warriors fans and players.

Additionally, there is a notable international audience following Clark's rise. Fan clubs have emerged, and some fans have travelled from far-flung locations to attend games in Indiana. For instance, a reporter highlighted that several fans travelled from Hong Kong to attend a game. During a post-game press conference, Clark was informed about her growing following in Hong Kong and invited to visit her Hong Kong Fan Club. Furthermore, YouTube features numerous videos showcasing her fans and fan clubs from around the globe.

Other Star Players

The WNBA has been home to many outstanding women basketball players over the years, including legends like Maya Moore, Candace Parker, Lisa Leslie, and Sylvia Fowles. Today, prominent players include Breanna Stewart, Sabrina Ionescu, Angel Reese, A'ja Wilson, Napheesa Collier, and newcomers to the league in 2025: Paige Bueckers, Sonja Citron, and Kiki Iriafen. A notable distinction for Clark is her exceptional ability to attract attention and draw fans. No other player in the league seems to generate the same level of attendance and television viewership as Clark does.

Some players and fans appear skeptical about the attendance figures, believing instead that the league and the players themselves are the main attractions. In 2024 and 2025, only games featuring Caitlin Clark seem to sell out, along with home games in 2025 that showcase the expansion team, the Golden State Valkyries. The New York Liberty, the 2024 champions, ranked second in attendance that year and, alongside the Valkyries and Fever, is one of only three teams to achieve an average attendance of 75% of capacity in a large arena (over 10,000 fans). Attendance data for each team from the 2023 to 2025 seasons can be found in Exhibit 3. The Indiana Fever's attendance has slightly decreased through 21 games due to Caitlin Clark missing several games because of injury. The impact on viewership is illustrated in Figure 9. Up to All-Star Weekend in 2025, the only games attracting over 1 million viewers featured the Indiana Fever, regardless of Caitlin Clark's presence, including a record 1.3 million viewers for a preseason game during her return to Iowa City. Games that surpassed 2 million viewers have featured Clark.

Figure 9: 2024 WNBA Games with 1 Million Viewers

Source: https://x.com/CClarkReport/status/1813298629110575109

Unrivaled Basketball

Breanna Stewart and Napheesa Collier founded Unrivaled 3 on 3 Basketball in 2023 and launched its inaugural season in January 2025 with 6 teams of 6 players each. The league guaranteed a minimum of $200,000 and equity ownership to all the players in its inaugural season for a 10-week season. It sold equity to several celebrity investors and sponsorship from some companies. The largest sponsor was TNT Networks for its broadcast rights, and TNT has agreed to a second season in 2026. The television ratings were less than the WNBA ratings, with an average viewership of 221,000 on TNT Sports and TruTV. The championship game drew 364,000 viewers. In contrast, the WNBA final game in 2024 saw 3.24 million viewers.

One notable aspect of Unrivaled is its mission to support better wages for players and reduce the need for them to go overseas during the off-season to earn more money playing basketball. These goals are admirable; however, there is a potential conflict of interest due to the ongoing Collective Bargaining Agreement (CBA) negotiations, as both founders are members of the WNBAPA negotiating committee. This concern has sparked discussions on social media, with fans voicing their worries about potential conflicts and noting that such situations are not permitted in other professional leagues. During the 2025 All-Star Game Draft, Napheesa wore an Unrivaled t-shirt and promoted her league at least five times while selecting her WNBA All-Star team on ESPN, a competitor to Unrivaled's broadcast partner, TNT Sports, and an equity owner of the league.

The 2026 season of Unrivaled is set to proceed, as TNT has agreed to continue supporting the league through its broadcasts. However, the network has proposed significant changes to the league's operations. These changes, which include taking the games on the road instead of playing all of them in a soundstage in Miami, would greatly alter the league's financial operations, which were said to be close to breaking even in 2025.

Controversies Around League Culture

Physical Play

The league promotes itself as a physical one, particularly because women's basketball tends to emphasise ground play, unlike the men's game, which often features more aerial dynamics due to larger players who can dunk. Former officials have noted that women’s basketball has traditionally been more physical and sometimes chippier than the men's game. As Clark has adjusted to the more physical nature of the league compared to college basketball, her experiences, along with the performances of certain players and teams, have sparked discussions about rookie treatment, officiating, and the marketing strategies of the league.

During the 2024 season, Clark was the target of 17% of all flagrant fouls in the league. Notably, 80% of the flagrant fouls committed against her were by the Chicago Sky, a team coached by a former WNBA player recognised for her physical style of play. Some incidents raised concerns; at least one flagrant foul went uncalled during the game and was later re-evaluated by the league. Fans and some media commentators also criticised the officiating for other fouls that went unpunished. This prompted calls for improved officiating standards and better refereeing.

At the start of the 2025 season, the WNBA posted a video (posted below) declaring the physicality of the league to begin its promotion of the 2025 season to fans. Some fans took offence to the ad, thinking it was promoting the wrong message; rather, it should have been promoting a high-quality basketball product.

In 2025, the issue escalated when a flagrant-1 foul against Clark was retroactively upgraded to a flagrant-2 by the league after the game. Fans expressed frustration that the player who committed the foul was allowed to continue playing, even though she would have been ejected had the foul been called correctly during the game.

Officiating

There’s a grab, there’s a hold, there’s another grab. I mean, all of those are fouls. Every single one of them, and then here – that’s a foul, that’s foul …

Rebecca Lobo, ESPN Basketball Analyst commentating the Indian Fever vsd Dallas Wings game July 14, 2025 ¹⁴

In addition to the physical aspects of the game, officiating in sports often faces heavy criticism for being inconsistent, showing favouritism, and lacking overall quality. This criticism comes not only from fans but also from long-term coaches, such as Cheryl Reeve, Sandy Brondello, and Stephanie White, as well as star players like Kelsey Plum and Angel Reese. Beginning with the last two games of the 2024 WNBA Finals, these concerns have been voiced more frequently.

On July 14, 2025, play-by-play analyst Rebecca Lobo criticized the officials for their failure to make adequate foul calls during a game. This criticism is notable because Rebecca is not only a respected analyst but also a former WNBA player and a member of both the Women's Basketball Hall of Fame and the Naismith Basketball Hall of Fame. As a former University of Connecticut player, she is part of the so-called "UConn Mafia," which some believe gives her influence in the league due to the success of the UConn women's program.

As the author of this case study and a former basketball official, I also believe there is significant room for improvement in officiating. Quality refereeing is essential for maintaining the interest of casual fans in the league. In the video below, Rachael Demita, a former top NCAA player who has transitioned to basketball commentary, discusses the state of officiating in the WNBA and how the league handles it.

Video 4: Exposing The WNBA's Referee Problem... May 2025 (Racheal Annamarie Demita)

Player and Fan Tensions

There is significant tension between players and fans, particularly on social media and occasionally in the stands. This tension often extends beyond the typical rivalries found in sports, although at times it reflects the common disputes observed in other sports. Some commentators attribute this unrest to the league and its players not being adequately prepared for casual fans, who tend to bring more traditional rivalries into the mix. Additionally, there have been serious incidents involving stalkers, such as those related to Paige Bueckers while she was competing in the NCAA, and more recently with Caitlin Clark at the beginning of the 2025 season. Some WNBA veterans and media commentators, especially those at ESPN, have expressed concerns about the disproportionate attention that Clark receives, igniting debates around race, respect, and equity, which further exacerbate the tensions.

These issues have prompted various questions, particularly regarding the league's marketing strategy. One significant question is whether the league should focus its marketing efforts on one or two star players or distribute the spotlight more evenly among various athletes. This discussion has also affected other promoters of women's basketball, such as Nike, which has faced backlash for promoting players like Bueckers, A'ja Wilson, and JuJu Watkins while seemingly overlooking Clark. During the COVID-19 pandemic, Nike developed a reputation for supporting athletes with social justice messages, like Colin Kaepernick, and has continued this trend with WNBA players. This period has seen considerable struggles for Nike's stock performance, and it will be interesting to see how Nike shareholders respond legally as the company starts promoting Caitlin Clark, which has already seen significant early success.

There are ongoing discussions about fairness in media coverage between veteran and rookie players, particularly regarding race and the treatment of legacy players. Media outlets have also addressed the lack of respect shown to the individuals who helped establish the league, although many former stars have praised players like Clark for their contributions to the game.

Player Activism

Activism is in our DNA

Nneka Ogwumike, WNBAPA President and 14 year veteran ¹⁵

The league is recognised as a leader in player-driven activism. As it attempts to position itself as a mainstream sports entertainment entity, this activism could be seen as potentially problematic. Since the onset of COVID-19, when activism surged in both the WNBA, NBA and NFL, there has been a noticeable decline in NBA and NFL league-sponsored activism. There has also been social media backlash against players who continue to promote their activism in the NBA and NFL. This decline is reflected in the reduced visibility of promotional banners on courts, fields, and uniforms. The WNBA has experienced a similar trend to some extent; however, activism remains significant through player and team events and social media. Much of the activism also seems to come from personalities in the media who are associated with the league. It's challenging to determine whether activism is more media-based, league-based, or old-guard WNBA fan-based, given the noise on social media.

In the 2025 season, the WNBA launched the initiative "No Space for Hate." This multi-dimensional platform aims to combat hate and promote respect across all aspects of the league, from online interactions to in-arena behaviour. The initiative was developed by a Task Force that includes representatives from the league and its teams, with support from the Women’s National Basketball Players Association. The WNBA's comprehensive approach focuses on four key areas:

Enhanced technological features to detect hateful comments online.
Strengthened team, arena, and league security measures.
Reinforcement of mental health resources.
Alignment of core values against hate. ¹⁶

The question remains: How can the WNBA establish itself as the leading women's basketball league in the world while keeping its activism in check so that, as a league, it appeals to casual fans? Engaging with casual fans is essential for scaling the league and achieving profitability.

Looking Towards The Future

Going back to the beginning, there are many important questions to address beyond the upcoming collective bargaining agreement (CBA) negotiations. If not handled properly, these issues could jeopardise the league's future, as a lockout or strike could be detrimental. A poor agreement might also alienate both players and owners, who are looking for a positive outcome after 28 years.

It has been reported in the media that the WNBA has just three more years to prove itself. The new media rights deal reportedly includes a review after three years, and if the performance metrics are not met, the media partners have the option to cancel the contract. This situation is reminiscent of the original United States Football League (USFL), which faced cancellation of its media rights contract and ultimately led to the demise of the league.

In recent years, the NBA has faced a decline in viewership, particularly on cable television. The new NBA contract, which also includes the WNBA, incorporates more streaming and broadcast TV games. These formats have not experienced the same drop in viewership that cable has, and free-to-air broadcasts have even seen an increase in viewership.

Given this time pressure, some key questions that need to be addressed are:

Should the WNBA maintain a close connection to the NBA, or should it pursue full financial and branding independence? How can it become profitable and reduce its reliance on the NBA to cover yearly losses?
What should be the WNBA’s top priority for achieving long-term sustainability? Potential priorities include media rights, player salaries, player management, expansion, and global growth.
How can the league manage tensions between emerging stars and established veterans to keep both longtime and new fans engaged?
In what ways can the WNBA cultivate a fan base that remains active during its short season? With the increase in the number of teams, how should the league approach the season length and the need for more games?
What are the best strategies for capitalising on new media and digital trends to generate long-term revenue?

Additionally, the league faces important considerations regarding Caitlin Clark and other potential game-changing rookies entering the league through the upcoming drafts:

How can the WNBA transform the attention generated by Caitlin Clark into sustained business growth?
Should the WNBA centre its marketing efforts around Clark, or adopt a more balanced approach?

Exhibits

Exhibit 1: WNBA Sponsors (1997-2025)

Source: https://www.sportsbusinessjournal.com/sb-blogs/sbj-unpacks/2025/05/16/

BRAND	CATEGORY	SINCE
Gatorade	Sports drinks, nutrition	1997
Nike*	Footwear & apparel	1997
Kia Motors	Automaker	2008
American Express	Payment services	2010
Adidas	Footwear	2011^
Anheuser-Busch (Michelob Ultra)	Beer	2012^^
State Farm	Property, auto, casualty insurance	2013
PepsiCo	Soft drinks, ready-to-drink tea and coffee, water, salty snacks	2015
Tissot	Timekeeper	2015
Ticketmaster	Ticketing	2017
Under Armour	Footwear	2017
NBA2K	Video game software	2018
New Era	Headwear	2018
Puma	Footwear	2018
YouTube TV	Streaming partner	2018
AT&T*	Wireless, telecom and technology services	2019
CarMax*	Auto retailer	2020
Deloitte*	Professional services	2020
DoorDash	On-demand delivery platform	2020
Glossier	Beauty	2020
Moet Hennessy	Spirits and champagne	2020
Meta Quest	Virtual reality headsets	2020
Microsoft	Artificial intelligence, cloud, laptop/tablet, machine learning	2020
Coinbase	Cryptocurrency exchange platform	2021
Google*	Search trends, fan insights, mobile phone, fan phone, search engine, technology	2021
Wilson	Basketballs	2021
FanDuel	Sports betting, daily fantasy	2022
Getty	Photo licensing	2022
Peloton	Fitness	2023
Mielle	Textured hair care	2023
Skims	Underwear	2023
PlayStation	Entertainment console	2023
Bumble	Dating app	2024
Castrol	Motor oil	2024
Delta	Airline	2024
DraftKings	Sports betting, daily fantasy	2024
Jackson Family Wines (La Crema)	Wine	2024
New Balance	Footwear	2024
Opill	Contraception	2024
Reebok	Footwear	2024
United Wholesale Mortgage	Mortgage	2024
Ally	Banking, debit cards	2025
BetMGM	Sports betting	2025#
Booking.com	Accommodation, online accommodation booking service, online travel accommodations marketplace (excluding residential real estate)	2025
Coach	Handbags	2025
Evernorth	Health services	2025

= Changemaker-level sponsor.

** = Official outfitter beginning in 2018.

^ = Footwear only beginning in 2018.

^^ = Bud Light was the official beer of the WNBA and all WNBA teams from 1997-2006.

#=Was a WNBA partner from 2018-21.

Exhibit 2: Team Jersey Sponsors 2025

Source: https://zoomph.com/blog/the-ultimate-guide-to-wnba-jersey-sponsors/

Atlanta Dream: Cash App
Chicago Sky: Magellan and UChicago Medicine.
Connecticut Sun: Walgreens and Yale New Haven Health.
Dallas Wings: Albert and Girls Empowered By Mavericks (GEM).
Golden State Valkyries: Chase Freedom and Kaiser Permanente.
Indiana Fever: Lilly and Salesforce.
Las Vegas Aces: Ally and Ring.
Los Angeles Sparks: Albert.
Minnesota Lynx: Federated Insurance & Mayo Clinic.
New York Liberty: Barclays & Liberty Mutual Insurance.
Phoenix Mercury: Flipper’s World & Fry’s Food Stores.
Seattle Storm: Symetra & Providence Swedish.
Washington Mystics: CarMax.

Exhibit 3: Attendance Figures 2023-2025

(2025 attendance as of July 9, 2025)

Source: https://www.acrossthetimeline.com/wnba/attendance.html#where=Any

End Notes

Cathy Engelbert. The Commissioner of the WNBA on Transforming the League Ahead of a Breakout Season. Harvard Business Review (May-June 2025).
The Caitlin Clark Effect: Christine Brennan on the Athlete Changing Everything (July 8, 2025) https://www.youtube.com/watch?v=lj01ed-Qqx4
WNBA ownership snapshot (April 25, 2022) https://www.sportsbusinessjournal.com/Journal/Issues/2022/04/215/In-Depth/WNBA-owners/
WNBA Expansion Decisions Show League Prioritizes North, NBA Ties (July 2, 2025) https://frontofficesports.com/wnba-expansion-north-philadelphia-detroit-cleveland/
The WNBA’s Most Valuable Teams 2025 (June 2, 2025) https://www.forbes.com/sites/brettknight/2025/06/06/the-wnbas-most-valuable-teams-2025/
The WNBA’s Most Valuable Teams 2025 (June 2, 2025) https://www.forbes.com/sites/brettknight/2025/06/06/the-wnbas-most-valuable-teams-2025/
WNBA expansion: Seven lingering questions as the league adds teams in Cleveland, Detroit and Philadelphia (July 2, 2025) https://www.cbssports.com/wnba/news/wnba-expansion-seven-lingering-questions-as-the-league-adds-teams-in-cleveland-detroit-and-philadelphia/
WNBA reaches media rights deal to continue airing games on ION (June 13, 2025) https://www.espn.com/wnba/story/_/id/45508776/wnba-reaches-media-rights-deal-continue-airing-games-ion
The mysterious finances of the WNBA (September 25, 2024) https://sherwood.news/business/wnba-mysterious-finances-salaries/
WNBA CBAs & Cap History (2025) https://www.spotrac.com/wnba/cba
WNBA players opt out of CBA: Salaries, long-term benefits among focus (October 21, 2024) https://www.espn.com/wnba/story/_/id/41929722/wnba-opt-cba-collective-bargaining-agreement-wnbpa-players-union-2025-season
Cathy Engelbert. The Commissioner of the WNBA on Transforming the League Ahead of a Breakout Season. Harvard Business Review (May-June 2025).
The Bill Simmons Podcast
WNBA legend needles refs for lack of foul calls on Caitlin Clark opponents (July 14, 2025) https://www.foxnews.com/sports/wnba-legend-needles-refs-lack-foul-calls-caitlin-clark-opponents
“It’s in Our DNA”: WNBA Players' Record of Activism (April 9, 2021) https://globalsportmatters.com/culture/2021/04/09/its-in-our-dna-wnba-players-record-of-activism/
WNBA Unveils “No Space For Hate” Platform For Season-Long Community Impact (May 15, 2025) https://www.wnba.com/news/wnba-unveils-no-space-for-hate-platform