The WNBA is no longer fighting for its survival. He may be preparing to fight for control. Just a few years after selling a minority stake in the league to stabilize its future, the league now finds itself at a crossroads. The WNBA and WNBPA are now at a standstill, with players demanding revenue sharing. But as the CBA negotiations remain uncertain, a much bigger decision could be looming behind the scenes.
In early 2022, commissioner Cathy Engelbert led a capital raise that led the league to sell a 16% stake in the league for $75 million. A deal that was widely touted as a lifeline after the pandemic season and valued the league and its teams at $1 billion. These funds were intended for brand growth, marketing and global expansion, at a time when the league was still coming out of a rough patch.
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However, four years later, 2026, and sources with direct knowledge of the league’s operations say the WNBA is studying whether it can get that same stake back. Although the idea is in its early stages, there is no clarity yet on how such a buyout would be financed or structured.
Since then, the valuation of the league and the teams has almost quadrupled, according toReception sports. As a result, the investment group, which includes Pau Gasol, Condoleezza Rice, Nike and several NBA and WNBA owners, is expected to earn several times its initial investment.
Since the creation of the WNBA in 1997, the league has been closely linked to the NBA. While this relationship helped the league survive its formative years, it also created a tiered ownership structure.
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Adding to an already complex arrangement, prior to the capital raise, the NBA owners collectively owned 50% of the league, with the WNBA owners owning the other half. But the sale of shares diluted the two parties to 42% each, leading outside investors to join the league.
However, experts say this structure becomes a liability at a time when the league and its players are at odds.
Stanford economics professor Roger G. Noll said the WNBA has long been viewed by the NBA as an add-on rather than a standalone business. But the question now is whether the league can continue to grow or whether the next phase will require a cleaner, more self-sustaining framework.
By 2030, the WNBA is expected to have 18 teams, with recent expansion franchises (Cleveland, Detroit and Philadelphia) each paying $250 million to join. While these numbers alone suggest long-term trust, stability and confidence in the product, many still believe it is unable to support the gross revenue model players are seeking.
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Why the WNBA and WNBPA remain far apart in CBA negotiations
The WNBA and players’ union have been locked in CBA negotiations for more than a year, and progress has stalled to the point that league operations are now suspended.
Free agency, qualifying deals, primary designations and most transactional activity are now frozen under a moratorium agreed to by both parties. Even if neither of them opts for a strike or lockout, the current impasse has only exacerbated tensions.
July 19, 2025; Indianapolis, Indiana, United States; Team Collier forward Napheesa Collier (24) looks on before the 2025 WNBA All Star game at Gainbridge Fieldhouse. Mandatory credit: Trevor Ruszkowski-Imagn Images
The union is pushing for a model that allocates approximately 30% of gross revenue to players, coupled with a significantly higher team salary cap. The league, for its part, proposed a system that gives players more than 70%. But this percentage is net income, calculated after expenses such as travel, facilities and medical care.
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Under the league’s latest proposal, maximum base salaries would rise sharply, potentially reaching $1 million in 2026 and $1.3 million through revenue sharing. And therein lies the difference. Players say calculating net revenue obscures the true value they bring, while the league warns adopting a gross revenue model could lead to losses approaching $700 million over the life of the transaction.
As the revenue debate drags on, exploratory discussions over league ownership add another layer to an already complicated negotiation. But whether a buyout ultimately comes to fruition through the WNBA will depend on how the CBA discussions play out.
The position WNBA eyes billion-dollar power raise amid stalled CBA talks appeared first on EssentiallySport.
