Dallas Wings see massive valuation jump to $208M amid rocky season

The GIST: The Dallas Wings may be having a tough time on the court as they sit at the bottom of the WNBA standings, but they’re making serious bank off of it. A recent 1% stake sale puts the WNBA team at a $208M valuation, a massive jump from Sportico’s $75M valuation for the team in June. Swish.

The investment: Memphis Grizzlies minority owner Jed Kaplan and hedge fund founder Randy Eisenman each bought a 0.5% stake worth $1.04M in early August, adding to recent investment trends in women’s sports. Investors are identifying women’s basketball as a growth opportunity and seeking available ownership stake, evidenced by the Seattle Storm’s minority stake sale in February.

• Veteran sports owners looking to build their basketball empires are pivoting to the W. In 2023, Joe Lacob re-entered the women’s basketball space with the Golden State Valkyries, while Larry Tanenbaum successfully rallied support in May to welcome Canada’s first WNBA team to Toronto.

The jump: Dallas’ franchise is learning to fly thanks to public and private investment. In April, the city gave the Wings a $19M incentive package to relocate to a renovated downtown venue in 2026, and Wings co-owner and CEO Greg Bibb announced the team was jumping on another burgeoning WNBA trend by building a new practice facility.

• However, this influx of money doesn’t entirely account for the sudden fluctuation in value. The jump is also likely tied to the W’s new media rights deal and surging audience, which has reset the value of the league. The price is (finally) right.

Looking ahead: Valuations are changing fast in the WNBA and NWSL — Angel City FC went from $180M to $250M in seven months, while the Wings soared from $75M to $208M in just two. Dallas’ stake sale proves that the W’s new media rights agreement has already raised the bar to unexpected (and still largely unknown) heights.

• The deal should also spur more investment beyond ownership. According to consulting firm Gather, 20% of Fortune 500 companies sponsor men’s sports leagues, while only 6% support the WNBA, NWSL, or PWHL — and none exclusively sponsor women’s sports.

• However, these leagues are proving fruitful for smaller, women-focused brands that are entering the sports sponsorship realm for the first time. In their rookie era.