Ride of the Valkyries

The GIST: Newest WNBA franchise Golden State unveiled its team name — the Valkyries — yesterday, just before the season tipped off last night. As the Bay Area team starts to take shape ahead of its debut next year, here’s everything you need to know about its brand rollout. A name of its own.

⚔️ The name: In Norse mythology, Valkyries were warrior women who exhibited confidence and adaptability — they could glide through the air and the sea. As Golden State brass puts it, the name puts a modern twist on the mythological portrayal and was chosen after fan input. Thanks to an affiliation with the NBA’s Golden State franchise, Warriors marketing SVP Amanda Chin handled the naming process.

• She explained the reasoning for a community-centric approach — sports teams truly belong to their fans. In surveys and social media, Valkyries was the top suggestion, so the team got to work vetting the name and building a brand. A new kind of Warrior.

💼 The leadership: The Valkyries’ front office is led by two executives with extensive women’s sports experience — previous Angel City FC head of revenue Jess Smith is team president, while former NY Liberty exec Ohemaa Nyanin is the general manager. Notably, Nyanin was integral in landing major free agents for NY including Breanna Stewart, Courtney Vandersloot, and Jonquel Jones.

🎤 The rollout: To celebrate the launch, the Valkyries are hosting a block party at the Chase Center’s Thrive City complex this Saturday, with appearances from local music legends like E-40 and Kehlani. Plus, the Valkyries are already winning the merch game — its multi-brand collection is already online and includes pieces from Nike, Playa Society, and Wear by Erin Andrews.

• U.S. vice president Kamala Harris and actress Tessa Thompson posted about the Valkyries on social media, while several Warriors players and head coach Steve Kerr were already spotted in Valkyries tees.

💡 Key learnings: Once again, women’s sports execs are bringing cutting-edge innovation to the sports world by utilizing community, collaboration, and curiosity as core business values. This has translated into huge wins such as the over 7.5K season ticket deposits for the Valkyries so far. Take notes, Toronto.

The GIST: Basketball Australia (BA) announced plans Monday to sell a majority stake in Australia’s Women’s National Basketball League (WNBL). The sale of the stake — which could be worth at least $13.2M — would give the women’s pro league the tools to level up its game in a way its current governing structure can’t support.

The league: Founded in 1981, the WNBL is Australia’s premier women’s basketball league and a popular offseason choice for WNBA players. Its eight teams play a 24-game season from November to March. Like the W, the WNBL saw impressive growth across several key areas in 2023, including a 30% regular season attendance jump from pre-pandemic numbers.

• Following last season, club membership — which provides priority ticketing and exclusive content — is up 69% YoY, with audience reach increasing 29% YoY. But the WNBL is still playing catch-up: the league can only accommodate about 80 players (compared to the WNBA’s 144) and its estimated minimum wage is about $15K.

The details: BA exec Matt Scriven began advertising a 70% stake in the league, with WNBL valuation estimated around $20M for the entire league. The org previously stated its intentions to make the WNBL its own independent entity by announcing interest in equity partners in April.

• Although WNBL interest is rising, it has struggled to profit because BA hasn’t been able to invest in the league. That’s normal for a national sporting organization not designed to financially support a full sports league, and it was the same case for the Australian men’s league (NBL) until Australian billionaire Larry Kestelman bought it in 2015.

The structure: The WNBL plans on creating a new entity called LeaguesCo and using the influx of capital on expanding in new markets, improving operations, and luring high-profile players Down Under. The plan mirrors what UK women’s soccer has undergone through the creation of NewCo, the new independent entity that governs its top two leagues.

The moment: Finding new investment will allow the WNBL to level up its game, and it doesn’t need to be the next WNBA to be successful. There’s an entire ecosystem of men’s European pro basketball that’s been fiscally viable, so learning from these leagues and English women’s soccer should be a recipe for success. Good on ya.

Tennessee might be known for the Vols, but it’s also known for amazing music. That’s why we want you and a pal to have the time of your lives at the Bonnaroo Music & Arts Festival from June 13th to 16th in Manchester, Tennessee.

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