After a season of Caitlin Clark draining threes and Angel Reese outmuscling opponents in the paint, the WNBA’s new star power will illuminate even brighter in 2025, with the arrival of Paige Bueckers, a 6-foot point guard who led Connecticut to the NCAA Championship.
Even with the exponential surge in popularity of the league and women’s basketball in the past three years, questions remain about the league’s profitability. Revenue is increased, and a semi-lucrative television deal is a year from fruition.
But a murky ownership structure and a convoluted financial reporting system prevents the public – and the players – from knowing the true picture. The league’s collective bargaining agreement was to expire in 2027, but the players’ union already opted out, opening the door to re-negotiation. While that will almost assuredly result in higher salaries and better marketing prospects, it could take time. A work stoppage prior to the 2026 season is a real possibility.
A New York Post report in October, 2024 asserted that the WNBA lost USD $40 million in the 2024 season, better than the $50 million predicted to be lost by other news agencies including The Washington Post.
According to a deep dive into the league’s finances by Sherwood News, the WNBA brought in revenue of an estimated $200 million last year. This was double the amount from 2019. But the Sherwood story continued that “two unnamed sources ‘with knowledge of the figures,’ said the WNBA was on track not to break even, or generate a profit, but to lose money.”
This suggests that losses are increasing even as revenue spikes as well.
“The numbers that do come out tend to come from either the league or the NBA, with few specifics or supporting data,” stated Sherwood.
Sportico reports that WNBA owners own only 42% of the league. “The NBA holds another 42% of the league and the remaining 16% belongs to a 2022 investment consortium.” The NBA has loaned money to the league since its formation in 1996 and has claimed constant deficits. NBA commissioner Adam Silver said in 2018 that the WNBA costs the NBA $10 million a year, making the $40 million loss last year even more puzzling.
The NBA scored a new TV deal set to kick in at the start of its 2025-26 season. As a result of the new media package, the WNBA will earn USD $2.2 billion over 11 years, according to The New York Post. This considerably increases the W’s annual take from its present $60 million. With other packages independent of the NBA, SportsPro suggest the new number could rise as high as USD $260 million per year.
This number will undoubtedly be a frame of reference in the next collective bargaining talks. The revenue share for WNBA players is not definitively known publicly. WSN reports an estimated 75-25 split in favour of the league. Some reports stated the players’ take was as low as 17%. This pales in comparison to NBA players who receive at least 50% of $10 billion annual revenue.
The predicted salary increase for WNBA players will add cost to the operation of the WNBA’s teams. Considering the league maintains annual losses, even with the growth in ratings, ticket sales and merchandise, they could argue salary increases will slow down profitability. A strike would halt growth in every respect.
The expansion Golden State Valkyries launch this season, joined by two more expansion franchises in Toronto and Portland in 2026. Franchise valuations are nearing the $100 million mark. Superstars Clark, Reese and Bueckers are becoming household names, marketing darlings and spokespeople for women’s sports in general. More light on the league’s finances is needed to understand long term viability and direction. All indicators point towards success, despite the private nature of the books.
The WNBA season tips off on Friday, March 16. Bueckers will make her debut with the Dallas Wings. The Valkyries will host the Los Angeles Sparks at 10:00 pm eastern time on TSN5.
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