In the world of sports, sometimes it takes a bold move to spark a revolution. And for the WNBA, that revolution came in the form of a $50 million bet by Joe Lacob, the owner of the Golden State Valkyries. This move has not only changed the trajectory of women's basketball but has also set a new standard for what ownership should look like in the league.
Lacob's journey with women's basketball began decades ago, with an early investment in the American Basketball League (ABL). Despite the league's eventual folding, his belief in the sport's potential never wavered. Fast forward to 2023, and Lacob's persistence paid off when he established the Valkyries, paying a record-breaking expansion fee that seemed absurd at the time.
"We did the league a favor by paying a $50 million expansion fee. I could have bought a team for $2 million, but I knew the potential was there," Lacob said.
And he was right. The Valkyries became the blueprint for a new era in the WNBA. With purpose-built facilities, major investments, and a focus on player and fan experience, they raised the bar for every other franchise.
The impact of the Valkyries' success is evident in the league's growth. The WNBA is now a billion-dollar industry, with franchise valuations skyrocketing. The media rights deal, worth $3.1 billion, is a testament to the league's popularity and potential. And it's not just about the money; it's about the stars who have elevated the game's visibility and broken down barriers.
"The Valkyries' arrival redefined what ownership should be. They set a standard for player and fan experience that others are now striving to match," said Jess Smith, the team's president.
Inside Chase Center, the Valkyries' home arena, the commitment to excellence is palpable. With a sellout streak unmatched by any women's sports franchise, they've proven that professional women's basketball can thrive in a top-tier arena. And it's not just about the facilities; it's about the entire fan and player experience.
"We need everyone to do it. If we're the top league in the world from a player standpoint, we need the top facilities too," Lacob emphasized.
The impact of the Valkyries' success extends beyond the court. It has inspired other ownership groups to invest in women's basketball, with new teams and facilities planned. The WNBA's longest-tenured players have seen the league transform, with better facilities, higher salaries, and a more professional environment.
"Even having a decent locker room was a challenge in the early days. Now, the standards have changed, and it's a testament to the progress the league has made," said Tiffany Hayes, a 14-year veteran of the WNBA.
Lacob's journey with women's basketball is a story of persistence and belief. His early investment in the ABL, though unsuccessful, laid the foundation for his later success with the Valkyries. And his willingness to take a chance, to pay the $50 million expansion fee, has paid dividends not just for him but for the entire WNBA.
"We're in a mega trend with sports and women's basketball. Our job is to keep pushing, to keep raising the bar, and to ensure the league's continued growth and success," Lacob said.
The Valkyries' impact on the WNBA is a story of inspiration and progress. It's a story of how one bold move can change an entire league, and how a belief in potential can pay off in ways that go beyond the court.
