Once dismissed as a novelty or a pet project of NBA commissioner David Stern, the WNBA is now surging into a new era – one defined not by mere survival, but by strategic growth, bold expansion, and sustained investment.
At the heart of this transformation are leaders like Minnesota Lynx coach and executive Cheryl Reeve, who has lived through the league’s lowest points and now finds herself witnessing its highest.
“This is something that those of us that have been in it have always believed,” Reeve told Athlon Sports.
“If things were done a certain way, then our time was coming.”
Expansion continues
After 17 years without expansion, the WNBA is adding its 13th franchise in 2025: the Golden State Valkyries. The Toronto Tempo and a Portland team will follow in 2026.
The appetite for growth doesn’t stop there – 13 cities are currently bidding for the league’s 16th team, with Cleveland (and a revival of the Rockers) reportedly in the lead.
The league, initially planning to cap at 16 teams by 2028, is now contemplating 18 by 2030.
This excitement marks a major reversal from earlier decades, when contraction and instability dominated league headlines.
The WNBA’s early expansion was rapid – perhaps too rapid. Launched in 1997 with eight NBA-owned teams, the league doubled in size by 2000. But by 2002, the financial climate had shifted. After the dot-com crash, the NBA relinquished control, and team ownership became decentralized.
Without centralized funding and unified corporate sponsorship, three teams folded in 2003 alone. The 2008 financial crisis dealt another blow, shuttering the Comets and Monarchs, while several franchises relocated and rebranded.
Everything changed in 2019 with the appointment of Cathy Engelbert, the league’s first commissioner and a former Deloitte CEO. Engelbert’s mission was clear: stabilize the league’s financial foundation before expanding.
She began by raising $75 million in capital and overhauling business operations. Then, in 2022, Engelbert greenlit the expansion process – this time guided by rigorous market research, including analysis of demographics, NCAA fandom, merch sales, and media viewership in prospective cities.
Cities like Toronto and San Francisco stood out. A preseason game in Toronto sold out, proving there was appetite for a WNBA presence outside the U.S.
In September 2023, the WNBA officially announced that its 13th franchise would land in the Bay Area: the Golden State Valkyries.
Backed by Warriors owner Joe Lacob and led by former Angel City FC executive Jess Smith, the Valkyries are more than a team – they’re a blueprint for the WNBA’s future. Drawing from Angel City’s model, the Valkyries emphasized branding, community engagement, and early revenue.
They quickly surpassed 15,000 season ticket deposits, becoming the first women’s team to do so, and crossed 10,000 sold season tickets before their inaugural tip-off in May 2025.
“The enthusiasm in Golden State is going to be off the charts,” Reeve said.
“People will remember when a team is awarded a franchise, how incredibly exciting and exhilarating it is for the city.”
The WNBA’s current expansion isn’t just about adding teams – it’s about rewriting the league’s legacy. What was once a struggling niche league is becoming a modern, data-driven sports enterprise that’s gaining traction with fans, sponsors, and investors alike.
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