In the world of sports, few stories are as compelling as the one surrounding Joe Lacob's $50 million bet on women's basketball. This isn't just about a single investment; it's about a pivotal moment in the history of the WNBA, a moment that has forever altered the landscape of women's sports. Lacob's decision to invest in the Golden State Valkyries wasn't just a financial move; it was a declaration of belief in a sport that had, until then, struggled to find its footing in the mainstream.
A Bet on the Future
Lacob's journey began three decades ago, when he first invested in women's basketball with the American Basketball League (ABL). Despite his conviction that women's basketball had a brighter future than many realized, the ABL folded after just two and a half seasons. "Sometimes you don’t succeed in investing not because you had the wrong management, technology, or idea," Lacob reflected. "Sometimes you’re just too early."
Fast forward to the present, and Lacob's belief in women's basketball has been vindicated. The Golden State Valkyries, established in 2023 with a record-setting $50 million expansion fee, have not only survived but thrived. They have become the blueprint for the future of women's sports, setting a new standard for investment, purpose-built facilities, and organizational ambition.
A Billion-Dollar Industry
The WNBA, once a league struggling to find its place, has now become a billion-dollar industry. This transformation is driven by a new generation of star players and an ownership class willing to invest seriously in the sport. The Golden State Valkyries, in particular, have moved the goalposts further, redefining what ownership in the WNBA is supposed to look like.
"I would say that the WNBA was always moving in that direction but that the Valkyries pushed them ahead much faster," said Nola Agha, professor of sport management at the University of San Francisco. The league's willingness to invest in chartered flights for players, for instance, is a testament to the evolving norms, and the WNBA's recent $50 million investment in full-time private charter service further cements this shift.
Setting a New Standard
The Golden State Valkyries have set a new standard for the rest of the league. They have packed Chase Center with 18,000 fans for 30 consecutive games, a sellout streak unmatched by any women's sports franchise. This commitment to fan and player experience is on display at every game, with the team consistently delivering a high-quality experience.
"We take a lot of pride at Golden State to know that we probably instilled a lot of confidence in the future casting of what this looks like," said Jess Smith, Valkyries president and the team's first employee. The team's success in ticket sales is a proof of concept that Lacob wants to spread, aiming to fill Chase Center's lower bowl consistently.
A New Perspective
Lacob's investment in the Golden State Valkyries has not only transformed the WNBA but also his perspective on the sport. "We’re in a mega trend with sports and women’s basketball in particular," he said. "Our job is not to screw it up."
The Golden State Valkyries have become the first women's sports franchise to reach the billion-dollar rung, a testament to the power of belief and investment. As the league continues to evolve, the Golden State Valkyries stand as a shining example of what can be achieved when a single team sets a new standard for the rest of the league to follow.
