\n<\/p>\n
The WNBA announced today the largest-ever capital raise for a women\u2019s sports property, featuring new investors and existing WNBA and NBA owners. This groundbreaking transaction is part of a multi-faceted financial growth strategy designed to generate new revenue through increased investment in priority areas as part of the league\u2019s long-term business transformation.<\/p>\n
Proceeds from this transaction are expected to be used for brand elevation and marketing; globalization of the WNBA; innovation, digital, and growth of consumer touchpoints; and human capital and operational optimization as part of an overall effort to address some of the league\u2019s obstacles to growth and generating new revenue.<\/p>\n
\u201cWe are incredibly fortunate to be able to capitalize on the current momentum around women\u2019s sports and are grateful to the investors who have chosen to support the WNBA in an unprecedented way and to our team governors who continue to invest in the players and teams,\u201d said WNBA Commissioner Cathy Engelbert. \u201cOur strategy is to deploy this capital to continue to drive the league\u2019s brand as a bold, progressive entertainment and media property that embodies diversity, promotes equity, advocates for social justice, and stands for the power of women. Having just completed our historic 25th season, with this access to additional capital, we are setting the WNBA up for a successful future and it represents a sign and signal of the future direction of women\u2019s sports as a whole.\u201d<\/p>\n
As part of its ongoing commitment to empowering women athletes and women\u2019s sports, NIKE, Inc., one of the league\u2019s current premier partners and inaugural WNBA Changemaker, has made a significant equity investment in the WNBA. Nike\u2019s investment further deepens the company\u2019s support for women\u2019s basketball and enables the WNBA to elevate the marketing and storytelling of WNBA athletes.<\/p>\n
\u201cWomen\u2019s sport is one of the best investments, with great potential to impact and grow the next era of basketball,\u201d said Sonja Henning, VP, North America League Partnerships, NIKE, Inc. \u201cNike has always been more than a sponsor with the WNBA \u2013 we\u2019re a strategic partner. And we\u2019re proud to be part of a movement to redefine the future of sport for a new generation \u2013 for WNBA players, fans and girls.\u201d<\/p>\n
The initial investors are: Micky and Nick Arison, Carnival Corporation and Miami HEAT; Bill Cameron, CEO and President, American Fidelity, Dallas Wings; Swin Cash, WNBA legend and current New Orleans Pelicans Vice-President of Basketball Operations and Team Development; Baron Davis, NBA legend; Michael and Susan Dell, Dell Technologies and minority investors, San Antonio Spurs; Karen Finerman, CEO and Co-Founder, Metropolitan Capital Advisors; Pau Gasol, NBA legend and Member of the IOC Athletes\u2019 Commission; Ginny Gilder, Seattle Storm; Dee Haslam and Whitney Johnson, Haslam Sports Group, Cleveland Browns and Columbus Crew; Linda Henry, Boston Globe, Boston Red Sox, Liverpool Football Club; Brad Hilsabeck, former CEO, Grantham, Mayo Van Otterloo & Co. and minority investor, Dallas Wings; Eric Holoman, President and CEO, EquiTrust Life Insurance, Los Angeles Sparks; Mark Walter, CEO, Guggenheim Partners, Los Angeles Sparks; Laurene Powell Jobs, Founder and President, Emerson Collective; Ted Leonsis, Founder, Chairman, and CEO, Monumental Sports & Entertainment, Washington Mystics and Washington Wizards; James and Heather Murren, former Chairman and CEO of MGM Resorts International; NIKE, Inc; Condoleezza Rice, Stanford University and 66th US Secretary of State; Angela Ruggiero, CEO and Co-Founder, Sports Innovation Lab; Herb and Steve Simon, Fever Basketball, LLC; and Joe and Clara Tsai, New York Liberty and Brooklyn Nets.<\/p>\n
\u201cSusan and I are excited about the growth opportunity in women\u2019s sports and specifically the WNBA,\u201d said Michael Dell, CEO, Dell Technologies and minority investor, San Antonio Spurs. \u201cWe also are proud to support a league that is committed to empowerment, and we look forward to supporting Cathy and all the accomplished and diverse women of the WNBA to make a positive impact in the world.\u201d<\/p>\n
Both the WNBA and NBA Boards of Governors approved the transaction. Allen & Company LLC served as the financial advisor for the transaction.<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"
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