A few weeks ago, WNBA players made a powerful statement—no words, just bold black warm-up shirts that read: “Pay Us What You Owe Us.” It was protest, purpose, and unity woven into one striking message. But let’s be real—the league didn’t exactly have a fairy-tale beginning. TV ratings were flat, arenas were often half-empty, and by 2018, it was confirmed: the WNBA hadn’t turned a profit since tipping off in 1997. The NBA, though, never let go—still holding 42% ownership, matched by WNBA team owners, with the remaining 16% coming from a 2022 capital raise. So with all that history, you’d expect investors to tread carefully, right? Well… not exactly.

When veteran sports business reporter Joe Pompliano asked, “ Why are WNBA teams worth more than ever…even as the league loses millions? ”—

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