WNBA Expansion: Ownership and Valuation Details for Three Teams

Mo. Basuony

Published: April 13, 2026 7:53 PM ET

WNBA Expansion: Ownership and Valuation Details for Three Teams

The WNBA has circulated final expansion materials to governors ahead of an imminent vote. The packages outline ownership stakes, timelines and financial commitments for Cleveland, Detroit and Philadelphia.

Votes are requested by April 9. Approval requires a majority of WNBA governors and at least three-quarters of WNBA Holdings LLC. That LLC is owned by all 30 NBA teams.

Process and price

The base purchase price for each franchise is $250 million. Payments will be made in scheduled installments. All payments must finish before each team’s debut season.

The memo notes higher post-money valuations for two clubs. Cleveland’s valuation is listed at $290 million and Detroit’s at $325 million.

Cleveland: investors and arena plans

Cleveland secured its expansion agreement on Feb. 12 of last year. The franchise is scheduled to begin play in 2028.

The Cavaliers’ ownership, led by Dan Gilbert, will hold 54.6% after the recent funding round. Gilbert alone will own 50.6%.
New outside investors include Monarch Collective, Liz Yee and Ted Coons, Lauren and Steve Spilman, Steve Demetriou, Michael Petras, John Morikis, Chris Hyland and A.J. Murphy.
Yee and Coons together will hold roughly 18.9%. Monarch’s combined stake is about 16.3%.
Smaller stakes include the Spilmans (5.5%), Demetriou (1.9%) and Petras (1.1%). Other backers each hold about 0.6%.

Monarch holds an option to acquire $15 million more in shares before Jan. 1, 2027. Monarch disclosed a commercial tie to an active WNBA player that will expire by 2028. The fund led by Kara Nortman and Jasmine Robinson has agreed not to renew that agreement. Monarch’s investment falls under the league’s institutional investment policy and carries no voting rights.

The WNBA team will play at the Cavaliers’ Rocket Mortgage Arena for at least five seasons. Ownership has pledged at least $7 million for arena upgrades. They also committed at least $3.3 million for the practice facility in Independence, Ohio.

Detroit: investor group and facilities

Detroit finalized its expansion agreement on April 2 last year. The Pistons’ ownership aims for a 2029 start date.

Owner Tom Gores is securing commitments from 24 investors who would collectively own 60% of the team.
Gores will retain a 40% stake and will serve as the team governor.
The post-money valuation for Detroit is cited at $325 million.

The team will play at Little Caesars Arena, shared with the Pistons and Red Wings. Gores has pledged at least $35 million toward a new practice facility. That facility is expected to be ready before the 2029 season.

Philadelphia: ownership structure and arena timing

Philadelphia W Basketball was awarded the 18th franchise and is set to debut in 2030. The club has the longest runway of the three teams.

The entity has not yet raised outside capital and remains wholly owned by the 76ers’ holding company.
Josh Harris would be the lead governor and largest shareholder at 32.8%. David Blitzer would hold about 30.1%.
Arctos Partners would hold roughly 15.1% via two holding companies. HBSE Investments would own 11.4%, split evenly among its principals.
Other named stakeholders include David Adelman (5.6%), Martin Geller (4.4%), Joe Gibbs Racing (0.5%) and Will Smith (0.1%).

After the transaction closes, ownership will issue a 10% interest to Comcast at the same $250 million expansion price. The 76ers and Comcast’s Flyers agreed last year to pursue a new arena. If the new venue is not ready for 2030, the WNBA club would play at Xfinity Mobile Arena. Ownership has committed at least $50 million to build a new practice facility.

Approval outlook and implications

Governors received the breakdown on a recent Friday. League sources view approval as likely. The materials provide a detailed view of ownership, valuation and operational commitments.

These disclosures offer a clear picture of the financial and logistical work behind the WNBA Expansion. They also map the route for three teams entering the league between 2028 and 2030.

Filmogaz.com will continue to monitor developments and report any vote outcomes or further changes to ownership and valuation details for these expansion clubs.