WNBA Commissioner Cathy Engelbert said the WNBA is on the precipice of a mainstream explosion, but the league needs to put broadcast contracts and other investment agreements in place to build a stable financial foundation.
In an interview with NBC Nightly News, Engelbert said the league is working to capitalize on the growing interest in the women’s game. But making that happen will require outside involvement, she said.
“We need to strengthen the ecosystem, essentially the sports ecosystem,” Engelbert said. “And we would be really happy to see that happen in our next media rights negotiations and with our corporate partners. Our phones are ringing off the hook.”
Ratings for women’s college basketball this year rose to an all-time high thanks to the performance of Iowa State phenom Caitlin Clark, who last season broke Pete Maravich’s 50-year-old NCAA basketball scoring record.
However, when Clark was drafted No. 1 overall by the Indiana Fever, the league was criticized because his base salary as a rookie was only $76,535.
This raised concerns about parity with the NBA, where rookie salaries are at least about $1 million a year and often more. It also drew attention to the fact that many female players are choosing to play abroad, where they have the potential to earn more money.
WNBA players and the league negotiated a figure of $76,535 based on earnings in January 2020, as both sides signed a collective bargaining agreement. The league says it does not comment on financial information, but a recent Bloomberg News report said the WNBA’s annual revenue is about $315 million.
This is an improvement since Engelbert took over in 2019.
“When I came into the league, there’s no doubt that a lot of people saw that. Someone asked us if we were doing charity work,” Engelbert said.
Still, that increase pales in comparison to the nearly $10 billion in revenue that has been widely reported and acknowledged in recent NBA seasons.
The revenue for both leagues is largely determined by what they receive from their television contracts. Bloomberg News reported last week that the current TV contract with the WNBA is worth about $60 million. This compares to the multibillion-dollar contracts the NBA has with Disney and its ESPN and ABC networks, and the NBA is seeking similar deals from other bidders.
Bloomberg reported that the new contract the NBA is signing includes a significant increase in payments to the WNBA.
Clark has gained a foothold in America’s consciousness in a way no other women’s basketball player has ever done, but at the same time an entire generation of players has joined the league, spurred on by social media. It should contribute to the strengthening of growth.
That includes Angel Reese, who is currently with the Chicago Sky and led LSU to a national championship against Clark’s Iowa in 2023. Reese recently attended the Met Gala.
The other is Stanford standout Cameron Brink, who was selected No. 2 overall in this year’s draft by the Los Angeles Sparks. She already has sponsorship deals with New Balance, Urban Outfitters and Netflix.
Washington Mystics center Shakira Austin, who is in her third year in the WNBA, recently spoke with NBC newscaster Harry Jackson about the new generation and how the league must manage expectations.
“Attendance, sales and ticket numbers all peaked last year, which just goes to show how passionate people are about the sport,” Austin said. she continued. “I think we’re going to continue to raise the bar, and I hope our league can back that up and prepare us for the attention that’s going to come.”
In fact, some observers say that even though large-scale change appears to be afoot, they need to see it for themselves before believing it’s really happening.
“A lot of people are asking if the WNBA can have that moment,” said Aaron Barzilai, founder of HerHoopsStats.com, which tracks WNBA data. “They’re hopeful, but there’s still an element of ‘let’s wait and see.'”
Engelbert said he is optimistic the league can make significant financial leaps in the short and medium term. It has already committed to providing charter flights to all away games through a new partnership with Delta Air Lines.
“We needed to build more revenue, manage expenses and ultimately give it back to the players,” Engelbert said. “But it doesn’t last more than three years.”
She cited the league’s success in raising $75 million in venture capital as an indication of the increased interest.
“We’re trying to double, triple, quadruple, quintuple our revenue, and it’s working,” she said. “It’s literally going well, but it’s going to take a few more years.”
She admitted that getting to this point wasn’t easy.
“That’s what momentum is all about, and making sure we have the big-name games, rivalries, and important games that everyone knows about this season so that people come out and watch.” she said. “And once they see it, you know they’ll stay.”
