A billion reasons to smile

The GIST: Over the weekend, both Sportico and CNBC shared their estimated valuations for all WNBA teams. While both outlets came to the same conclusion — the Golden State Valkyries are the highest-valued team — they ended up with different calculations, likely because CNBC included the Toronto Tempo and Portland Fire and Sportico did not. Let’s crunch the numbers.

The Golden State Valkyries are worth $1B. It’s the first time a women’s sports team has surpassed the billion-dollar mark, but it won’t stay that way: A WNBA investor estimates other well-run W teams will be worth that within five years. Sportico offered a more conservative Valkyries valuation estimate at $850M, but still enough to make Doctor Evil jealous.

The average WNBA team is worth between $427M (Sportico) and $460M (CNBC). Sportico’s number is up 59% YoY from its 2025 report, and only its top three teams have values equivalent or higher: The Valkyries, the NY Liberty ($600M), and the Indiana Fever ($550M).

Bringing the Connecticut Sun to Houston boosted the team’s value. According to CNBC, the Sun — which Houston Rockets owner Tilman Fertitta bought for a record $300M in March — could be worth $400M due to the planned move. However, Sportico still values the Sun at $300M, the second-lowest valuation in the W. While these numbers differ, the Valkyries’ dominance and the Fire’s early estimates illustrate the marketing power of new locales.

League sponsors are making a real financial impact. Despite concerns about how delayed CBA negotiations would affect WNBA sponsorship, the league is doing more than fine. CNBC says the number of W sponsors rose to around 30 to begin the season, up 40% YoY.

• Some of that is thanks to the unique opportunities available this year, like the league’s Legacy Trail program that gives many categories the ability to activate. But it’s also because more and more brands are seeing the value of WNBA partnership, like Procter & Gamble’s multi-brand investment in league fandom. A clean sweep.

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The GIST: In April, we spoke with UCLA and Olympic gymnast Jordan Chiles about how she’s building out her brand portfolio and why brands want to work with her. And on Thursday, we also spoke with Zach Harris, VP and GM of the Pepsi Lipton Partnership North America, who oversees marketing for iced tea label Pure Leaf.

• He shared why the brand is interested in working with Chiles, and it goes far beyond her impact in the collegiate and Olympic spheres. Flippin’ incredible.

The context: Chiles said gymnasts are “no different than any other athlete,” but she and others have brought a “broader span of brands” to the mat. She noted that brands embraced their athletic talent and human side, something Rebel Girls highlighted when they crafted a docuseries around Chiles’ Shero Athlete Collective where she mentored young women athletes.

The partnership: When it comes to Pure Leaf, the brand was “very intentional” about working with Chiles because “her story naturally aligns with the everyday realities [Pure Leaf Mental Focus] was designed for”: those balancing sports, work, school, and all of life’s other distractions and demands.

• But it’s also that Chiles does it all with grace — Harris calls her “that girl” — for handling a busy life with “focus, resilience, and authenticity.” It doesn’t hurt that Chiles genuinely endorses the brand: It “really resonates with her,” as it’s been her dad’s go-to drink order since her childhood.

The audience: The tea brand, which has previously partnered with Olympic track star Allyson Felix, has been “very encouraged by the reaction” to its partnership with Chiles one week into the campaign launch. “We know she has strong appeal with Gen Z and millennials, especially on social, so we feel very confident this will resonate with those audiences,” Harris said.

• Whether it’s a sports-focused brand or not, everyone recognizes the rise of women’s sports — and more importantly, the audiences fueling that growth. “The fans following that momentum are highly engaged and culturally connected, which makes them a natural fit for Pure Leaf,” Harris said.

The takeaway: Partnering with women athletes makes it easy to win over their fans, but brands shouldn’t miss the broader value of such alignments. Forging relatable partnerships are going to win over everyone. That means a narrow, focused strategy — like having Jordan Chiles chat about Pure Leaf keeping her mentally focused — can have far-reaching benefits. Cheers to that.