In a plot twist worthy of a Hollywood script, the WNBA’s Dallas Wings have somehow managed to become the most valuable franchise in the league, despite their rather impressive ability to consistently lose basketball games. With a jaw-dropping 6-19 record, the Wings are tied for last place, but who needs wins when you’ve got dollar signs in your eyes?
The Dallas Wings, now worth a whopping $208 million, have pulled off a valuation coup that’s got other teams shaking their heads in disbelief. Just a couple of months ago, they were sitting pretty with a modest $75 million valuation, but all that changed faster than you can say “cha-ching.” The magic number appeared after investors Jed Kaplan and Randy Eisenman decided to toss $2.08 million at a 1% stake in the team, causing the franchise’s value to skyrocket. Who knew losing could be so profitable?
Greg Bibb, the Wings’ CEO and part-owner, seems to be enjoying the ride, even if it is down a very steep hill on the court. “The value of anything is what the market’s willing to pay,” Bibb declared, clearly relishing his role as the WNBA’s version of a snake oil salesman. And really, who can blame him? He just helped double the team’s valuation without a single extra win to show for it.
Kaplan, also a minority owner of the NBA’s Memphis Grizzlies (because owning one underperforming team just wasn’t enough), and Eisenman, a hedge fund guru, jumped on board during a particularly juicy time for the Wings. Not only are they eyeing a fresh TV contract, but they’re also set to score a cool $19 million from the city of Dallas for a shiny new home. That’s right, by 2026, the Wings might be playing in the swanky, refurbished Memorial Coliseum downtown, where 8,500 fans can watch them continue their losing streak in style.
Meanwhile, the WNBA as a whole has been enjoying a renaissance of sorts. Ratings are up, merchandise is flying off the shelves, and game attendance is through the roof. In July, the league locked down a new media rights deal worth an eye-popping $2.2 billion over 11 years. That’s nearly four times the current deal, which must have the folks over at Disney, Ion, CBS, and Amazon wondering if they left a few zeroes off their last check.
This season has been a record-breaker for the league, with more than 400,000 fans showing up to games in May alone—the most in 26 years. And if you thought no one was watching WNBA games, think again. Viewership has exploded, with an average of 1.32 million viewers tuning in across ABC, ESPN, ESPN2, and CBS. That’s nearly triple last season’s numbers. Clearly, people are catching on to what we’ve known all along: WNBA basketball is where it’s at.
So, while Caitlin Clark’s Indiana Fever and Angel Reese’s Chicago Sky might be hogging the headlines, it’s the Dallas Wings who are laughing all the way to the bank. Who needs a winning season when you’ve got the most expensive seat in the house?
