CHICAGO — News that the New York Liberty have a valuation of $450 million, a record for a women’s sports team, isn’t just cause for celebration.
It’s a warning shot.
The days of treating women’s teams like charity projects with owners thinking they can run their franchises on the cheap are over. You can either invest, like the Liberty’s Clara Wu Tsai and husband Joe Tsai have, or you’re going to get left behind.
That should have been clear after the Chicago Sky lost pretty much the entire 2021 championship team to free agency. Or from the mass exodus from the Connecticut Sun this past off-season.
If it wasn’t, and we’ll get to that in a moment, the Liberty valuation is making it clear. With fireworks and blaring lights, no less.
According to The Athletic, the Liberty recently sold a portion of the team to investors in a deal that valued the franchise at $450 million. That not only makes the defending champions the most valuable women’s franchise in the world, it is more than double a $208 million valuation for the Dallas Wings just a year ago.
“I’ve been in this league for a really long time, and it’s just great to see the evolution,” Liberty coach Sandy Brondello said ahead of Monday night’s game against the Sky.
“Everyone is pushing for excellence, and it does start at the top. It starts with ownership,” she said. “We’ve got the best owners in the WNBA and they’re going to keep pushing for us to keep growing, us and collectively as a league.”
This isn’t just a case of the Liberty being a New York team or having a roster of stars. Once relegated to suburban Westchester County, Wu Tsai has described the Liberty as “a distressed asset” when she and her husband bought them in 2019.
But they invested. Quickly and deeply. They moved the team to Brooklyn. Gave the team first-class facilities at Barclays Center. Created a mascot, Ellie the Elephant, who has become a social media phenomenon — and money maker — in her own right.
It was these kind of moves that attracted the big names, like MVPs Breanna Stewart and Jonquel Jones. The sponsors followed in droves. Liberty Mutual. Rihanna’s Fenty Beauty. Essie. And on and on it goes.
“It’s a testament to what investment will do,” said Natasha Cloud, who came to the Liberty in an off-season trade. “If you fully invest as our owners have, as our front office, as our staff has, that (valuation) number clearly is a reason as to why.
“That’s what we talk about when investing into women’s sports,” Cloud added. “It’s not only enough to be here supporting. You have to put your money into it, too, so that we can continue to climb. The demand has never been higher.”
This is where the warning part comes in.
The players know their value. They’ve always known it, but now that they know others do, too, they’re not going to settle for less. The smart owners know that, which is why we’ve seen the facilities arms race accelerate so quickly.
But there are still teams that are treading water. Yes, Los Angeles Sparks, Chicago Sky, Washington Mystics and Connecticut Sun, this means you.
The Sky did announce plans last year to build their own practice facility — not anywhere close to the city, mind you — and even had a groundbreaking ceremony. But now it’s delayed by six months. Which means Angel Reese, Kamilla Cardoso, Courtney Vandersloot and Co. will spend yet another season sharing their practice space with senior citizens and weekend warriors at a suburban rec center that is even less close to the city.
And despite the Sky saying they planned to recognize their 20th season with an anniversary logo “across on-court, in-arena, digital, content, and merch assets,” that logo was conspicuously absent from the Wintrust Arena court Thursday night.
These things sneak up on you, I guess.
Connecticut has at least acknowledged its inability to keep pace, with Sportico reporting two weeks ago that the Mohegan Sun have hired an investment firm to explore a sale of the franchise.
There’s money to be made in women’s sports. A lot of money, when the new $2 billion media rights deal begins next year. But like in all businesses, you’re going to have to spend money in order to make money.
Owners who can’t, or won’t, are on notice.
Follow USA TODAY Sports columnist Nancy Armour on social media @nrarmour.