More than 18,000 fans filled Chase Center on May 16 to witness the debut of the Golden State Valkyries, the WNBA\u2019s first new team since the Atlanta Dream joined the league in 2008. The Valkyries\u2019 first game was a sellout on par with average attendance for Warriors games, raising the question of whether this demand was sustainable in the WNBA. <\/p>\n
Fast forward, and the answer to that question is a resounding yes. The Valkyries went on to sell out all 22 of their regular-season home games, solidifying their place as the WNBA team with the highest average attendance in 2025 with 18,064 fans per game. (For context, that figure is higher than what 15 NBA teams averaged during the 2024-25 season.) Golden State also became the women\u2019s sports team with the highest valuation in the world, and the first professional women\u2019s team in any sport to be valued at $500 million<\/a>.<\/p>\n In just one season, the Valkyries set a new bar for what is possible in the business of women\u2019s sports. With many speculating that the franchise is on pace to become the first $1 billion women\u2019s sports franchise<\/a>, the team is proving that with proper investment, women\u2019s sports properties have the potential to deliver big business results.<\/p>\n Worth noting: Caitlin Clark doesn\u2019t play for the Valkyries<\/p>\n The success of the Valkyries also helps dismantle a narrative that has followed the WNBA through its recent surge: that the growth of the league is driven entirely by Caitlin Clark. The Valkyries success debunks this myth, as they are part of the broader growth story of the WNBA which, of course, includes Clark but isn\u2019t limited to her. <\/p>\n The 2025 season proved that the growth of the WNBA wasn\u2019t isolated to one market or one player. Even with Clark missing most of the 2025 season due to injury, the league posted record regular-season audiences<\/a> across CBS, ABC\/ESPN and NBA TV. ESPN and ABC averaged 1.3 million viewers for WNBA games in 2025, up 6% year-over-year and marking the second straight record-breaking season.<\/p>\n The Valkyries are a big part of that story, proving that the demand for women\u2019s basketball is wide, deep and sustainable. Golden State\u2019s growth is also notable because at this point, the team does not have a standout individual \u201csuperstar\u201d that is driving fandom \u2014 such as Clark on the Indiana Fever or A\u2019ja Wilson on the Las Vegas Aces. Rather, the success has been derived from a combination of factors, including strong brand-building and a focus on engaging fan experiences. Supporters have quickly rallied behind the Valkyries identity, embracing the name, crest and colors, and have even nicknamed the Chase Center \u201cBallhalla,\u201d<\/a> a clever blend of \u201cbasketball\u201d and \u201cValhalla\u201d from Norse mythology, which is a majestic hall where fallen warriors are welcomed by the Valkyries. Winning certainly helps too. The Valkyries made history this year<\/a> as the first WNBA expansion franchise to make the playoffs in its inaugural season.<\/p>\n A model for expansion done right<\/p>\n What sets the Valkyries apart is how they were built. From Day 1, the franchise has operated like a business gearing up for growth. The team is backed by the ownership group<\/a> of the NBA\u2019s Golden State Warriors, who paid a $50 million expansion fee to bring a WNBA franchise to the Bay Area. The ownership group immediately invested in recruiting top talent to their front office and in building state-of-the-art facilities. <\/p>\n Notably, the ownership group tapped Jess Smith (formerly the head of revenue at Angel City Football Club) as team president. Among her many successes in the sports industry, Smith is celebrated for her leadership at Angel City, where she helped generate $35 million in sponsorship revenue before the team played a single game. It\u2019s no surprise that under Smith, the Valkyries quickly built a robust sponsorship portfolio, including brands such as Sephora, Chase, Kaiser Permanente, United Airlines, CarMax, Rakuten, and La Crema Wines.<\/p>\n The first expansion domino<\/p>\n The Valkyries\u2019 successful launch isn\u2019t just a win for the Bay Area; it\u2019s a promising sign of what\u2019s to come in the WNBA. The Valkyries were the first domino to fall in the WNBA\u2019s current expansion story<\/a>. New teams are set to launch in Toronto and Portland in 2026, followed by Cleveland in 2028, Detroit in 2029 and Philadelphia in 2030. So far, Portland and Toronto are on pace to rival the success of the Valkyries. In July, Portland announced surpassing 12,500 season-ticket deposits<\/a>, and the potential for Toronto\u2019s success as the only WNBA franchise in Canada is evident. In 2023, the WNBA hosted a preseason season game at Scotiabank Arena \u2014 its first in Canada \u2014 in front of a sold-out crowd of 19,923<\/a>. This year, the WNBA hosted a regular-season game in Vancouver in front of another sellout Canadian crowd, with 15,892 fans<\/a> attending at Rogers Arena.<\/p>\n As the league prepares to welcome its next wave of franchises, teams would be wise to use learnings from the Valkyries in their own markets. Golden State has proved that with the right mix of vision, investment and community engagement, a new franchise can thrive from Day 1. Now, Toronto, Portland and the cities to follow will have the chance to build on that momentum, learning from the Valkyries\u2019 example while tailoring their approach to the unique cultures and fan bases of their regions.<\/p>\n The Valkyries are a case study to watch in the business of women\u2019s sports. If other expansion franchises can build upon their success, the WNBA\u2019s expansion era could redefine what\u2019s possible for professional women\u2019s sports.<\/p>\n