Napheesa Collier No. 24 of the Minnesota Lynx shoots a free throw against the New York Liberty at Target Center on May 25, 2024 in Minneapolis, Minnesota.
Jordan Johnson | National Basketball Association | Getty Images
A new women’s basketball league has attracted a star-studded cast of investors from the media and sports worlds at a time when ratings and general interest in the WNBA and other professional women’s leagues are on the rise.
Unparalleled, the professional women’s basketball league founded last year by Brianna Stewart of the New York Liberty and Nafessa Collier of the WNBA’s Minnesota Lynx, said Thursday it has closed a seed round of funding ahead of its January launch.
Athletes will receive equity in the new league, which Unrivaled said will also provide contract opportunities offering the highest average salary in the history of a women’s professional sports league.
The long list of investors includes media executives such as former ESPN president John Skipper, former Turner president David Levy and former Warner Bros. CEO Ann Sarnoff, as well as NBA All-Star Carmelo Anthony. People who invest through venture capital, including athletes. The company is led by Alex Morgan, captain of the U.S. Women’s National Soccer Team.
“I believe this is a good investment… David and I and the rest of the investor group have an opportunity to be on the ground floor of a project that I think is going to be pretty impactful,” co-founder Skipper said of Meadows Pipit Media. “This is a rare opportunity where we can create something … and not have to destroy something else.”
The league will operate under a new format in the early months of the WNBA season, aiming to give athletes another option to play basketball in the United States during the offseason and help boost salaries for professional women’s basketball players.
“It’s trying to fill a gap in the schedule for these players. It’s extending the runway of professional basketball,” said Alex Bazzell, president of Unrivaled and Collier’s husband.
Stewart and Collier announced plans Unrivaled was formed last year in response to the WNBA’s new priority rules as part of the 2020 collective bargaining agreement. The rules require players to return from international duty before training camp begins, meaning they could lose lucrative overseas contracts. Many female athletes travel to other countries to play in other countries after the WNBA season to increase their earning potential.
“For a long time, going overseas was the only option for people in the offseason, so this kind of changes the perspective on that and provides another option,” Collier said. Going overseas is a good option for some players, but it shouldn’t be the only way you make money, play basketball and get better.”
Unrivaled’s season will run from January through March and will feature 30 of the top women’s basketball players from six teams competing in compressed 3-on-3 full-court games on a Miami soundstage.
Although 10 players have been signed, no official announcement has been made yet.
The league is building its own facility in Miami. It has two baskets but is about two-thirds the size of a regular court.
“So it’s shorter, but it does give you room for the athletes to showcase their skills and go head-to-head every night instead of having four extra guys on the court bogging you down,” Collier said.
Unrivaled Investors
New York Liberty forward Breanna Stewart (30) and Las Vegas Aces forward Alysha Clark (7) on October 18, 2023 in Brooklyn, New York Game 4 of the 2023 WNBA Finals at Barclays Center between the Las Vegas Aces and New York Liberty.
M. Anthony Nesmith | Graphic Sports Wire | Getty Images
The investor roster reveals the variety of people looking to invest in women’s sports and the league’s potential. The size of the seed round, which was oversubscribed, has not yet been disclosed.
Through Morgan’s venture capital firm Trybe Ventures, other top athletes and sports figures who have invested in Unrivaled include NBA All-Star Steve Nash, LGPA Champion Michelle Wie West, and Olympic gold medalist Megan Rappi. Kobe Altman, general manager of the NBA’s Cleveland Cavaliers. NCAA University of Connecticut women’s basketball head coach Geno Auriemma and the NBA’s Tyrus and Tre Jones are also investors.
Other investors holding shares in Unrivaled include Richard Sarnoff, chairman of private equity firm KKR Media; actor Ashton Kutcher; Moira Forbes, executive vice president of Forbes; Gary Vaynerchuk, VaynerMedia CEO; Desiree Gruber, television producer, founder and CEO of Full Picture; Dan Rosensweig, executive chairman of Chegg; Dan Benton, founder of Andor Capital; and Scope Group.
Skipper has been on the board since last year, while Levy, who is also co-founder and co-chief executive of Horizon Sports & Experiences, learned about the investment opportunity and joined the board in recent months.
“Part of the vision for this agency (HS&E) is to be involved in women’s sports, to grow women’s sports and to spend our dollars where we put our money where our mouth is,” Levy said.
In addition to the investment, Skipper and Levy will also negotiate a media rights deal for Unrivaled. Lucrative media rights deals and fees help drive sports league finances and player salaries. Sports rights have become a particular focus for media companies in recent years as live sports events attract large audiences.
Media rights talks have not yet begun, but an important part of the conversation will be to get as much viewership as possible for the game, the pair said.
“We want to make sure people can see the product,” Levy said, adding that a key factor is the one-hour length of the Unrivaled game, which is an advantage when trying to fit into the programming schedule.
The alliance also plans to offer sponsorship opportunities, in which Levy’s HS&E will also be involved.
Increased interest in women’s sports
Caitlin Clark poses with WNBA Commissioner Cathy Engelbert after being selected by the Indiana Fever with the No. 1 pick in the 2024 WNBA Draft.
Sarah Steele | Getty Images Sports | Getty Images
Unparalleled arrives at a time when interest in women’s sport is growing – from viewership to investment.
Levy noted that growth and interest in sports take time, and the WNBA is only a few decades old compared to longer-established leagues such as the NFL, NBA, MLB and NHL.
“I’m excited that every player will have equity,” Collier said. “This is a big deal for us and creates a generational legacy for these athletes.”
WNBA rookie Caitlin Clark, who recently rose to prominence in the sports world, has sparked a re-examination of the salaries of professional female athletes.
Clark is the all-time scoring leader in NCAA men’s and women’s basketball and attracted record television ratings. The former Iowa State star was drafted No. 1 overall by “Hoosier Fever” in April, and the show broke league draft ratings records.
However, despite Clark’s attention, according to the WNBA’s collective bargaining agreement, Clark’s rookie salary will be $338,056 over four years. This is in sharp contrast to last year when NBA No. 1 pick Victor Wembanyama signed a four-year contract worth $55 million with the San Antonio Spurs.
Even President Joe Biden weighed in on the matter, saying on social media, “Women in sports continue to break new boundaries and inspire us all. But now, we’re seeing that even if you’re the best , women also don’t get their fair share of pay.
While Clark already has multiple sponsorship deals with companies like Nike and Gatorade, WNBA Commissioner Casey Engelbert recently told CNBC Summit that there are “false claims” surrounding Clark’s expected salary.
Engelbert compared Clark’s earning potential to how executive salaries work, adding that in addition to endorsements, Clark “has the ability to make $500,000 this year in WNBA salary alone.” She noted that people are concerned The focus is Clark’s base salary, which is set through collective bargaining and is low.
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