Napheesa Collier #24 of the Minnesota Lynx shoots a free throw during the game against the New York Liberty on May 25, 2024 at Target Center in Minneapolis, Minnesota.
Jordan Johnson | National Basketball Association | fake images
A new women's basketball league has attracted a star-studded list of media and sports investors at a time when ratings and overall interest in the WNBA and other professional women's leagues are surging.
Rivalless, the professional women's basketball league founded last year by Breanna Stewart of the New York Liberty and Napheesa Collier of the WNBA's Minnesota Lynx, said Thursday it had closed a round of seed funding ahead of its January launch.
Athletes will receive equity in the new league, and Unrivaled said it will also feature contract opportunities that will offer the highest average salary in the history of the 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 athletes such as NBA All-Star Carmelo Anthony and others who invested through venture capital. firm led by the captain of the United States women's national soccer team, Alex Morgan.
“I think it's a good investment … that David and I and the other group of investors have the opportunity to be on the ground floor of something that I think will be quite impactful,” said Skipper, who is also a co-founder. by Meadowlark Media. “It's a unique opportunity where we can create something… and we don't need to alter anything else.”
The league, which will run in the months leading up to the WNBA season and operate in a new format, aims to offer athletes another option to play basketball in the U.S. during the offseason, as well as help increase the salaries of professional basketball players.
“He's trying to fill a void in the schedule for these players. He's expanding the runway of professional basketball,” said Alex Bazzell, president of Unrivaled and Collier's husband.
Stewart and Collier announced plans last year to form Unrivaled in response to the WNBA's new prioritization rules as part of the 2020 collective bargaining agreement. Those rules require players to return from international play at the start of training camp, which means who could lose lucrative contracts abroad. Many athletes play in other countries when the WNBA season ends to increase their earning potential.
“For a long time, traveling abroad was the only option people had in the off-season, so this is changing the narrative around that and providing another option,” Collier said. “Overseas are a great option for some players, but it shouldn't be the only thing they can do to earn money, play basketball and improve.”
The Unrivaled season will run from January to March and feature 30 of the best women's basketball players on six teams for a compressed, full-court 3-on-3 style of play in a Miami setting.
Although 10 players have already signed up, they have not yet been formally announced.
The league is building its own facilities in Miami. It has two baskets, but is about two-thirds the size of a normal court.
“So it's shorter, but that really allows you to have that space for athletes to show their skills and go head-to-head every night and not have those four extra players on the court bogging you down,” Collier said.
Incomparable investors
New York Liberty forward Breanna Stewart (30) and Las Vegas Aces forward Alysha Clark (7) in action during Game 4 of the 2023 WNBA Finals between the Las Vegas Aces and New York Liberty on October 18, 2023, at the Barclays Center in Brooklyn, NY.
Antonio Nesmith | Sports Icon | fake images
The list of investors sheds light on the variety of people looking to invest in women's sports, as well as the league's potential. The size of the seed funding round, which was oversubscribed, is not disclosed.
Through Morgan's venture firm, Trybe Ventures, other top athletes and sports figures who invested in Unrivaled include NBA star Steve Nash, LGPA champion Michelle Wie West, Olympic gold medalist Megan Rapinoe and Koby Altman , the general manager of the NBA's Cleveland Cavaliers. NCAA University of Connecticut women's basketball head coach Geno Auriemma and Tyrus and Tre Jones of the NBA are also investors.
Other investors with a stake in Unrivaled include Richard Sarnoff, president of media at private equity firm KKR; actor Ashton Kutcher; Moira Forbes, executive vice president of Forbes; Gary Vaynerchuk, CEO of VaynerMedia; Desiree Gruber, television producer, founder and CEO of Full Picture; Dan Rosensweig, CEO of Chegg; Andor Capital founder Dan Benton; and rank group.
While Skipper has been on board since last year, Levy, who is also co-founder and co-CEO of Horizon Sports & Experiences, learned about the investment opportunity in recent months and came on board.
“Part of the vision of this agency [HS&E] was to get involved in women's sports, grow women's sports and put our money where our mouth is,” Levy said.
In addition to investing, Skipper and Levy will negotiate Unrivaled's media rights deals. Lucrative media rights deals and fees help boost sports leagues' finances and player salaries. Sports rights have become a particular focus for media companies in recent years as live sports attract huge audiences.
The duo said that negotiations over media rights have not yet begun, but that an important part of the conversation will be getting the games to the widest possible audience.
“We want to make sure people can see the product,” Levy said, adding that a key component is the hour-long length of Unrivaled's games, which is an advantage when trying to fit into programming schedules.
The league also plans to line up sponsorship opportunities, which will also involve Levy's HS&E. Bazzell said some brands have already committed to Unrivaled, but announcements will be made at a later date.
Increased interest in women's sports
Caitlin Clark poses with WNBA Commissioner Cathy Engelbert after being selected with the first overall pick by the Indiana Fever during the 2024 WNBA Draft.
Sara Stier | Getty Images Sport | fake images
Unrivaled comes at a time when interest in women's sports has been on the rise, from viewership to investment.
Levy noted that it takes time for growth and interest in sports, as the WNBA is only a few decades old in contrast to long-standing leagues like the NFL, NBA, MLB and NHL.
“I'm very excited for all the players to have equity,” Collier said. “That was a huge thing for us, just creating that generational wealth for these athletes.”
There has been renewed scrutiny over the salaries of female professional athletes in light of WNBA rookie Caitlin Clark, who recently burst onto the sports scene.
Clark was the NCAA's all-time leading scorer in both men's and women's basketball and has attracted record television viewership numbers. The former Iowa star was selected No. 1 overall in April by the Indiana Fever, a show that broke the league's draft viewership record.
However, despite the glowing attention on her, Clark's rookie salary contract will be $338,056 over four years, according to the WNBA collective bargaining agreement. This is in stark contrast to last year's No. 1 NBA draft pick, Victor Wembanyama, who signed a four-year, $55 million deal with the San Antonio Spurs.
Even President Joe Biden weighed in, saying on social media that “women in sports continue to push new boundaries and inspire us all. But right now, we're seeing that even if you're the best, women aren't pay”. their fair share.”
While Clark has landed numerous endorsement deals with companies like Nike and Gatorade, WNBA Commissioner Cathy Engelbert recently said at a CNBC summit that a “false narrative” is circulating around Clark's expected salary.
Engelbert compared Clark's earning potential to how upper management salaries work, adding that in addition to endorsements, Clark “has the ability to earn up to half a million dollars in WNBA salaries alone this year.” He noted that attention has focused on Clark's base salary, which is low and collectively bargained.
