G Fiume/Getty Images
Nike announced Thursday it’s made an
equity investment in the WNBA that will “help redefine the sport
for a new generation of WNBA players, fans and girls” as part of a major capital raise for the league.
The apparel company said the financial
resources are aimed at accelerating the league’s long-term growth,
and it starts with current players who should “feel the benefits of
the increase in capital and capacity at the league level—now and in
the future.”
Front Office Sports provided further details about the WNBA’s eight-figure capital raise:
Front Office Sports @FOS
The WNBA has announced a $75 million capital raise — the largest-ever for a women’s sports property.<br><br>It’s the first time the WNBA has raised money from investors, each of whom will receive equity in the league.<br><br>Proceeds will drive marketing, brand elevation, and future growth. <a href=”https://t.co/vbDUxENNAV”>pic.twitter.com/vbDUxENNAV</a>
“Women’s sport is one of the best
investments, with great potential to impact and grow the next era of
basketball,” said Sonja Henning, the company’s vice president of league
partnerships in North America. “Nike has always been more
than a sponsor with the WNBA—we’re a strategic partner.”
The WNBA completed its 25th season in
October when the Chicago Sky defeated the Phoenix Mercury in the
Finals. ESPN announced television ratings for the playoffs hit their
highest mark since 2014 and that regular-season viewership was up 49
percent in 2021 compared to 2020.
Commissioner Cathy Engelbert said the
league was grateful for Nike’s “steadfast support” and two of its
stars, the Las Vegas Aces’ A’Ja Wilson and New York Liberty’s Sabrina
Ionescu, expressed excitement about the continued partnership.
“I have always been an advocate for
‘if you can see it, you can be it,'” Wilson said. “As a Nike
athlete, I’m so proud to see the company’s expanded investment in the
WNBA. It isn’t just about more support for players today; it also
means more opportunity than ever to inspire young girls to dream
big.”
Ionescu added: “One of the reasons I
joined the Nike family was our shared commitment to growing the game
and creating impact that’s even bigger than basketball. What excites
me most about Nike’s expanded partnership with the WNBA is the chance
to inspire future generations and help move the world forward through
sport.”
The WNBA noted other investors from its “largest-ever capital raise” include former NBA players Pau Gasol
and Baron Davis, former U.S. Secretary of State Condoleezza Rice,
WNBA legend Swin Cash and numerous WNBA owners and NBA governors.
It also detailed how the money will be used:
“Proceeds from this transaction are
expected to be used for brand elevation and marketing; globalization
of the WNBA; innovation, digital, and growth of consumer touchpoints;
and human capital and operational optimization as part of an overall
effort to address some of the league’s obstacles to growth and
generating new revenue.”
The league’s 2022 season is scheduled
to tip off May 6.
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