The new women’s professional basketball league, an unparalleled network of star investors

Athletes will be given ownership rights in the new league, and Unrivaled said it will also provide contract opportunities that will provide 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 chairman David Levy, and former Warner Bros. CEO David Levy. Ann Sarnoff, as well as athletes including NBA All-Star Carmelo Anthony and others who have invested through venture capital. A company led by US women’s national soccer team captain Alex Morgan.

“I think it’s a good investment…that me and David and the other group of investors have the opportunity to get in on the ground floor of something that I think will have a big impact,” said Skipper, who is also a co-founder. From Meadowlark Media. “It’s a rare opportunity where we can create something…and we don’t need to disrupt something else.”

The league — which will continue 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 United States during the offseason, as well as help increase the salaries of professional women basketball players.

“It’s trying to fill a gap in the calendar for these players. It’s expanding the runway for 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 priority rules as part of the 2020 Collective Bargaining Agreement. Those rules require players to return from international play by the start of training camp, meaning they could lose out on lucrative overseas contracts. Many female athletes play in other countries when the WNBA season ends to enhance their earning potential.

“For a long time, traveling abroad was the only option people had in their free time, so this is kind of changing the narrative around that and giving another option,” Collier said. “Going abroad is a great option for some players, but it shouldn’t be the only thing you can do to make money, play basketball and get better.”

The Unrivaled season will run from January to March and will feature 30 of the best women’s basketball players across six teams in compact, full-court 3-on-3 play on a soundstage in Miami.

Although 10 players have already signed, they have not been officially announced 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 really allows you to have that space for the athletes to showcase their skills and compete head-to-head every night and not have those four extra players on the field to kind of bother you,” Collier said.

The list of investors highlights the diversity of people looking to invest in women’s sports, as well as the potential of the league. The size of the initial financing round – which was oversubscribed – was not disclosed.

Through Morgan’s investment firm Tribe Ventures, other top athletes and sports figures have invested in Unrivaled, including NBA star Steve Nash, LGPA champion Michelle Wie West, Olympic gold medalist Megan Rapinoe, and Cleveland GM Koby Altman. Cavaliers in the NBA. University of Connecticut women’s basketball coach Geno Auriemma and the NBA’s Tyrus and Tre Jones are also investors.

Other investors with a stake in Unrivaled include Richard Sarnoff, head of media at private equity firm KKR; Actor Ashton Kutcher. Moira Forbes, Executive Vice President, Forbes; Gary Vaynerchuk, CEO, VaynerMedia; Desiree Gruber, television producer and founder and CEO of Full Picture; Dan Rosensweig, CEO of Chegg; Andor Capital founder Dan Benton; And the range group.

While Skipper has been a member since last year, Levy — who is also co-founder and co-CEO of Horizon Sports & Experiences — learned of the investment opportunity in recent months and joined forces.

“Part of the vision of this agency [HS&E] “The goal 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 the investment, Skipper and Levy will negotiate media rights deals for Unrivaled. Lucrative media rights deals and fees help boost sports league funding and player salaries. Sports rights have become a particular focus of interest for media companies in recent years, as live sporting events attract large audiences.

The duo said media rights negotiations have not begun yet, but an important part of the conversation will be getting as much exposure as possible for the games.

“We want to make sure people can see the product,” Levy said, adding that a key element is the one-hour length of the Unrivaled games, which is a plus when trying to juggle programming schedules.

The league also plans to drum up sponsorship opportunities, in which Levy’s HS&E will also participate. Some brands have already committed to Unrivaled, but that will be announced at a later date, Basile said.

This unparalleled event comes at a time of growing interest in women’s sports – from viewership to investment.

Levy noted that it takes time to grow and interest in the sport, as the WNBA is only a few decades old unlike older leagues like the NFL, NBA, and Major League Baseball (MLB). ), and the National Hockey League (NHL).

“I’m very excited that every player will get ownership rights,” Collier said. “That was a big thing for us, just creating generational wealth for these athletes.”

There has been renewed scrutiny of the salaries of professional female athletes in light of rising WNBA player Kaitlyn Clark, who has recently burst onto the sports scene.

Clark was the NCAA’s all-time leading scorer in men’s and women’s basketball, and attracted record numbers of television viewers. The former Iowa State star was ranked No. 1 in April by Indiana Fever, a show that broke the league record for viewership.

However, despite the spotlight shining on her, Clark’s rookie contract salary will be $338,056 over four years, according to the WNBA’s collective bargaining agreement. This is in stark contrast to last year’s No. 1 overall pick in the NBA, Victor Wembanyama, who signed a four-year, $55 million contract with the San Antonio Spurs.

Even President Joe Biden weighed in on the matter, saying on social media that “women in sports continue to push new boundaries and inspire us all. But now, we’re seeing that even if you’re the best, women aren’t getting paid their fair share.”

While Clark has several sponsorship deals with companies like Nike and Gatorade, WNBA Commissioner Cathy Engelbert recently said at a CNBC summit that a “false narrative” is being circulated about Clark’s expected salary.

Engelbert compared Clark’s earning potential to how C-suite salaries work, adding that in addition to endorsements, Clark “has the potential to make as much as half a million dollars just in WNBA wages this year.” She noted that the focus was on Clark’s base salary, which is collectively negotiated and low.