Unrivaled, the 3-on-3 basketball league co-founded by WNBA stars Napheesa Collier and Breanna Stewart, unveiled a new round of funding Wednesday that raised over $100 million and values the league at $650 million — nearly double its $340 million valuation from last year.
Among the investors in this round are Hall of Famer Carmelo Anthony, Washington Wizards star Trae Young and legendary UConn coach Geno Auriemma.
“I think this is a testament to how quickly the space is evolving and growing, but also to the incredible foundation that we’ve built,” Unrivaled president Alex Bazzell, who is married to Collier, told Front Office Sports. Only one WNBA team — the Golden State Valkyries — is valued at more than Unrivaled.
Here is where Unrivaled compares to the team valuation list CNBC published in May.
| Team | Valuation |
|---|---|
|
Golden State Valkyries |
$1 billion |
|
Unrivaled |
$650 million |
|
New York Liberty |
$600 million |
|
Indiana Fever |
$560 million |
| Las Vegas Aces | $500 million |
|
Seattle Storm |
$450 million |
|
Phoenix Mercury |
$445 million |
|
Los Angeles Sparks |
$415 million |
|
Minnesota Lynx |
$405 million |
|
Connecticut Sun |
$400 million |
|
Chicago Sky |
$390 million |
|
Portland Fire |
$380 million |
|
Dallas Wings |
$370 million |
|
Washington Mystics |
$335 million |
|
Atlanta Dream |
$330 million |
|
Toronto Tempo |
$325 million |
“This raise reflects the confidence investors have in what we set out to build at Unrivaled: a league where the best players in the world have a real stake in the value they create,” Stewart stated in a press release. “Moving forward, this investment gives us even more resources to support our players, elevate the experience for fans, and grow a league that is shaping the future of women’s basketball.”
Nearly every player in Unrivaled has equity, and Bazzell told FOS that those who don’t chose upfront cash over equity.
“Some still value cash a little bit more than equity—there’s always that exchange between agents,” Bazzell stated. “But I’m really proud of the fact that these players get to learn what it means to be an owner and inevitably make money during their sleep and when they’re in their offseason, or when they’re with the WNBA.”
The league unveiled Wednesday that the players remain the largest shareholder group. The value of the player equity pool has increased more than 550% since the league’s creation, and is now worth nearly $200 million. That means the players own just over 30%.
Unrivaled’s television ratings faltered last season, but ticket and merchandise sales soared, thanks in part to the league’s decision to play games outside of its home base in Miami. Last season, the league sold out stops in Philadelphia and Brooklyn, the latter of which hosted the semifinals of the playoffs.
The league has not unveiled specifics for the 2027 season, which will tip off in January, but Bazzell told ESPN that there are plans to play four times as many games outside of Miami.
“I’m a big believer in staying ahead of the curve, staying aggressive, and nothing is off the table,” Bazzell stated. “Whether that’s format, cities, where we go next or who we sign. We want to make sure we are making sound, long-term decisions.”
Additionally, Bazzell noted that roster sizes and the number of teams will remain the same in the upcoming season. The league expanded to 48 players and eight teams last season, not including the pool of developmental players.
