The landscape of professional sports is shaped significantly by the ownership models of leagues. In men’s sports, traditional franchise-based ownership models have driven the massive valuations and rapid growth we see in leagues like the NFL, NBA, MLB, and NHL. However, women’s sports, while growing exponentially, face ownership structures that are often more restrictive and less flexible. These differences raise an important question: Are the ownership models in women’s sports the best path forward for long-term growth, or is it time to rethink how women’s leagues are structured for the future?

Ownership In Men’s Leagues: A Well-Established Model

The ownership models in U.S. major men’s sports leagues have been established for decades, creating a clear path to massive financial success and scalability. Here’s a breakdown of the structure:

• NFL: Teams are valued around $6.49 billion each, and ownership follows a multi-entity model, where individual or group investors can purchase teams. This model is highly flexible, enabling a wide range of investors to participate and allowing teams to scale quickly through capital influx.
• NBA: Valued around $4.6 billion per team, the NBA follows a similar multi-entity model that allows investors to buy stakes in teams, ensuring that ownership is spread out and adaptable. This model has fueled the NBA’s global expansion and significant revenue growth.
• MLB: Teams in the MLB are valued around $2.64 billion on average. The league allows both individual and family group ownership, creating a sustainable, though less rapidly scalable, revenue model.
• NHL: With teams valued around $1.92 billion, the NHL uses a multi-entity ownership structure, allowing investment groups to acquire stakes in teams. While revenue generation is smaller compared to the NFL and NBA, the flexible ownership model has supported steady growth.

In these men’s leagues, the multi-entity model offers flexibility, enabling diverse sources of capital, driving team valuations into the billions, and allowing for significant influence over league negotiations, such as broadcasting rights and global sponsorship deals. While this model comes with a high barrier to entry, it has undeniably supported scalability and wealth generation.

Ownership In Women’s Leagues: A New Frontier

When comparing this to women’s leagues, there’s a stark contrast in how ownership structures are designed and the types of opportunities available for investors.

NWSL (National Women’s Soccer League)

• Ownership Structure: The NWSL operates under a franchise model, with team valuations ranging from $100 million to $500 million. Notably, 60-70% of teams are owned or co-owned by women.
• Scalability: There’s a clear potential for growth as the NWSL’s popularity continues to rise. More investors are entering the league, and as the league expands in teams and fanbase, larger investments could become available.

PWHL (Professional Women’s Hockey League)

• Ownership Structure: The PWHL operates under a single-entity model, with the Mark Walter Group owning all six teams. The focus on short-term growth—building a fanbase, securing sponsorships, negotiating media rights deals, and ensuring competitive parity among teams—aligns well with a centralized ownership structure. There are fewer conflicting interests, and decisions can be made quickly without the need to navigate the complexities of multiple owners with different priorities.
• Scalability: The PWHL is still in its infancy. Its model is highly restrictive, limiting individual ownership and potential external investment. While this approach may offer more direct control for immediate growth, it limits opportunities for diverse investors to become stakeholders in the league’s success.

LPGA & WTA

• Ownership Structure: The LPGA and WTA leagues do not operate on an ownership model at all. Instead, investors engage through sponsorships, media rights, and event partnerships. There are no individual ownership opportunities, which makes the investor experience very limited.
• Scalability: Despite their global reach and the presence of some of the highest-paid women athletes, both associations’ lack of direct investment opportunities restricts investors’ ability to directly influence development and growth.

Unrivaled Basketball & Athletes Unlimited: New Models

While most women’s leagues follow traditional or restrictive ownership models, leagues like Unrivaled Basketball and Athletes Unlimited are introducing player-owned and player-centric models that offer a fresh perspective on sports ownership.

• Unrivaled Basketball: This league takes an innovative approach by allowing players to own equity in their teams. While the league itself owns all franchises, players are included in the ownership group, giving them a vested interest in the league’s financial success.
• Athletes Unlimited (AU): AU operates a radically player-centric model, eliminating traditional team owners altogether. In AU’s model, athletes themselves are integral to decision-making and profit-sharing. This model aims to create a direct link between athletes’ on-court performance and the league’s financial outcomes, with reinvested profits supporting both the athletes and the league’s growth.

Are Current Ownership Models In Women’s Sports The Best Path Forward?

The ownership structures in women’s leagues could pose a significant challenge for their scalability and growth. While the multi-entity model in men’s leagues has allowed for explosive growth and large-scale financial success, women’s leagues are still grappling with models that either limit individual ownership (PWHL) or fail to give investors direct control over growth strategy (LPGA, WTA).

So, what does this mean for the future of women’s sports?

1. Flexibility vs. Control: One of the clear advantages of the multi-entity ownership model seen in men’s sports is the flexibility it provides, allowing leagues to scale rapidly through diverse investments. However, the more centralized or player-centric models being experimented with in women’s leagues—like those seen in Unrivaled Basketball and Athletes Unlimited—have the potential to create more equity and empowerment for players. These models could promote a more holistic and sustainable growth for women’s sports, fostering strong athlete-owner relationships and attracting investors aligned with social equity.
2. Scalability Potential: The NWSL and PWHL have shown the potential for growth, but the current ownership restrictions hinder their ability to scale as quickly as their male counterparts. To truly compete with men’s sports in terms of financial impact, women’s leagues could consider models that allow for greater investor participation. As leagues like the PWHL expand, adopting a more diverse ownership structure could help attract larger capital inflows.
3. Player Ownership Models: The emerging player-owned models, as seen in Unrivaled Basketball and Athletes Unlimited, present an interesting new direction for women’s sports. These models empower athletes and create a more direct link between on-field success and financial success. By eliminating traditional team owners, these leagues create a more democratic and equitable model of ownership, which could resonate more with fans and investors alike. However, these leagues are still in early stages, and scalability will depend on attracting larger pools of external investment while maintaining the core values of the player-centric model.

Women’s Sports Ownership For Future Growth

As women’s sports continue to gain popularity, the question of ownership structure becomes crucial to their growth. The traditional franchise models seen in men’s leagues have undoubtedly contributed to the rise of major leagues like the NFL, NBA, and MLB. Restrictive and centralized ownership models in women’s sports leagues could limit potential for growth, scalability, and financial success.

While new, player-centric models such as those in Unrivaled Basketball and Athletes Unlimited are breaking new ground and offer an exciting vision of athlete empowerment, they still face challenges in scalability. Women’s leagues may benefit from blending traditional and innovative ownership models, allowing for more flexibility in investment while ensuring that athletes have a direct stake in the league’s success.

Ultimately, the future of women’s sports will hinge on finding a balance between flexible ownership, financial scalability, and athlete empowerment—creating an environment where women’s leagues can not only compete with, but surpass men’s leagues in equity, opportunity, and growth.