Owners of the Seattle Storm recently sold small pieces of the WNBA team at a $325 million valuation. The transaction represented roughly 1.5% of the team’s equity. Three new investors joined the ownership group, while two people exited, and a third owner cut their stake. All deals were done at the $325 million figure.
Storm ownership confirmed the transaction but would not disclose the names of the buyers.
It is another marker reflecting the explosive growth of the WNBA, which set records last year for TV viewership, attendance and revenue.
The Storm are owned by Force 10 Hoops, led by three Seattle businesswomen—Lisa Brummel, Ginny Gilder and Dawn Trudeau—who bought the team in 2008 from Clayton Bennett when he moved the NBA’s Seattle SuperSonics to Oklahoma City. The purchase price was reported as $10 million. In reality, it was closer to $1 million.
Last year, WNBA legend Sue Bird, who spent 21 seasons with the Storm, joined the Force 10 ownership group.
The Storm set a new benchmark for WNBA team values in early 2024 when they raised $21 million from 15 new investors at a $130 million valuation, or $151 million post-money valuation. The money helped fund a $64 million practice facility and business office for the club.
Last month, the owners of the New York Liberty sold a limited partnership stake in the franchise at a post-money $450 million valuation, according to someone familiar with details of the transaction. It is the richest valuation ever for a women’s sports team and more than 30 times what Joe Tsai and Clara Wu Tsai paid for the Liberty in 2019. The equity raise is expected to be for between 10% and 20% of the club.
The correlation between LP and control transactions is not a perfect science. Historically, minority stakes in teams across leagues sold at substantial discounts to control deals, but the calculus has changed in recent years. That’s particularly true in less mature leagues where the price points are lower, and where there is a wide swath of investors willing to write seven-figure checks who are less price sensitive.
Last year, Dallas Wings CEO Greg Bibb, who also owns part of the team, sold 1% of the Wings at a $208 million valuation, well above what a control deal would fetch.
The Storm joined the WNBA ahead of the 2000 season and have won four WNBA titles, tied for the most in league history.
