Unrivaled, the 3-on-3 basketball league co-founded by WNBA stars Napheesa Collier and Breanna Stewart, announced 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 |
$600 million | |
$560 million | |
| Las Vegas Aces | $500 million |
$450 million | |
$445 million | |
$415 million | |
$405 million | |
$400 million | |
$390 million | |
$380 million | |
$370 million | |
$335 million | |
$330 million | |
$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 said 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 said. "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 announced 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 announced 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 said. "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.
