New professional women’s basketball league Unrivaled attracts star investors

Athletes will benefit from fairness in the new league, and Unrivaled said it will also offer contract opportunities that will offer the highest average salary in women’s professional sports league history.

The long list of investors includes media executives such as former ESPN chairman John Skipper, former Turner chairman David Levy and former Warner Bros. CEO. Ann Sarnoff, as well as athletes including NBA All-Star Carmelo Anthony and others who have invested through venture capital. company led by United States women’s national soccer team captain Alex Morgan.

“I think it’s a good investment… that David and I and the other group of investors have a chance to be at the forefront of something that I think will have a huge impact,” Skipper said, who is also the co-founder. from Meadowlark Media. “It’s a rare opportunity where we can create something… without needing to disrupt anything else.”

The league – which will take place in the months leading up to the WNBA season and operate in a new format – aims to give athletes another option to play basketball in the United States during the offseason, as well as help increase salaries of professional basketball players.

“It’s about filling a gap in the schedule for these players. It’s expanding the pathway for professional basketball,” said Alex Bazzell, president of Unrivaled and Collier’s husband.

Stewart and Collier announced plans to form Unrivaled last year in response to the WNBA’s new prioritization rules under the 2020 collective bargaining agreement. Those rules require players to return from the international stage before the start of camp training, meaning they could lose out on lucrative overseas contracts. Many female athletes play in other countries at the end of the WNBA season to increase their earning potential.

“For a long time, going overseas was the only option people had in the offseason, and this kind of changes the conversation about it and gives another option,” Collier said. “Going overseas 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.”

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

Although 10 players have already signed up, they have not yet been officially announced.

The league is building its own facilities 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 show their skills and compete every night and not have those four extra players on the field to bog you down,” said 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 seed funding round – which was oversubscribed – is not disclosed.

Through Morgan’s venture capital firm Trybe Ventures, other high-profile athletes and sports figures invested in Unrivaled include NBA star Steve Nash, LGPA champion Michelle Wie West, Olympic medalist Olympic gold medalist Megan Rapinoe and Koby Altman, the general manager of the NBA’s Cleveland Cavaliers. NCAA University of Connecticut women’s basketball head coach Geno Auriemma and the NBA’s Tyrus and Tre Jones are also investors.

Other investors with a stake in Unrivaled include Richard Sarnoff, president of media at private equity firm KKR; actor Ashton Kutcher; Moira Forbes, executive vice president of Forbes; Gary Vaynerchuk, CEO of VaynerMedia; Desiree Gruber, television producer and founder and CEO of Full Picture; Dan Rosensweig, executive chairman of Chegg; Dan Benton, founder of Andor Capital; and Range Group.

While Skipper has been on board since last year, Levy – who is also co-founder and co-CEO of Horizon Sports & Experiences – discovered the investment opportunity in recent months and jumped on board.

“Part of the vision of this agency (HS&E) was to get involved in women’s sports, grow women’s sports and walk the talk,” Levy said.

In addition to investing, Skipper and Levy will negotiate media rights deals for Unrivaled. Lucrative media rights deals and fees help boost sports league finances and player salaries. Sports rights have become a particular priority for media companies in recent years as live sports attract huge audiences.

The duo said negotiations over media rights had not yet begun, but an important part of the conversation would be getting as many viewers as possible.

“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 accommodate game times. programming.

The league also plans to line up sponsorship opportunities, in which Levy’s HS&E will also be involved. Bazzell said a few brands have already committed to Unrivaled, but announcements are to be made at a later date.

Unmatched comes at a time when interest in women’s sport continues to grow, from viewership to investment.

Levy pointed out that it takes time to grow and interest in the sport, with the WNBA being only a few decades old, unlike long-standing leagues like the NFL, NBA, MLB and NHL.

“I’m very happy that every player has equity,” Collier said. “That was a huge thing for us, just to create that generational wealth for these athletes.”

The salaries of female professional athletes are coming under scrutiny in light of WNBA rookie Caitlin Clark, who has recently exploded onto the sports scene.

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

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

Even President Joe Biden has spoken out on the subject, declaring on social media that “women in sports continue to push new boundaries and inspire us all.” But right now we’re seeing that even if you’re the best, women don’t get paid. their fair share. »

While Clark has numerous sponsorship deals with companies like Nike and Gatorade, WNBA Commissioner Cathy Engelbert recently told a CNBC summit that a “false narrative” was circulating around Clark’s expected salary. Clark.

Engelbert compared Clark’s earning potential to how executive salaries work, adding that in addition to endorsements, Clark “has the ability to make up to half a million dollars on WNBA salaries alone This year”. She noted that the focus has been on Clark’s base salary, which is low and collectively bargained.