As the WNBA’s attention shifts from the courts to the boardroom, some of the first public comments following the WNBPA’s decision to opt out came during Sportico’s RISE: Women’s Sports event in midtown Manhattan. League commissioner Cathy Engelbert had hoped for fruitful negotiations, but players’ association leader Terry Carmichael Jackson remained adamant about getting the benefit of his charges.
The WNBA wasn’t the only team at the conference, but executives from the NWSL, NBA, NFL, NASCAR, LPGA, PWHL and more talked about women’s sports as a movement, not a moment. RISE featured informative discussions on investment, viewership and marketing opportunities, as well as a small celebration of the New York Liberty’s first WNBA Championship. (Big Ellie is not included.)
Mr. Engelbert expresses confidence in the success of CBA negotiations
In a one-on-one conversation with Elle Duncan, Engelbert expressed optimism that the league and WNBPA can create a CBA that is “fair to everyone.” The commissioner also talked about how the business side of the league has matured during her tenure, from expanding league operations to expanding corporate sponsorship. Engelbert emphasized how much momentum W has gained in recent years, citing Field of Dreams’ tagline: “If you build it, they will come.”
Liberty’s owners expect it to be a big boost to W Media’s bottom line.
While basking in the glory of the New York Liberty’s WNBA title win, co-owner Clara Wu Tsai reiterated her belief that the team can become the first billion-dollar franchise. In a one-on-one discussion with Scott Soshnick, Wu Tsai said one of the factors that will increase the team’s ratings will come from the league monetizing viewership growth. . “We represent about 30% of the NBA viewership, but when you look at the media contracts, even with the new contracts that are just starting, 4% of our revenue comes from media,” she said. “So there’s a lot of room for revenue to catch up with viewership growth.”
Regarding the players’ decision to opt out of the CBA, Wu Tsai acknowledged the players’ perspective on the league’s financial advantages. “You know, there are a lot of people who played for other reasons than money, right?” she said. “They play because they love the game. They play for their national team. They play because their game and the values we show when we play will inspire future generations. I know that.”
Sports business lawyer offers sage advice
Three of sports’ brightest legal minds, with expertise not only in contract financing but also other aspects of teams and leagues such as marketing, reflected on the sophistication of the sports industry. As Zandria Conyers, general counsel for the Portland Trail Blazers, pointed out, this is largely due to the maturation of the sport as a business. “You have to have a certain level of sophistication to go into the sports world, because this is not your mom’s sports world.”
Part of that sophistication is recognizing what stakeholders actually need. NASCAR’s head of privacy, Nichelle Nichols Levy, offered advice to teams and leagues trying to evaluate large amounts of data. “You don’t have to collect everything. Just collect what you need.”
As the only panelist to interact directly with athletes, NFLPA Chief Operating Officer Terry Smith reflected on how the NIL has presented opportunities and challenges in educating voters about finances. “Now, with the proliferation of NIL and player contacts reaching younger and younger generations, we have to pivot a little bit,” she said.
Prospects for worker peace and rising ratings
Representatives from the WNBPA, U.S. Women’s National Soccer Federation, and Athletes Unlimited provided insight into the economic benefits available in women’s sports. As WNBA players enter labor negotiations, WNBPA senior vice president of player relations Jayne Appel Marinelli said, “They are looking to benefit from the growth they have created.”
While sports worker negotiations are often public and combative, Becca Lu, executive director of the USWNT union, said the CBA should not be viewed as a battleground. “The CBA is a strategic planning document,” she said. “If you look at it that way, it might be a different dynamic.”
Another panel examined how labor relations in women’s sports differ significantly from those in men’s sports. In the case of women’s sports, NWSL’s newly rebranded owners say there is “little resistance to paying our players more because we feel that’s what they deserve.” said Kate McMammon, chief strategic and financial officer of the Chicago Stars. “And I think the league has managed that well and with the increase in revenue and the expansion of the salary cap, we’re well positioned to support that.”
While the revenue multiples for women’s sports have not yet reached the levels of men’s sports, stadiums and training facilities for women will play a big role in boosting their reputation, as will media deals. Maddie Winslow, vice president of Inner Circle Sports, summed up the rise in valuations best: “You’re selling your current value for your future.”
It was a long road to the top for Liberty executives.
Top executives shared their experiences suddenly finding themselves in the midst of unprecedented attention and investment in women’s sports. Liberty CEO Keir Clark has spent 18 seasons with Liberty and was with Tsai every step of his nomadic journey before purchasing the franchise. “The north star has always been the athletes,” she said. “Even when I realized we were in a downturn, I was always focused on what I could use to prepare for that moment when it happened.”
Growing your audience is great, but be careful of the expectations game
The most public sign of growth in women’s sports is in viewership numbers, as evidenced by women’s basketball. One of the points WME Sports co-head Karen Brodkin highlighted was that advertisers are increasing their media buys targeting women, but they’re not doing so because men are watching women’s sports. It was said that it was being done.
Panelists believe storytelling is the next area of improvement. He also hopes the league will be given some leeway, since triple-digit viewership growth doesn’t happen every season. “Not every day is going to be the best of the best,” Brodkin said. “We don’t need the Caitlin Clark phenomenon to happen every year. There is a very active and active market and I would like to see women’s sports reap the same benefits as men.”
Sportico’s event is sponsored by the WNBPA, which hosted the rally, Genius Sports, Horizon Sports & Experiences, Monarch Collective, Sidley Austin LLP, Angel City Football Club, Next League, Premier Rugby Sevens, WNBA, Elevate, Populous, and the NBPA I received it. Skadden, Arps, Slate, Meagher & Flom LLP and affiliates.
