Today was supposed to be the day—the deadline for the WNBA and its players union to reach a contract or risk a major disruption to the rocket-ship growth of women’s basketball. But both sides have agreed to a 30-day extension, sources told ESPN.
And thankfully so, because it seemed as if the league and its players were far apart on key issues that will decide the future of the sport—most significantly, revenue sharing. WNBA players earn low salaries compared to other professional athletes, but they also earn a paltry share of their sport’s overall revenue—about 10% compared to 50% of the NBA’s basketball-related revenue that goes to their male counterparts. WNBA players have been seeking to earn a similar percentage, not a similar dollar amount. (You can read my 2024 deep dive for a refresher on all of this!)
It became clear that the two sides were on different pages on this topic earlier this month, when NBA commissioner Adam Silver was asked if players “should be getting a larger share of the revenue in the WNBA.” He said that “‘share’ isn’t the right way to look at it” for the WNBA. The league wants to look at “absolute numbers,” which is likely more focused on salary increases.
It will be a difficult disconnect to address in negotiations. And it followed an especially dramatic period, during which star player Napheesa Collier went after WNBA commissioner Cathy Engelbert in a press conference, sharing conversations the pair had had in private that she found disrespectful. The tense environment brought up a question: if the league and the players’ union can’t reach a deal, what does that mean for the growth of the sport?
Earlier this month I had the pleasure of moderating a conversation with WNBA legend Sue Bird, now retired and a co-owner of the Seattle Storm, and Laura Correnti, the founder of Deep Blue Sports and Entertainment, at Nasdaq’s Economic Opportunity Summit. Deep Blue has become one of the biggest behind-the-scenes players in the business of women’s sports, handling the nuts and bolts of bringing commercial investment to the space.
That involves working with brands, advertisers, and rights-holders who are entering the women’s basketball space for the first time. It’s not just brands—media rights and teams have new investors involved, too. “There are so many new rights-holders at the table. We’re talking billions of dollars in new money that’s come in in the last 12 to 18 months alone,” Correnti explained. “You have people who they’ve maybe never even been to a WNBA game, and they’re seeing these headlines. It looks like a very volatile, risky investment you just made.”
Many brands are in industries that haven’t dealt with their own labor negotiations, and aren’t used to the drama of the CBA process. If they’re new to sports, they might lack some basic familiarity with what can happen next—like a lockout, or the shutdown of a league by owners after failing to reach a deal. Correnti has spent time fielding calls from new investors. “I’ve got clients call me and ask, ‘What’s a lockout?'” she said. “To be able to go back to a client, explain the dynamics and situations, as much as I know as a fan and practitioner. … Those clients have calmed down. We’re going to wait to see how it all shakes out.”
Sports is always dramatic, with sensational headlines especially during a contract negotiation—there’s no reason to expect women’s basketball to be any different. The best investors for the future of women’s sports see the long-term opportunity—how much room there is to grow, still, by overhauling the way TV coverage, media buying, and a host of other processes work.
Correnti’s favorite example of the big picture is a U.K. study that showed that the average loss for a girl who drops out of sports is £30,000 of economic value in her lifetime. And what causes girls to drop out of sports? Body confidence issues—which are impacted by the very advertisers who are now spending millions in women’s sports, calling with questions about what a lockout means for their sponsorship deals.
“I don’t really care about short-term headlines,” says Correnti. “We’re in this for the long haul, and that really requires a maniacal focus on systems.”
Emma Hinchliffe
emma.hinchliffe@fortune.com
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PARTING WORDS
"I would suggest it for anyone else who has to pay coaches and GMs millions and millions of dollars."
—Carlie Irsay-Gordon on her hands-on approach to ownership of the Indianapolis Colts. Fans have been loving the new owner wearing a headset on the sidelines during NFL games.
