December 18, 2024
According to Unrivaled president Alex Bazel, Watkins wanted to invest in a basketball league.
Founded by National Women’s Basketball Association stars Nafisa Collier and Breanna Stewart, the new three-on-three women’s basketball league was intended to supplement the WNBA’s player income in the offseason. closed its fundraising this week at $35 million.
According to a press release, the Series A investment round was led by the Berman family, and according to Unrivaled president Alex Bazel, Collier’s husband, the funds raised offer a glimpse into the potential of women’s sports.
“Our players haven’t even stepped on the court yet, and the foundation we’re building with our partners combines unmatched experience, strategic insight and incredible product,” said Basel. “Together, we’re building the foundation for Unrivaled for years to come “.
According to Sportico: The financial terms of the investors were not disclosedbut notable names attached to the fundraising round include NBA star Giannis Antecumpo, University of South Carolina women’s basketball coach Dawn Staley and USC star guard JuJu Watkins.
Basel said the league has made it a priority to accept investments from organizations and individuals who were connected to sports properties during the investment round.
He also noted that Watkins, a sophomore, was clear about investing in the league, unlike the NIL deal, which offered equity in the league.
“You need people who can have a vision and don’t worry about, ‘How fast can you get out?'” Basel told Sportico. “And then, selfishly, for the business, we have to find partners , who are willing to roll up their sleeves and use their networks to get us from point A to point B much faster.”
He continued. “The priority was to invest in athletes and resources to make a first impression. That’s why it was great to raise the money we raised. it gave us more flexibility to not be perfect out of the gate, but to know that we have more than enough runway for a few years before we have to worry about where the next investment is coming from.
Basel confirmed to SB Nation that The starting salary for the league’s players will be $8 million of the money. The average player salary will be $242,000, but that will drop to $222,000 if all 48 spots are filled.
The current WNBA salary cap is set at $214,000.
Each athlete participating in the league will also receive an equity stake, which adds to the value of their contracts, and according to Basel, the selected coaches have a strong background in player development.
The league, which will run for nine weeks starting Jan. 17, also has plans for an arena to be built in Miami that will provide everything players need to compete, including a childcare center.
“The data is clear,” Basel said. “When you look at women’s sports and where it’s going, it’s not an oversaturated market right now. You can go down the line and look at a number of different leagues or teams.” is at that tipping point. You’re going to see more growth in the coming years. And when you look at viewership, women’s basketball is the pinnacle of that viewership.”
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