Unrivaled’s $340M Playbook: Athletes as Owners, Not Just Players

Seven months. $340 million. That’s the kind of trajectory startups dream about, and for Unrivaled, the 3‑on‑3 women’s basketball league co‑founded by Breanna Stewart and Napheesa Collier, it’s already a reality. Founded in 2023 and tipped off in January 2025, the league hit on a simple but powerful formula: faster games, greater visibility for players, and nonstop entertainment for fans. And that formula caught the eyes, and wallets, of some of the biggest names in sports and media.

Investors loved it so much that, before its next season even tips off in January 2026, the league closed an oversubscribed Series B led by Bessemer Venture Partners. (Translation: too many investors, not enough room at the table.) And who grabbed a seat? Serena Ventures (yes, Serena Williams), Warner Bros. Discovery, Alex Morgan’s Trybe Ventures, Hawks star Trae Young, Magic brothers Franz and Moritz Wagner, sports exec Sam Rapoport, and even University of Maryland president Darryll J. Pines. That’s a pretty eclectic ownership party.

But here’s the twist: Unrivaled’s sky‑high $340M valuation already tops the average WNBA franchise value of $269M (reported by Sportico), and unlike the old script, this league is actually cutting bigger checks. So now the question isn’t if women are getting paid better, it’s how much they’re really taking home.

Unrivaled changed the game in year one

Unrivaled’s first season in 2025 changed the game and how we think about the WNBA. Thirty-six players were on the roster, each earning an average salary of about $222,222, instantly making it the highest-paying women’s sports league in the U.S., leaving the WNBA’s sub-$150K average far behind. Compare that to the old script: women’s sports historically underpaid, overlooked, and dismissed. In 2023, WNBA players averaged around $113K, while their NBA counterparts pulled in $11.9 million. That’s not just a gap, it’s the Grand Canyon. And the bigger play? Ownership.

It is giving players a 15% equity stake, vested over four years, so they’re not only part of the game but part of the business. As Unrivaled president Alex Bazzell put it, “I think it just shows the little stuff matters more than we even anticipated.” And he’s right. That equity slice isn’t just symbolic; it’s designed to grow as the league raises new funding. And speaking of numbers, the revenue story is just as impressive.

In its first year, Unrivaled generated over $30 million in revenue and nearly broke even, practically unheard of for a brand‑new league. Why? Smart moves. Media rights were locked down with a multiyear deal on TNT and truTV, guaranteeing national visibility. Sponsors like Under Armour, Sephora, and Ally lined up early, while merchandise sales topped $1.5 million.

With more than $7 million paid out in player salaries, the numbers backed up the league’s promise. And the investor roster? For its Series A, Unrivaled was fueled by a star‑powered group, including Giannis Antetokounmpo, Stephen Curry, UConn coaching legend Geno Auriemma, and comedian Wanda Sykes. And the viewership? That’s where Unrivaled really flipped the script.

The numbers behind Unrivaled’s breakthrough year

Before Unrivaled, women’s professional basketball struggled to break through the noise. In 2022:

• The WNBA averaged 372,000 to 379,000 viewers per game across networks like ESPN and CBS Sports Network.

• The WNBA Finals drew about 534,000 viewers across four games.

Then Unrivaled arrived and flipped the script. In its inaugural 2025 season:

• 221,000 viewers per game on TNT and truTV.
• The championship between Rose BC and Vinyl BC averaged 364,000 viewers.

Across its entire first season, Unrivaled drew in 11.9 million viewers, scoring the 10 most-watched women’s basketball games ever on TNT Sports. Not bad at all for a brand-new league making its debut. And it wasn’t just TV, digital engagement exploded too.

The WNBA managed 186 million impressions per year (2021–22). Unrivaled? It aced it with 589.1 million impressions in its debut season.  Even the venue told a new story. Unrivaled ditched cavernous, half‑empty arenas in favor of a purpose-built home:

• Wayfair Arena in Medley, Florida, with just 850 seats, was designed for broadcast polish and a fan-first experience.

And for players, it wasn’t simply about showing up and playing. The league went all in, offering on‑site lodging, personal chefs, rental cars, a content hub, childcare facilities, top‑tier training spaces, and even a fan zone. All of this built the momentum for the league’s next big leap.

Unrivaled has blasted off, zooming from $35 million in December 2024 to $340 million by September 2025, almost 10x growth in just nine months. Season two added two new teams, a fourth weekly game night, and a development pool of six salaried relief players, keeping the action nonstop. At this point, calling it a league feels too small; it’s starting to look like the future play for the future of women’s sports.