Three years after entering the Women’s National Basketball Association (WNBA) as an expansion team owner, Golden State Warriors co-owner Joe Lacob has guided the Golden State Valkyries to a strong position in the league’s championship race. The Valkyries, the WNBA’s first expansion franchise in over a decade, are currently tied 2-2 in a best-of-seven series against the Atlanta Dream, with games resuming in San Francisco.
Lacob acquired the franchise in 2023 for $50 million, a notable investment during a period when many WNBA owners were still cautious about the league’s financial prospects. Early WNBA franchises had often struggled to generate significant revenue or fan interest more than two decades after the league’s founding in 1997, causing some investors to reconsider their involvement.
The Valkyries’ rapid ascent is largely attributed to Lacob’s willingness to invest heavily in both personnel and resources. His approach included hiring experienced female executives with proven track records in professional sports, despite none having previously held top leadership roles in the WNBA. Among the foundational hires was Jess Smith, brought in as team president. Smith had previously played a key role in growing Angel City FC of the National Women’s Soccer League into a highly successful franchise.
While the Valkyries share ownership with the Warriors, Smith emphasized the importance of developing a distinctive WNBA identity rather than relying on star basketball players alone. The team’s roster growth reflects this philosophy; for example, player Napheesa Collier, a key figure, achieved a new career-high scoring average of 14.4 points per game this season and earned her second consecutive All-Star selection after refining her skills internationally.
Former Stanford coach Tara VanDerveer, now a follower of the Valkyries, highlighted the team’s collective drive, describing the roster as composed of "hungry players" who all exhibit an "overachiever" mentality aligned with their coach.
Fan engagement has followed the team’s on-court success. The Valkyries have sold out every home game at the Chase Center during their two seasons, establishing a vibrant atmosphere that has impressed even visitors from other sports. San Francisco 49ers wide receiver Mike Evans, after attending a recent playoff game, called the experience “the best I’ve ever been to.”
Financially, the Valkyries have exceeded initial expectations. The franchise has generated approximately $100 million in revenue this year alone—surpassing teams like the Indiana Fever, which has been boosted in recent years by star player Caitlin Clark. Meanwhile, the WNBA’s ongoing expansion efforts reflect rising valuation benchmarks, with entry prices for new teams now approaching $250 million.
Despite growing interest from potential investors, Lacob has expressed no intention of selling the Valkyries. In a public statement, he noted strong demand for the franchise but affirmed that the ownership group is focused on building the team and providing value to their fans rather than seeking an early financial exit.