The world of women’s sports just witnessed a seismic shift. The Indiana Fever, a franchise once seen as a rising star in the WNBA, has now ascended to a level few could have imagined—crowned by Forbes as the most valuable women’s professional sports team on the planet. With an estimated valuation of $400 million and a reported transaction that pushed the figure to $450 million, the Fever’s story is more than just a business headline—it’s a testament to the explosive growth and changing dynamics of women’s basketball.

A New Benchmark for Women’s Sports

Forbes’ first-ever global ranking of women’s sports franchises has sent shockwaves through the industry, placing five WNBA teams at the very top of the list. The Indiana Fever’s meteoric rise is a reflection of how quickly the business side of women’s basketball has evolved. Just a few years ago, valuations of this magnitude were reserved for men’s teams in the NBA, NFL, or European soccer. Now, the Fever and their league peers are rewriting the playbook.

“It’s incredible to see how far we’ve come,” said Clara Wu Tsai, who, alongside Joe Tsai, acquired the Fever in 2019. “What we’re witnessing is not just the growth of a team, but the transformation of an entire sports landscape.”

How the Fever Became No. 1

The Fever’s journey to the top hasn’t been accidental. Increased national visibility, stronger media partnerships, and a surge in fan engagement have all played pivotal roles. The team’s landmark ownership move earlier this year—selling a minority stake between 10 and 19 percent—helped catapult its valuation to $450 million, setting a new benchmark for women’s professional sports.

Forbes credits the Fever’s success to a combination of shrewd management and the league’s overall momentum. The WNBA’s expanded broadcast deals, social media presence, and grassroots campaigns have helped turn local teams into global brands.

“Fans are connecting with our players and stories like never before,” said Fever President Allison Barber. “The energy around the team, both in Indiana and nationwide, is something truly special.”

The WNBA’s Business Boom

The Fever’s headline-grabbing valuation isn’t an isolated case. All five of the highest-valued women’s sports teams in Forbes’ ranking hail from the WNBA, underscoring the league’s growing commercial strength. The New York Liberty, Seattle Storm, Las Vegas Aces, and Phoenix Mercury round out the top five, with values ranging from $300 million to $370 million.

The Liberty in particular has dominated business conversations after posting the WNBA’s highest team revenue in 2024—$32 million. Such numbers were unheard of just a decade ago, and they signal a fundamental change in how women’s sports are perceived by fans, sponsors, and investors.

“It’s not just about ticket sales anymore,” said sports economist Dr. Rachel Martinez. “It’s about media rights, merchandise, digital engagement, and the ability to build a brand that resonates globally.”

Ownership Moves and Investor Confidence

The Fever’s valuation surge was accelerated by the Tsais’ decision to sell a minority stake earlier this year. While the exact percentage remains confidential, Forbes estimates the transaction covered between 10 and 19 percent of the franchise. The move not only injected fresh capital but also reinforced investor confidence in the WNBA’s long-term potential.

“People are realizing that women’s sports aren’t just a good cause—they’re a smart investment,” said Wu Tsai. “We’re seeing more interest from private equity, tech leaders, and celebrities who want to be part of this movement.”

A League United in Growth

Every established WNBA franchise appeared within Forbes’ top 25, a testament to the league’s collective strength. Even expansion teams are drawing attention: the Golden State Valkyries, though excluded from this year’s ranking due to their debut season, are already projected by Forbes to challenge the Fever for the top spot in the near future.

Altogether, the 25 teams on Forbes’ list are worth a combined $5.6 billion—a figure that would have seemed impossible just a few years ago.

Looking Ahead: The Billion-Dollar Dream

Wu Tsai has publicly suggested that the Fever could become the first women’s sports franchise to reach a $1 billion valuation by the mid-2030s. While some may call that ambitious, industry insiders believe it’s within reach if current trends continue.

“The WNBA is on the cusp of something extraordinary,” said Dr. Martinez. “We’re seeing a new generation of fans, unprecedented media coverage, and a willingness from sponsors to invest in women’s sports like never before.”

Why Fans and Investors Should Pay Attention

The Fever’s success story is about more than money. It’s about validation, progress, and the power of sports to inspire change. As more young athletes dream of playing professionally, and as more fans tune in to watch women’s basketball, the ripple effects will be felt across society.

“This isn’t just an Indiana Fever story,” said Barber. “It’s a story for every girl who picks up a basketball, every family who comes to a game, and every sponsor who believes in the future of women’s sports.”