Unrivaled, the new three-on-three women’s basketball league founded by Women’s National Basketball Association stars Napheesa Collier and Breanna Stewart intended to supplement the income of WNBA players in the off-season, closed its fundraising this week with $35 million.
According to a press release, the Series A investment round was led by the Berman Family, and according to Unrivaled president Alex Bazzell, Collier’s husband, the funds raised offer a look into the potential for women’s sports.
“Our players haven’t even taken the court yet, and the foundation we are building with our partners unites unparalleled expertise, strategic insight, and an incredible product,” Bazzell said. “Together, we’re setting the stage for Unrivaled for years to come.”
According to Sportico, the financial terms of those who invested were not disclosed, but notable names attached to the fundraising round include NBA star Giannis Antekoumpo, University of South Carolina women’s basketball coach Dawn Staley, and USC star guard Juju Watkins.
Bazzell said that the league has made it a priority to accept investments from entities and individuals who were connected to sports properties during the investment round.
He also noted that Watkins, a sophomore, was clear about making an investment in the league, as opposed to an NIL deal offering equity in the league.
“You need people that can see a vision and aren’t worried about ‘How quickly can you exit?’” Bazzell told Sportico. “And then secondly, selfishly, for the business, we have to find partners who are willing to roll up their sleeves and utilize their networks and get us from point A to point B much quicker.”
He continued, “The priority was investing into the athletes and the resources to make a first impression. That’s why it was so great to raise the amount we raised—it gave us more flexibility to not have to be perfect out of the gate but to know that we have more than enough runway for multiple years before we have to concern ourselves with, ‘Where’s the next investment potentially come from?’”
Bazzell confirmed to SB Nation that the starting salary for the league’s players will come from an $8 million pool. The average salary for the players will be $242,000 but it would fall to $222,000 if all 48 slots are filled.
The WNBA’s current max salary is capped at $214,000.
Each athlete who participates in the league will also receive a stake of equity, which adds to the value of their contracts, and according to Bazzell, the coaches selected have strong player development backgrounds.
The league, which will run for nine weeks starting on January 17, also has plans for the venue being constructed in Miami to hold everything players need to compete, including a childcare center.
“The data is clear,” Bazzell said. “When you look at women’s sports and where it’s going, it’s not an oversaturated market right now. In men’s sports, you can go down the line and watch a number of different leagues or teams. Women’s sports are still at that tipping point. You’re going to see more growth in the coming years. And when you look at viewership numbers, women’s basketball is the pinnacle of that viewership.”
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