The capital raise valued the league at $475 million, according to multiple sources, and the WNBA gave away roughly 16 percent equity in itself to investors as a result of that process. WNBA owners now own 42 percent of the league following the raise, while NBA owners hold the other 42 percent share — previously they had a 50/50 split — with the new investors owning the rest. Engelbert said that number does not account for the full value of the WNBA, only the league itself. She told The Athletic that the value of the WNBA’s 12 individual teams plus the league itself is worth over $1 billion. Though that method of valuation is unusual in comparison to how other professional sports leagues conduct their valuations, it also places the average value of a WNBA team at more than $43.75 million.