Three people familiar with the league’s expansion process said they have been operating under the premise the WNBA is looking at an expansion fee worth $15-20 million, while another said the league has not yet given interested parties a definitive number. Engelbert wouldn’t confirm the expansion value, but she told The Athletic that fee “sounds low, based on recent transactions and revenue multiples — average revenue of a WNBA franchise if you take it on a multiple — it would be higher than what you described.” A second league source seconded Engelbert’s point. Previous transactions have valued WNBA teams in that range, showing only middling growth in franchise values over the last 20 years.