Just a year ago, the WNBA looked like it had finally struck gold. Caitlin Clark, the transcendent rookie from Iowa, had arrived like a supernova—packing arenas, shattering ratings records, and sending merchandise sales through the roof. For a league long fighting for mainstream attention, Clark’s arrival felt like a long-awaited breakthrough. But beneath the surface of this sudden boom, a financial storm was brewing. Now, the WNBA is staring down the barrel of a staggering $40 million loss, and panic is spreading from boardrooms to locker rooms.
From Boom to Bust?
It all started with hope. The WNBA’s 2024 season tipped off with unprecedented excitement. Wherever Caitlin Clark played, seats sold out. Ticket prices soared—cheap seats that once went for $20 now fetched $100 or more, while courtside spots for Clark’s marquee matchups against rivals like Angel Reese commanded over $4,000. TV ratings exploded. Games featuring Clark routinely drew millions of viewers, including many who had never watched women’s basketball before. WNBA jerseys, especially Clark’s, sold out in hours.
But behind the headlines, the league’s balance sheet told a different story. Despite the surge in popularity, the WNBA was still operating at a massive loss. Insiders revealed that the league would lose $40 million this season alone—a number that stunned even the most optimistic supporters. For a business that’s been in the red for nearly three decades, this was a crisis point.
The Owners’ Dilemma
The financial pain wasn’t just the WNBA’s to bear. The NBA itself owns 75% of the league, and its team owners have been quietly bankrolling women’s basketball since the WNBA’s founding in 1996. For years, these owners tolerated the losses, seeing the league as a symbol of progress and a long-term investment in the sport’s future. But $40 million in a single season—after all the hype and hope—was a bitter pill to swallow.
James Dolan, the often-criticized owner of the New York Knicks, emerged as an unlikely hero among NBA owners. He demanded answers from Commissioner Adam Silver, voicing frustrations that had simmered for years. “What other business operates for 27 years at a loss?” one executive fumed. “If this was any other venture, it would’ve been shut down long ago.”
NBA owners, who together control three-quarters of the WNBA, began to question whether their patience—and their wallets—had finally run out.
The Media Rights Lifeline
Yet just as the panic reached fever pitch, a potential lifeline appeared on the horizon. The WNBA’s current media deal, worth about $60 million per year, was set to be renegotiated. Thanks to Clark’s star power and the league’s surging ratings, networks were preparing to offer a staggering $2.2 billion over 11 years—an annual windfall of $200 million, more than triple the current deal.
The math was simple: if the new deal delivered, the WNBA could swing from losing $40 million a year to turning a $60 million profit. Expansion was also on the table, with more regular-season games and a larger playoff schedule poised to bring in even more revenue.
But the optimism was fragile. The players’ union was expected to opt out of the current collective bargaining agreement by November, demanding higher salaries to match the league’s newfound status. If salaries ballooned too quickly, the league’s fragile finances could spiral again, eating up the new profits before they ever reached the bottom line.
The Caitlin Clark Effect
At the center of this drama was Caitlin Clark herself. She didn’t just boost ratings—she revolutionized the league’s entire business model. The Indiana Fever, Clark’s team, saw attendance figures that dwarfed the rest of the league. They drew nearly 16,000 fans per game, home and away, while most other teams struggled to break 3,000. The Fever alone were on track to sell over 600,000 tickets in a single season, smashing records that had stood since 1999.
Clark’s impact was felt everywhere. She brought in new fans—families, young girls, and even diehard NBA watchers curious about the hype. Her jersey was the hottest item in sports retail. Suddenly, the WNBA wasn’t just a niche league; it was a headline act.
But with the spotlight came tension. Some WNBA veterans and officials bristled at the attention Clark received, and a vocal minority of players criticized the influx of new fans, even accusing them of disrupting the league’s culture. Accusations of racism flew back and forth on social media, with Clark’s fans and detractors clashing online and in the stands. Some players even publicly called out Clark’s supporters, risking alienating the very audience the league desperately needed to keep.
The Risk of Losing It All
The stakes couldn’t be higher. If the league alienates the new fans Clark brought in, it risks squandering its best chance at profitability. “The new fans are what’s going to make you money,” one executive warned. “If you talk badly about them, they’re going to leave, and you’re right back where you started.”
There’s another fear, too: Clark’s rough treatment on the court. She’s taken hard fouls and, at times, appeared to lack the protection typically afforded to star players. Families and casual fans—many of whom tuned in to see Clark—don’t want to watch their hero get bullied or injured. If Clark were to suffer a serious injury, the league’s fragile resurgence could unravel overnight.
A Crossroads for the League
The WNBA stands at a crossroads. On one hand, it has a golden opportunity: a generational star, record-breaking attendance, and a media deal that could finally put the league in the black. On the other, it faces internal strife, investor impatience, and the ever-present risk of alienating the very fans it needs to survive.
The next few months will be critical. The league must decide whether to fully embrace the Caitlin Clark phenomenon or risk fading back into obscurity. That means protecting its stars, welcoming new fans, and managing player demands as the league’s fortunes shift. If the WNBA can ride this wave, it could finally fulfill its promise after 27 years of struggle.
But if the infighting continues and the league fails to capitalize on its moment, the $40 million loss of Clark’s rookie season could be remembered not as a growing pain, but as the beginning of the end.
What happens next is up to the league, the players, and the fans. The clock is ticking—and the whole sports world is watching.
Caitlin Clark Breaks WNBA Rookie Assist Record
Indiana Fever star Caitlin Clark broke the WNBA record for assists by a rookie in a single season during a Sunday game against Seattle Storm.
The Iowa-hailing player surpassed the record previously held by Ticha Penicheiro, who had 225 assists in 1998 while playing for the Sacramento Monarchs.
“Super proud of you,” the Portuguese guard said in a video shared on X congratulating Clark. “I know the work that you put in. A lot of people always talked about your shooting. I was always mesmerized about your passing, your court vision and how you make your teammates better. So this record is in great hands. And continue to do what you do, continue to elevate your game and the women’s game and the WNBA.”
The WNBA season was shorter during Penicheiro’s rookie year, per The Athletic, but it took her 30 games to reach the 225 tally. Clark exceeded that mark with 28 games in the season, leaving 12 more match-ups for her to bolster the figure.
“Records are meant to be broken,” Penicheiro added in the post’s caption. “It shows growth and evolution. Can’t think of a better player to break it!!”
Clark has already made headlines for setting records in her first year going pro, achieving the most assists in a single game (19, in a game against the Dallas Wings) and becoming the first rookie to earn a triple-double, which is when a player garners double-digit scores in the three categories of points, rebounds and assists — both feats logged last month.
Alongside Chicago Sky Forward Angel Reese, Clark will be featured in the next NBA 2K video game edition, releasing Sept. 6.
