Bloomberg Business of Sports

Episode: WNBA's New Season Begins; Ted Leonsis on Capital One Arena Renovations
Date: May 16, 2025
Hosts: Michael Barr, Vanessa Perdomo, Damian Sassower
Featured Guests: Thayer Laviel (Wasserman, The Collective), John Carter (NOAA Basketball), Ted Leonsis (Monumental Sports CEO)

Episode Overview

This episode dives into the business forces propelling women’s sports, particularly the booming WNBA. The show discusses investment trends, media rights, pay disparities, and the unique value of women’s sports fandom. The episode also spotlights NOAA Basketball’s data-driven training technology and features an in-depth interview with Monumental Sports CEO Ted Leonsis, revealing his vision for the Capital One Arena renovation and the exponential growth in women’s basketball valuations.

1. The WNBA’s Rapid Growth and Business Potential

Guest: Thayer Laviel, Managing Director of The Collective at Wasserman
Segment Timestamps: [02:41] – [14:06]

Rising Profile and Expansion

• The WNBA is experiencing record growth in viewership, attendance, and brand involvement, entering the new season after “one of the most successful years of all time.” ([02:41])
• New franchises are coming: Golden State Valkyries now, Toronto Tempo entering next year.
• Thayer highlights:

  “They could not have ended on a higher note with the championship that they had. The parade in New York, 28 years in the making.” — Thayer Laviel [04:00]

Surge in Sponsorships and Investments

• There’s been a significant influx of non-endemic brands (cosmetics, personal care) entering women’s sports.
• Wasserman’s research with Deloitte shows 80% of decision-makers have increased investments in women’s sports in the past five years.
• Brands are now recognizing the emerging, loyal, and diverse fan base unique to women’s sports.

Pay Gaps and Economic Disparity

• Damian raises the issue of WNBA salaries ($147,745 average)—lower than women’s pickleball—questioning the disconnect despite new investment ([05:48]).
• Thayer: Growth is steady, but the business must catch up:

  “It’s still a business... I trust in the leadership that we have within the existing sports space to really deliver more and more as this league continues to grow.” — Thayer Laviel [06:05]

Media Rights & Revenue Growth

• The upcoming media rights deal is seen as pivotal for the next phase of revenue.
• Thayer emphasizes that growth will require incremental steps, not a single “big bang” deal:

  “It’s not one fell swoop... There are many different ways that women’s sports are different than men’s.” — Thayer Laviel [07:25]

• She notes crucial differences between leagues: NBA had a 50-year head start; women’s leagues are maturing rapidly but still require investment in infrastructure, health, fan engagement, and more.

Private Equity and Team Ownership

• Private equity is a positive sign, viewing women’s sports as viable for attractive returns.
• Thayer: Owners should view teams more like startups—bringing not just capital but networks, technology, and operational support ([09:57]).

Measuring Sponsorship ROI Differently

• She argues that women’s sports should be measured with a broader set of metrics than just impressions and engagement.
• Recent Wasserman and RBC reports list up to 40 variables to value teams—market operations, team performance, ancillary revenues—enabling higher sponsorship value beyond viewership alone ([11:33]).

The Unique Value of Women’s Sports Fandom

• Loyalty distinguishes the fan base:

  “50% of women’s sports fans first identify as women’s sports fans before a team, before a league, before a player, before... anything.” — Thayer Laviel [13:26]

• Brands undervalue this loyalty at their own risk; fans are deeply invested and represent untapped value.

2. Sports Tech Spotlight: NOAA Basketball

Guest: John Carter, CEO
Segment Timestamps: [15:38] – [27:58]

From Startup to Essential NBA Tech

• NOAA Basketball spent years barnstorming and selling directly to coaches, gaining wide adoption only in the last decade ([16:21]).
• Tech improvements and player familiarity with data and smartphones shifted attitudes.

How the Tech Works

• NOAA tracks basketballs with machine learning, providing real-time audio feedback on arc, entry angle, and shot consistency.
• Ideal trajectory:

  “The perfect entry angle is 45 degrees. That’s where all the physics line up in your favor.” — John Carter [17:51]

Overcoming Market Resistance

• Early on, Carter built business on personal relationships and relentless demos; now, almost all NBA and WNBA teams are users ([20:13]).
• Product improvements, analytics “gold rush,” and a new generation’s comfort with tech fueled scaling.

Lowering the Barrier to Entry

• Recent sensor advances led to a $1,500 install-anywhere solution for high schools and youth programs ([22:50]).

The Future: Motion Capture and More

• NOAA is piloting fully automated motion-capture systems for biomechanics analysis in NBA facilities, aiming to determine physical “root causes” of bad shooting—applying AI for personalized improvement ([26:07]).
• John Carter:

  “None of us really know the things from a body mechanic standpoint that will kill your shot or... give you a greater chance of success... We’re going down a similar path from a basketball standpoint.” [26:07]

3. Ted Leonsis Interview: WNBA, Valuations, and the Capital One Arena Renovation

Guest: Ted Leonsis, CEO of Monumental Sports, Owner of the Washington Mystics, Capitals, and Wizards
Interviewers: Jason Kelly, Vanessa Perdomo
Segment Timestamps: [29:33] – [40:54]

The WNBA as a “Movement,” Not a Moment

• Leonsis credits the past year with activating a true movement in women’s basketball:

  “It’s incumbent on every part of the ecosystem... to keep that momentum going. Never ever take for granted that you’ll have this kind of growth in this moment.” — Ted Leonsis [29:53]

Investment Vision and Title IX Impact

• Leonsis saw the potential early, noting women’s sports lagged only due to historical lack of opportunity—not demand ([30:31]).
• Title IX and rapidly improving athleticism have changed the game—the media is finally treating women’s basketball as a business, not a token venture:

  “We’re finally starting to see the media reporting on the game like it’s professional sports, not like it’s a charitable effort.” — Ted Leonsis [31:51]

Team Valuations and Revenue Growth

• Leonsis bought the Mystics for $10M in 2005; now teams like the Connecticut Sun might fetch $200-250M ([32:02]).
• Modern women's teams are targeting 30–40% annual growth through media deals, ticket pricing, and sellout events, aiming for $20–25M in annual revenue and NBA-mirroring multiples:

  “Basketball teams in big markets are 10 to 12 times revenue... that’s how you get to a quarter billion dollars.” — Ted Leonsis [32:31]

The “Right Size” Arena Dilemma

• Current arena (Care First) seats about 4,000, sold out, but unable to capitalize fully on booming demand ([34:09]).
• Strategy: Small venues for regular games, big arenas for playoffs and marquee matchups, with long-term ambition for more 20,000-seat sellouts.
• Investment in facilities—chefs, nutritionists, dedicated WNBA practice arenas—drives parity and retention.

Capital One Arena: $800M Renovation Project

• Partnership with D.C. government to upgrade arena for all teams and fans.
• Not “fancy,” but essential: “functionality first”—better kitchens, training facilities, expanded real estate (900K → 1.6M sq ft) ([37:45]).
• Creative solutions to expand in a landlocked urban area, including leasing adjacent properties.
• Vision:

  “We have to make sure that people have that wow factor, that they feel really, really good about that experience.” — Ted Leonsis [39:21]

Long-Term Vision: Controlling the Sports Ecosystem

• Owning the venue and the broadcast network secures year-round engagement:

  “If you only have winter sports, you ... get someone to subscribe. Well, when the season ends, they’re going to cancel, right?”

• Notes the need for “scale” as media habits shift (citing ESPN’s $29/month streaming platform).

Notable Quotes & Memorable Moments

• On pay disparity:

  “Your average [WNBA] player makes less than a woman’s pickleball player... What is up with the disconnect?” — Damian Sassower [05:48]

• On different ROI metrics:

  “...other metrics ... will help up value those teams to be able to give them more of a leg up ... so these teams can start to build on themselves without having to just rely on viewership numbers.” — Thayer Laviel [11:33]

• On fan loyalty:

  “The women’s sports fan base is one to not be messed with or undervalue in any way.” — Thayer Laviel [13:26]

• On arena renovation philosophy:

  “It’s not fancy. It’s the functionality... We need our players, our coaches, our staff to have the latest, the greatest, the best.” — Ted Leonsis [37:45]

• On the lasting power of women’s sports:

  “Never ever take for granted that you’ll have this kind of growth in this moment.” — Ted Leonsis [29:53]

Key Segments and Timestamps

| Topic | Speaker | Timestamp | |-------------------------------------------|--------------------|------------| | WNBA’s growth, new franchises | Thayer Laviel | [03:40] | | Brand investments & sponsorship trends | Thayer Laviel | [04:40] | | Salary disparities, why the gap persists | Damian/Thayer | [05:48] | | Media rights and what will “move the needle”| Damian/Thayer | [06:45] | | Private equity’s impact on women’s sports | Michael/Thayer | [09:35] | | Measuring sponsorship ROI differently | Vanessa/Thayer | [11:12] | | Data, loyalty, and fandom insights | Damian/Thayer | [13:26] | | Introduction to NOAA Basketball | Michael/John Carter| [16:09] | | How the tech works—shooting data & feedback| John Carter | [17:51] | | Business growth, scaling, new markets | John Carter | [21:09] | | Motion capture and future of measurement | John Carter | [26:07] | | Ted Leonsis on WNBA momentum | Leonsis | [29:53] | | Team valuations and revenue models | Leonsis | [32:31] | | Arena capacity and renovation plans | Leonsis | [34:09] | | Renovation details & vision | Leonsis | [37:45] | | Strategic value of venue/network control | Leonsis | [39:59] |

Summary Takeaways

• The WNBA’s profile and business case are rising fast, but challenges remain in pay equity and capturing the full value of women’s sports fandom.
• Technology—like NOAA Basketball—enables athlete improvement, with new data-driven tools changing coaching and player development at all levels.
• Ted Leonsis articulates a clear vision: investment in facilities, media rights, and fan experience will help unlock the next tier of value for women’s sports.
• All guests stress: women’s sports should not be measured (or invested in) simply as a shadow of men’s; their unique audiences and engagement patterns present new opportunities for brands and investors.