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Big Idea
Pay Us What You Owe Us: The WNBA's High-Stakes Negotiation

The pregame warmups of the 2025 WNBA All-Star Game in Indianapolis offered a spectacle far more significant than the usual layup lines and dance music. As a sold-out crowd of nearly 17,000 looked on, the league’s biggest stars took to the court united in silent protest. Emblazoned across their black T-shirts was a simple four-word message: "Pay Us What You Owe Us." This collective demonstration was not a spontaneous act of frustration but a calculated, public escalation in the increasingly tense collective bargaining agreement (CBA) negotiations between the WNBA and the Women's National Basketball Players Association (WNBPA). It served as a clear, nationally televised signal that the players believe the league's financial structure is failing to keep pace with its explosive growth. They are no longer willing to allow these critical negotiations to unfold solely behind closed doors; they have brought the fight for their financial future into the public arena.
The Core of the Dispute: A Slice of a Growing Pie
This public-facing pressure campaign brings the fundamental disagreements between the league and its players into sharp focus. The WNBPA officially opted out of the current CBA last October, a strategic move that triggered the start of negotiations for a new deal to replace the one set to expire after the 2025 season. This has set the stage for a high-stakes negotiation that will define the league's economic landscape for the next generation of players.
At the heart of the dispute lies a chasm between two competing visions for player compensation. The league, according to players involved in the talks, has proposed a system rooted in the past: fixed, predetermined percentage increases to salaries over the life of the new agreement. This model offers predictability for team owners but fails to account for the league's surging revenue streams. The WNBPA, however, is demanding something far more dynamic and modern: a comprehensive revenue-sharing model that directly links player salaries to the league's overall financial success.
The players' argument is not for salaries equivalent to their NBA counterparts, a common misinterpretation of their goals, but for a similar percentage. They point directly to the NBA's model, where players receive a split of basketball-related income (BRI) that contractually hovers around a 50/50 split with the owners. In stark contrast, current estimates from sports business analysts place the WNBA players' share of league revenue at a startlingly low figure, often cited as being under 10%. WNBPA President Nneka Ogwumike has repeatedly articulated the union's clear and unified stance, stating, "We want a piece of the entire pie, not a piece of part of the pie." This demand for a direct, percentage-based share of the league's total revenue is the non-negotiable central pillar of their strategy.
Skyrocketing Valuations and a Landmark Media Deal
The timing of this showdown could not be more critical, as the WNBA is currently riding an unprecedented wave of commercial success and cultural relevance. The "Caitlin Clark effect" has undeniably been a significant catalyst, driving record-breaking viewership and attendance figures across the league. However, the league's growth is a broader, more systemic phenomenon that predates the arrival of the 2024 rookie class.
Franchise valuations are skyrocketing to once-unthinkable heights, reflecting investor confidence in the league's long-term viability. According to recent analyses from industry leaders like Forbes and Sportico, the average WNBA team is now worth over $269 million. This represents a dramatic increase from just a few years ago, when teams were being sold for figures in the low tens of millions. The New York Liberty, purchased by Joe and Clara Tsai for an estimated $10-14 million in 2019, was recently valued at over $400 million in a minority stake sale. Expansion fees have also soared, with new ownership groups in cities like Toronto and Portland commanding significant investment to join the league, further underscoring its perceived value.
Fueling this valuation boom is a monumental new media rights deal. In July 2024, the WNBA secured an 11-year agreement with a consortium of partners, including ESPN, NBC, and Amazon, reportedly worth a staggering $2.2 billion. This deal, which averages around $200 million annually, represents a more than threefold increase over the previous contract. This infusion of cash is transformative. For the first time in its nearly 30-year history, the league appears to be on a clear and sustainable trajectory toward sustained profitability. This fact has not been lost on the players, who argue that as the primary drivers of the on-court product and its surging popularity, they are fundamentally entitled to a compensation structure that reflects this new financial reality.
A Standoff with a Ticking Clock
The league's counterargument, though not always stated publicly in direct response, has historically centered on its history of financial losses. For years, the WNBA has been subsidized by the NBA, and reports have consistently cited annual losses, which allegedly grew with recent investments in league-wide charter flights. However, players, their union, and independent sports economists are increasingly skeptical of these figures. They point to the notoriously opaque nature of sports accounting, where expenses can be strategically allocated, especially given the WNBA's deeply intertwined financial and operational relationship with the NBA. The players contend that as the league definitively turns a financial corner, the economic models and arguments of the past are no longer applicable or acceptable.
As the October 31st deadline to reach a new agreement approaches, the rhetoric from the players' side has intensified. Following negotiation sessions, players have openly expressed their frustration, describing the league's proposals as "disrespectful" and recent meetings as a "wasted opportunity." The "Pay Us What You Owe Us" shirts were a direct and visible result of this growing sentiment. While both sides publicly state a desire to avoid a work stoppage, which would be a damaging first in the league's history, the players have made it unequivocally clear they are prepared for every eventuality, including a strike. The message from the All-Star Game was unambiguous: the players who are actively building the WNBA into a thriving, profitable business are demanding their fair share, and they are unified and ready to fight for it.
Politics
How Saudi Arabia is Reshaping Global Sports

In recent years, the world of professional sports has been shaken by a seismic shift in financial power, with Saudi Arabia emerging as a dominant and disruptive force. Through its Public Investment Fund (PIF), the kingdom has poured billions into various sports, attracting top-tier talent with staggering contracts and acquiring influential stakes in major leagues and events. While this investment is publicly framed as a core component of the "Vision 2030" plan to diversify the nation's economy beyond oil, it has drawn widespread accusations of "sportswashing", a strategic use of sports to launder a country's tarnished international reputation.
The Purpose and Precedent of Sportswashing
Sportswashing is the practice of using the universal appeal and positive associations of sport to redirect public attention away from a country's human rights abuses, political controversies, or other negative aspects of its governance. By hosting major events or investing in beloved teams, a nation can project an image of openness, progress, and global partnership, effectively softening its public perception. This is not a new phenomenon. History provides several stark examples, such as the 1936 Berlin Olympics, which Nazi Germany used to portray a peaceful and tolerant image to the world while masking its racist ideology and aggressive expansionist plans. Decades later, the 1978 FIFA World Cup in Argentina was hosted by a brutal military junta to foster nationalistic pride and present a facade of normalcy during its "Dirty War." More recently, the 2018 FIFA World Cup in Russia was seen as a way for the country to improve its global standing amid criticism over its foreign policy, including the annexation of Crimea.
Saudi Arabia's Multi-Front Sports Offensive
As part of its Vision 2030, Saudi Arabia has strategically targeted several high-profile sports, executing its strategy through acquisitions, event hosting, and lucrative player contracts.
Football (Soccer): The world's most popular sport has been a primary target.
Club Ownership: In 2021, the PIF led a consortium to acquire English Premier League club Newcastle United, giving the kingdom a significant foothold in European football.
Saudi Pro League: The domestic league has been transformed by an influx of cash, attracting some of football's biggest names. The revolution began with Cristiano Ronaldo's move to Al Nassr in January 2023. He was soon followed by other superstars like Karim Benzema (Al-Ittihad), Neymar (Al-Hilal), Sadio Mané (Al Nassr), and Riyad Mahrez (Al-Ahli).
Global Events: Saudi Arabia hosted the 2023 FIFA Club World Cup and, in an unopposed bid, was confirmed as the host for the 2034 FIFA Men's World Cup, cementing its central role in the future of global football.
Golf: The kingdom audaciously challenged the established order of professional golf by launching LIV Golf in 2022. Backed by the PIF, the tour lured top players like Phil Mickelson, Dustin Johnson, and Brooks Koepka away from the PGA Tour with massive, guaranteed contracts. The ensuing disruption culminated in a stunning and controversial merger agreement between the PGA Tour and LIV Golf in 2023, placing the PIF in a position of immense influence over the sport.
Boxing and MMA: Riyadh has become the de facto capital of mega-fights, hosting high-profile bouts such as Anthony Joshua vs. Andy Ruiz Jr. II and Tyson Fury vs. Francis Ngannou. Furthermore, the PIF's sports investment arm, SRJ, acquired a minority stake in the Professional Fighters League (PFL), a rival to the UFC, signaling its intent to become a major player in mixed martial arts.
Motorsport: The kingdom hosts the Saudi Arabian Grand Prix in Formula One and has a major global sponsorship deal with the sport through the state-owned oil giant Aramco. It also hosts the grueling Dakar Rally.
A Warning Tinged with Hypocrisy
The scale of Saudi Arabia's influence has not gone unnoticed. Recently, former FIFA President Sepp Blatter, himself a figure mired in controversy, issued a stark warning. "We have lost football to Saudi Arabia," Blatter stated in an interview with German media. "We offered it, and they took it. Surprisingly, there is no opposition to this within FIFA."
Blatter's comments highlight the speed and completeness of the Saudi takeover. However, they are layered with deep irony. Blatter's own presidency was defined by the 2015 FIFA corruption case, which exposed widespread bribery, fraud, and money laundering. Investigations revealed that officials had accepted bribes related to the awarding of the 1998 and 2010 World Cups. While Blatter was ultimately cleared of corruption charges by Swiss courts, the scandal permanently stained his legacy and that of the organization he led. His criticism of the current FIFA leadership for enabling Saudi Arabia's rise rings hollow to many who see it as a continuation of a system of patronage and financial influence that flourished under his own watch.
The Next Frontier
Saudi Arabia's ambition shows no signs of slowing. The kingdom is actively exploring its next targets to expand its sports empire.
Tennis: The PIF has already made inroads, with reports of the WTA Finals moving to Saudi Arabia and the hosting of high-profile exhibition matches featuring stars like Novak Djokovic and Carlos Alcaraz. Rafael Nadal was recently named an ambassador for the Saudi Tennis Federation.
Cricket: With its massive global audience, particularly in South Asia, cricket is a logical next step. The PIF has reportedly expressed interest in acquiring a multi-billion-dollar stake in the Indian Premier League (IPL), the world's wealthiest cricket league.
Esports: Recognizing the immense popularity among younger demographics, Crown Prince Mohammed bin Salman announced the launch of an annual Esports World Cup in Riyadh, featuring the largest prize pools in the history of competitive gaming. Chess grandmaster Magnus Carlsen has been enlisted as a global ambassador, joining the likes of Ronaldo and Messi as a paid promoter for the kingdom's initiatives.
As Saudi Arabia continues to flex its financial muscle, the sports world faces a reckoning. While the investment brings undeniable excitement and financial windfalls, it forces leagues, athletes, and fans to confront uncomfortable questions about the intersection of sports, money, and morality. The kingdom's gambit is clear: to use the power of sport to reshape its image on the world stage. The long-term success of this strategy, however, remains to be seen.
By The Numbers
Numbers That Jumped Off the Page
9%- Despite Caitlin Clark missing a chunk of games due to injury, the WNBA's national TV ratings are still up 9% at the All-Star break. While Clark-mania appears to remain the main driver, the league has shown resilience, with even non-Clark games pulling in big numbers.
$500,000- Nine months after shattering the women's marathon world record and cashing a $150,000 check in Chicago, Ruth Chepngetich has tested positive for doping. The victory, valued at around $500,000 with bonuses and future appearance fees, is now in jeopardy, leaving a trail of awkward questions and second-place finishers wondering if they'll get a very late promotion.
$580,000- It seems the winner is the Tour de France is paid moreso in glory than gold these days due to the fact that the prize money for winning cycling’s most famous event has barely budged in 20 years. In an era of ever-expanding purses, if you’re looking for a bigger payday, even heading for the World Darts Championship ($1,355,000) would give you a better look.
$3.1 Million- Scottie Scheffler pocketed $3.1 million for winning The Open Championship, pushing his career earnings toward the $100 million mark and proving once again that he is very, very good at golf.
Pulse Check
Last week, we asked BTS readers, “Looking ahead to 2026, which major event's business impact are you most interested in?” Here’s what they thought.

When a major sports league (NFL, NBA, MLB, NHL) considers expansion, what should be its most important factor?
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