Y! Sports Biz: Records fall in Ballhalla

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Y! Sports Biz: Records fall in Ballhalla

Wed, Oct 7, 2026 ·

10 min read

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👋 Welcome to Wednesday.

In today's edition:Ballhalla is WNBA paradise, Messi's magic makes Adidas more money, a Division Series subplot could shape the future of baseball, sports-adjacent stocks are deflated, LeBron's free ride, and more.

Time to show you the money...

🏀 Welcome to Ballhalla

Three years ago Monday, the WNBA awarded the Bay Area an expansion team. Tonight, the Valkyries will take the court in front of the league's largest home crowd in "Ballhalla" with a chance to go up 2-0 on the reigning WNBA champs.

Wasting no time:It's rare to see an expansion team take a league by storm so quickly, both on and off the court, but the Valkyries have exceeded even the wildest expectations.

Attendance:The team has sold out every home game over its first two seasons (48 games), and their relentless packing of the Chase Center made them the first WNBA team to eclipse 18,000 fans per game for a whole season.
Valuation:Warriors owners Joe Lacob and Peter Guber paid a $50 million expansion fee for a WNBA team in 2023. Three years later, Sportico pegs the Valkyries' valuation at $850 million, while CNBC says $1 billion. Either way, it tops all other women's sports franchises.
Revenue:This season, the Valkyries became the first women's sports team to eclipse $100 million in revenue, per Sportico. The playoff run could push it even higher.
Results:Golden State was the first WNBA expansion team to reach the playoffs in its inaugural season. They followed that achievement in year two with the second-best record in the league, playing suffocating defense to lead the W in points allowed.

Different battle, different Warriors:The Valkyries' rapid rise is all the more remarkable given their lack of reliance on the Warriors' rabid fanbase. Of more than 12,000 Valkyries season ticket holders, only 8% also hold Warriors season tickets.

Team president Jess Smith says crossover north of 10% between in-market men's and women's professional teams (i.e., NBA and WNBA, MLS and NWSL) is virtually unheard of — a lesson she learned at Angel City FC and one that encouraged the Valkyries to establish a distinct identity from the start.
"Regardless of the size of the ticketed audience, would you ever build something for 10% of an audience? You wouldn't," Smith tells Yahoo Sports. That recognition gave the organization the confidence to build its own unique, bold thing for the 90%. Deliver an outstanding product, Smith argues, and the other 10% will follow. So far, they have.

The makings of Ballhalla:The team's passionate fanbase is a testament to its authentic connection to the Bay Area and its commitment to engaging communities that sports organizations have often overlooked.

"The world looks to the Bay to see what comes next," Smith says, "whether that's technology innovation or how we treat people." For the Valkyries, that means delivering an elite experience for long-underserved women's sports fans, 20- to 40-year-olds seeking community, and traditional sports fans alike.
The job doesn't end on the hardwood. Through a growing content operation, the team helps fans connect with its players as people and members of the community. "Our job is to make sure that our players and fans have an opportunity to be here and authentically themselves in every way, shape, and form," Smith says.

Looking ahead:How do you improve on a fully sold-out season? Smith insists there's room to get better and increase visibility. The team looks forward to welcoming fans for three additional home games next season under the new CBA, bringing the WNBA to the Bay Area for the 2027 All-Star Game, and reaching international audiences, particularly those who follow the team's French contingent.*

Bottom line:The Valkyries' story is just beginning, but the cohesion that defines the team on the court is already reflected in the community surrounding it in the stands. You couldn't buy a stronger foundation for growth. But if you could, it might cost $1 billion.

*Gabby Williams, Janelle Salaün, and Aminita Gueye featured on France's team for the 2026 FIBA World Cup, while Iliana Rupert is typically a mainstay but missed the season due to pregnancy.

🇦🇷 The GOAT's goodbye jersey

Lionel Messi took his final bow for Argentina on Tuesday night, not in the familiar blue-and-white stripes but in a special, commemorative kit designed by Adidas and inspired by the country's flag.

Last gasp:Adidas sold nearly 18 million World Cup-related jerseys this summer, including approximately four times as many Argentina jerseys as it sold when Messi and Co. won the tournament in 2022. Consumers may be fatigued by soccer merchandise, but the company can ill afford to squander one last opportunity to monetize the lucrative Argentina business Messi has fueled over the last two decades.

This jersey, displayed at the National Flag Memorial in Rosario, is not for sale. But it's a heck of an advertisement. (Marcelo Manera/AFP via Getty Images)

What's one more jersey?Sizes of the commemorative jersey are selling out at Adidas and large retailers. But fear not. Preorders are available. In for a penny, in for a pound. Or in this case, a peso.

⚾️ Baseball's haves vs. have-nots

In sports, there's always a game within the game. MLB's Division Series is no different; the subtext is the battle between the league's huge payrolls and its frugal underdogs. The results could shape the ongoing labor war.

Tale of the tape:The National League field is more financially robust, with three of the four remaining teams ranking in the league's top 10 tax payrolls . The American League, however, features a $229 million payroll divide between the Yankees and Rays. The other matchup pits the 26th-ranked White Sox against the 29th-ranked Guardians.

Crazy stat:The combined tax payroll of the Brewers, White Sox, Rays, and Guardians is only $45 million higher than the Dodgers' alone.

Battle lines drawn:Ownership's party line in the labor battle focuses on restoring competitive parity , framing their push for a salary cap as a rallying cry for the small market fan who doesn't believe their team can win. The composition of the remaining postseason contenders spits in the face of that argument. Four Division Series participants rank in the bottom half of the league's payrolls. Three are in the bottom five.

Counterpoint:As Billy Beane's "Moneyball" character surmises, "If you lose the last game of the season, nobody gives a sh*t." He wasn't wrong. A small-market team hasn't won it all since the Royals in 2015, and that's no small part of the competitive balance argument.

Food for thought:Both camps have reasonable questions worth asking to frame the conversation.

If teams like the Rays so consistently achieve more with less than their deep-pocketed rivals, shouldn't they have a better opportunity to collect hardware?
Or should those teams always have to accomplish mission impossible to earn a ring?
More bluntly, should their owners simply invest more money in talent?

Play ball:The game within the game is afoot. The results could chart the future of baseball.

⚡Lightning Round

(Ezra Shaw/Getty Images)

⛳️ LIV "White Knight" arrives:BC Partners is making an initial $4 million loan to LIV and will provide $300 million in financing contingent on its emergence from bankruptcy and continued viability. Speaking at a Sportico event, CEO Scott O'Neil said LIV is moving "from a Saudi-type business plan" to a " business -business plan," while BC Partners' Ted Goldthorpe sees a path to $100 million team valuations.

🏀 EuroLeague rejects NBA proposal:The EuroLeague's owners have reportedly rejected the NBA's collaboration proposal, which fell well short of valuing the league at its preferred $3 billion number. The request to pause the league's planned expansion was also a point of friction. The two sides may still find common ground in the NBA's new venture, as negotiations are ongoing.

🧃 Juszczyk fine overturned:The NFL has rescinded Kyle Juszczyk's $14,926 illegal celebration fines after the player appealed. Juszczyk, aka "Juice," argued his chugging celebration simulated drinking a juice box, rather than a beer. He also noted the fine's hypocrisy, given the NFL's Bud Light sponsorship. Less money destined for Bud Light's Celly Jar ?

See what else is trending on the Yahoo Sports Business Hub .

📉 Sports-adjacent stocks deflated in Q3

The S&P 500 gained 2.3% in Q3 despite turbulence throughout. While sports franchises were resilient, the market offered little hospitality to many companies operating in sports and sports-adjacent industries.

🎰 Sports gambling:The giants in sports betting struggled again, with FanDuel owner Flutter dropping 27% and DraftKings down 25%. Other businesses in and around the space also stumbled as the industry remains plagued by prediction market competition, organic growth concerns, and legislative changes.
👟 Apparel and footwear:The biggest sign that conditions were challenging? Nike (-13%) was one of the best performers in Q3. Under Armour (-30%), Hoka owner Deckers (-21%), Adidas (-20%), and On (-16%) all struggled amid soft demand and heavy discounting in wholesale channels.
⛳️ Golf:Wavering consumer appetites extended to the golf course, as softer forward-looking guidance from both Titleist owner Acushnet (-30%) and Callaway (-25%) weighed on share prices after strong first-half performance. Higher material and import costs have also contributed to unease.
🎟️ Ticket marketplaces:StubHub (-57%) and Vivid Seats (-41%) struggled as much as anyone in Q3, as a World Cup hangover and regulatory headwinds (i.e., all-in fee transparency) stifled growth trajectories. Structural developments are also dampening prospects, as primary market sellers become more aggressive with dynamic pricing.

Bottom line:You can hardly go a day without positive news for sports franchise valuations. The story in other pockets of the sports ecosystem is not nearly as positive.

🎾 Over/Under: Djokovic's China change

Novak Djokovic won his seventh China Open on Tuesday, remaining undefeated in the tournament and extending a streak that began in 2009.

Over/Under:Do Djokovic's total earnings from his China Open victories amount to over or under 5% of his total career earnings?

Answer at the bottom.

🚁 This commute brought to you by Fanatics

Count LeBron James among those who love a free ride. A commercial partner has subsidized his unusual commute between Philadelphia and New York City.

Get to the chopper:James has been commuting between the two cities by helicopter, which sounds costly, especially during an expensive oil episode. But he's not footing the bill. According to Front Office Sports and confirmed by a spokesperson for James, LeBron's deal with Fanatics, signed three years ago, includes access to the company's corporate aviation.

Penny saved, penny earned:A trip from NYC to Philly costs $4,425 via Blade helicopter . It's not a perfect proxy, but double it for round trips, multiply it by a few dozen trips per season, and you land at a significant chunk of James' $3.9 million salary.

Un-connect those dots:Fanatics founder and CEO Michael Rubin used to own a 10% stake in the 76ers. He sold it in 2022 amid growing concerns of conflicts between league rules and Fanatics' role in sports betting and player partnerships.

Over/Under answer:Under. Djokovic has won $4.1 million at the China Open, comprising just 2% of his $195.6 million total. His most recent victory was worth $764,750.

Thanks for reading! Wanna talk shop? Follow me on X and Linkedin , or drop me a line: dylan.dittrich@yahooinc.com .

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