There is no denying that the WNBA has become more popular ever since the arrival of Indiana Fever guard Caitlin Clark and Chicago Sky forward Angel Reese. The league has seen such a massive growth, with sellout crowds, massive merchandise sales and great TV viewership.

Despite that, however, the WNBA is still not a profitable business for its investors.

According to a report by Josh Kosman and Brian Lewis of the New York Post, the WNBA is set to lose $40 million this 2024 season. However, that is still better than the initially projected $50 million losses that were previously reported.

The NBA owns 60 percent of the WNBA. But that number rises to 75 percent if the stake of other NBA team owners is taken into account. A league executive told The Post, though, that the “WNBA owes the NBA so much we won’t see any windfall for years.”

The WNBA grew exponentially in 2024 as interest surged due to Clark, Reese and the 2024 rookie class. Viewership across ESPN networks improved by 170 percent. The league also had 154 sellout games, a huge leap from 45 in the previous season. Merchandise sales between its flagship store and website also increased by a combined 601% from 2023.

Caitlin Clark poses with WNBA commissioner Cathy Engelbert. Brad Penner-Imagn Images

For what it’s worth, however, things are expected to improve for the WNBA after it agreed to an 11-year, $2.2 billion media rights deal that kicks off in 2026.

“That means likely at least a $100 million annual increase from what the WNBA currently makes from national media contracts, which is around $60 million,” Kosman and Lewis explained.

Of course it remains to be seen how the WNBA’s collective bargaining agreement (CBA)  and potential increase in salaries will affect the league’s profitability for its investors. The players are reportedly expected to opt out of the current CBA by the November 1 deadline.

For now, the reality is the WNBA isn’t making any money.