Women’s basketball has undergone a remarkable amount of growth over the past few years, financially, culturally, and in terms of overall visibility. Another significant development it has undergone has been the rise of alternative and rival leagues to the WNBA.
The latest entry in that growing field is the Upshot League, a new women’s basketball league that tips off in just nine days. And it is arriving with serious financial backing. As announced on May 6, the league has raised a whopping $40 million in investment, drawn from a group of partners and investors that includes some of the most celebrated names in basketball history. This includes Hall of Famers Tamika Catchings, Cheryl Miller, and Ann Meyers Drysdale.
Perhaps the most interesting part of the league’s reported $40 million investment total is that the funding did not come from one billionaire owner or a single venture capital firm. Instead, the investment has reportedly been built through a collective effort involving more than 90 different partners and investors.
View this post on Instagram
Leading that group is the league’s parent company, Zawyer Sports & Entertainment, the organization overseeing and operating the Upshot League. Another major name attached to the project is Sphera Partners, a UK-based investment firm focused on women’s sports, which joined as a founding investor.
And beyond these institutional backings, the league has also attracted a number of notable individual investors, particularly from cities connected to the league’s teams and expansion plans. For example, former boxing champion Seniesa Estrada, former NBA player Patric Young, and Deloitte accounting partner Christina Bieniek are also investors in the Upshot league.
The league’s formation was officially announced in January 2025. They are positioning it as a developmental league, something like the NBA’s G League. That is to provide domestic professional opportunities for players transitioning out of college or those not currently holding WNBA roster spots.
This is of course, not the first time another women’s professional basketball league will surface. There have also been a number of them in times past. However, the failure rate with these leagues are quite high, with most packing up within the first three seasons. So do you think the Upshot league will turn out like most, or with all the backing it has received, will actually go on to become something serious?
What is The Upshot League’s Revenue and Sustainability Plan After $40M Starting Investment?
According to the league’s co-founder and CEO of Zawyer Sports & Entertainment, Andy Kaufmann, the Upshot League is being built to be profitable from “day one.” And rather than relying entirely on massive national television deals or billionaire ownership groups, the league’s strategy appears to be around building strong local support systems in each of its founding markets. Specifically, Kaufmann explained that the league plans to rely heavily on local sponsorships across its four founding cities, alongside strategic partnerships and ticket sales.
And just like Kaufmann suggested, those local investment efforts are already beginning to materialize. For example, the Nashville expansion franchise, which will officially join the league in 2027, reportedly raised $5 million for its franchise fee alone through a group of 100 investors. Interestingly, 38 of those investors are Nashville locals, while 58% of the investor group are women. The Jacksonville franchise has also already secured a notable local partnership. RadiFi Credit Union, a non-profit, member-owned financial institution headquartered in Jacksonville, Florida, signed on as the exclusive financial institution partner and presenting sponsor for the Jacksonville Waves.
And beyond the revenue the league hopes to generate moving forward, the organization will also immediately begin putting that reported $40 million investment to use. Specifically, each of the four inaugural franchises is reportedly backed by approximately $10 million. That will provide a financial “moat” for each team, allowing them to independently manage major operational costs such as travel expenses and arena operations.
Right now, the Upshot League only consists of four inaugural franchises. The Jacksonville Waves, Charlotte Crown, Greensboro Groove, and Savannah Steel. These four teams will include 11 players each for a total of 44. They will compete in a 34-game regular season before eventually battling for a championship in late August. By 2027, two expansion franchises, based in Baltimore and Nashville, will join the league. The plan is to gradually grow and scale. But right now, the attention is on May 25, when everything officially kicks off.
