Commissioner Engelbert, WNBPA leadership, team owners, and members of the basketball community:
I am writing as a longtime supporter of the WNBA who believes that the league is entering an important moment in its history. The momentum around women’s sports has never been stronger, and the WNBA stands at the center of a cultural shift toward broader visibility, stronger fan engagement, and rising commercial interest. This progress is real and meaningful. It also brings structural pressures that require new approaches to long-term stability.
This letter grows out of a detailed research effort examining whether shared ownership between players and existing stakeholders could strengthen the league. The purpose is not to tell the league what to do or to claim expertise beyond my role as a fan and analyst. The purpose is to share a structured perspective that may highlight a viable path forward during an era of rapid change.
Player expectations are rising in line with the league’s cultural visibility. Owners are investing in operations, marketing, and expansion. Fans are demonstrating unprecedented engagement. These forces create opportunity and strain. They also make labor relations more complex, particularly as competing leagues emerge and overseas markets remain attractive to players.
Shared ownership presents one potential method for aligning incentives across the league. Alignment of stakeholders supports stability, encourages long-term planning, and strengthens trust. These benefits are well documented in organizational research. The challenge lies in identifying structures that respect the league’s financial realities.
The research shows that an immediate 49 percent acquisition by players is not financially feasible at this time. The valuation of the league, combined with operating losses and the cost of debt, creates a barrier too high to clear under current conditions. The intention behind the idea is strong, but the economics do not support it yet.
A phased approach shows greater promise. A modest minority stake of ten to fifteen percent falls within a feasible financial range if structured carefully. This initial step allows players to participate in the league’s growth without disrupting governance or creating untenable financial burdens. It also provides time to develop governance training, transparency frameworks, and conflict-of-interest safeguards.
A phased model could continue with structured integration into future collective bargaining agreements. Transparency requirements, revenue indexing, and reserved matters can be added gradually. Future expansion to thirty or forty percent ownership becomes realistic only if the league reaches sustained break-even operations and meaningful revenue growth. A long-term path to forty nine percent is achievable only in a stronger financial environment.
Alternative tools such as revenue participation rights, profit interest units, or joint venture structures offer flexible ways to align incentives without major equity transfers. These models allow the league to reward growth, enhance retention, and share success while protecting operational stability.
My role in this conversation is limited. I do not claim insider knowledge, nor do I intend to speak for any stakeholder group. I offer this perspective because the WNBA matters, and because the league deserves every possible idea that supports long-term sustainability.
A future built on shared alignment is worth examining. A phased ownership model represents one method that deserves consideration. It reflects the realities of the league today while acknowledging the possibilities of the league tomorrow.
I have drafted a research paper on the possible methods of implementation.
Respectfully,
Dr. Cary Woods