Just five months after her unexpected retirement from the WNBA, Candace Parker is already mapping out an ambitious future beyond the court. The three-time champion and two-time MVP recently shared her aspirations at the Goldman Sachs Builders and Innovation Summit in Healdsburg, California, stating, “I would love to own a WNBA team and an NBA team.”
Parker, who is recognized as one of the greatest players in basketball history, announced her retirement earlier this year, closing a remarkable chapter where she not only won three championships with three different teams but also earned numerous accolades, including the league’s MVP award twice. Shortly after stepping away from playing, Adidas appointed her as the president of women’s basketball, a role that grants her significant influence over product design and the direction of the next generation of athletes.
During her appearance at the summit, Parker outlined her lofty goals, highlighting the challenges she faces in acquiring teams in both leagues. Despite reportedly being the highest-paid female basketball player in the world last year, with an estimated income of $8.1 million, she still earned significantly less than the lowest-paid NBA player. For context, the Atlanta Dream, the WNBA’s lowest-valued team, is worth $55 million, while the most affordable NBA franchise, the Memphis Grizzlies, has a valuation of approximately $2.4 billion.
To bridge this financial gap, Parker took a pivotal step in October 2023 by joining billionaire investor Marc Lasry’s Avenue Sports Fund, alongside notable figures like Stephen Curry, Michael Strahan, and Lindsey Vonn. Lasry, who recently sold his stake in the Milwaukee Bucks for a reported $3.5 billion, has become a mentor to Parker as she pursues her ownership ambitions. The Avenue Capital fund recently raised $445 million and is reportedly seeking to secure $1.5 billion for investment opportunities, including women’s sports.
Parker emphasized the importance of investing in women’s sports as a viable business venture, stating, “When I started working with Avenue Capital, I said, I need a promise that we’re going to invest in women’s sports, and we’re going to do it not as a charity or support. We’re going to do it as an actual investment.”
In her role at Adidas, Parker manages a roster of rising female athletes, including Aliyah Boston, Hailey Van Lith, and Nneka Ogwumike. Adidas recently reported a 46% increase in quarterly sales over the previous year, which signals a promising trend for the company as it looks to capitalize on the growing popularity of women’s sports.
Adidas has faced challenges, including a significant drop in stock prices and the decision to sever ties with Kanye West over controversial remarks, but the company remains committed to investing in women’s basketball. Last year, the WNBA generated approximately $200 million in revenue, compared to the NBA’s staggering $10 billion, revealing a substantial opportunity for growth.
Parker’s vision extends beyond basketball, as she has also invested in League One Volleyball, a new professional league, reflecting her commitment to supporting female athletes across various sports.
With her drive and determination, Candace Parker aims to reshape the landscape of women’s sports and secure a lasting legacy that goes beyond her illustrious playing career.
Leave a Reply