The Golden State Valkyries are in the midst of a playoff run, but their success this season extends well beyond the court.
Just two seasons into the franchise’s existence, the Valkyries have transformed themselves from an expansion team into one of the WNBA’s most compelling business stories.
The Valkyries set a benchmark for the rest of the league when they secured over 12,000 season ticket holders in 2026, exceeding a record the organization set the previous season. Furthermore, the season ticket holders for the Valkyries have renewed at over a 90% rate year-after-year.
Additionally, the Valkyries are the only franchise in WNBA history to sell out every home game in each of its first two seasons, welcoming 794,816 fans into Chase Center since the team’s first regular season game in May 2025.
SAN FRANCISCO, CALIFORNIA – SEPTEMBER 27: Valkyries t-shirts sit on the seats before the game between the Golden State Valkyries and the Dallas Wings at Chase Center on September 27, 2026 in San Francisco, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.(Photo by Lachlan Cunningham/Getty Images)
The team is also the first in WNBA history to average an attendance of over 18,000 per game across a full season.
That momentum is the product of a series of deliberate business decisions made throughout the season, from how the Valkyries positioned the brand and engaged fans to how they approached partnerships, ticketing and the overall game-day experience.
Now, with the Valkyries advancing through the playoffs after winning Game 1 of their series, the results of those decisions are becoming increasingly difficult to overlook.
The team’s success offers a snapshot of what can happen when an expansion franchise enters a major sports market with a clear business strategy and executes on it from the start.
San Francisco City Hall is illuminated in violet ,seen behind the roof tops of The Painted Ladies, ahead of the Golden State Valkyries’ WNBA playoff game against the Dallas Wings in San Francisco, Friday, Sept. 25, 2026. (Photo by Stephen Lam/San Francisco Chronicle via Getty Images)
For an expansion franchise, winning can create attention. Building a brand that can sustain that attention is a different challenge.
The Golden State Valkyries entered the WNBA with an immediate advantage: the resources, infrastructure, and reach of the Golden State Warriors organization. But the franchise still had to establish an identity of its own, one that could resonate with Bay Area fans and give people a reason to see the Valkyries as more than the newest team in the league.
That meant treating the launch as a brand-building exercise from the beginning. From the team’s name and visual identity to the way it positioned itself within the Bay Area sports market, the Valkyries were tasked with creating something that felt distinctly Golden State while also carving out their own place in the region’s crowded sports landscape.
The result has been a brand that has grown alongside the team, helping turn an expansion franchise into a destination for fans, businesses and the broader Bay Area community.
OAKLAND, CA – MARCH 30: Oakland Mayor Barbara Lee, Golden State Valkyries GM Jess Smith, and Singer/Songwriter Goapele show off the new violet jerseys during the Golden State Valkyries 2026 Jersey Reveal at Oakland City Hall on March 30, 2026 in Oakland, CA.
For President Jess Smith, the Golden State Valkyries built their success by establishing a clear and unique brand rooted in the Bay Area and its fans.
She explained, “I think the honest answer is there is an incredible market that’s been waiting to be served a women’s sports product that they feel is all in, that represents their fandom, that is bold. People want to wear the gear to their office, out with their friends. Because when people are wearing women’s sports products, they’re often saying, ‘This is a reflection of me.'”
She continued, “And I think what’s been important for us to continue to earn that trust when we look at year two and year three and the tremendous growth we’re seeing year over year, it’s that we’re doing it our way. So it’s like you have this base of connection and boldness, and yet, we are giving back millions of dollars a year through actual access and not shying away from the important conversations that impact the communities on our court.”
The Golden State Valkyries have spent an enormous amount of the organization’s efforts out in the community with programs like She Plays On, meant to enhance health, wellness, and keep girls playing basketball.
That focus on branding and community engagement was intentionally woven into the fabric of the Valkyries organization. In just their two short years, the Valkyries have worked with countless organizations around the Bay Area.
For example, two of their most prolific campaigns included a partnership with Kaiser Permanence to bring the She Plays On campaign centered around keeping girls active and engaged with basketball. The Valkyries also launched the Violet Book of Business alongside Chase to empower women entrepreneurs.
OAKLAND, CA – MARCH 30: Golden State Valkyries GM Jess Smith addresses the crowd during the Golden State Valkyries 2026 Jersey Reveal at Oakland City Hall on March 30, 2026 in Oakland, CA.
For Smith and her team, the branding, work in the community, and connection with fans has driven the success of the young franchise.
She explained, “We are very authentically ourselves, but we also allow our players to be themselves, to promote and make sure that they have the voices that they’re looking for. We allow our fans to show up authentically as who they are and spotlight them and share their stories in addition to obviously the company at large. And that’s to me, our responsibility.”
She elaborated, “We are the gathering place of all of these special things. And so it’s just snowballing because as people come in, whether they’ve watched it on TV, whether they’ve read a piece on Gabby Williams and her incredible cat, Halle Berry that she calls HB…There’s so many elements of how people have found a connection with us, and it’s our job to make that shareable and make that move quickly. And I also think the benefit of being young is that there’s plenty of space to be an early fan.”
LOS ANGELES, CALIFORNIA – SEPTEMBER 24: Gabby Williams of the Golden State Valkyries celebrates a three-point basket to take the lead 73-72 during the fourth quarter of the game against the Los Angeles Sparks at Crypto.com Arena on September 24, 2026 in Los Angeles, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement (Photo by Katelyn Mulcahy/Getty Images)
The Valkyries’ business momentum has been closely tied to what is happening on the court. As the team has emerged as one of the WNBA’s top performers, winning has created another powerful driver of demand, giving fans more reasons to buy tickets, follow the team and invest in the Valkyries brand.
The Valkyries reached the postseason for the second consecutive season, an impressive achievement just two years into the franchise’s existence. This year, the team secured the No. 2 seed in the WNBA playoffs with a league second best record of 32-12, only two games behind the No. 1 seeded Minnesota Lynx.
SAN FRANCISCO, CALIFORNIA – SEPTEMBER 27: Head cach Natalie Nakase of the Golden State Valkyries looks on in the third quarter against the Dallas Wings of Game 1 of the first round of the WNBA Playoffs at Chase Center on September 27, 2026 in San Francisco, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement.(Photo by Lachlan Cunningham/Getty Images)
Additionally, the Valkyries led the league in opponent points per game and ranked among the league leaders in three-point shooting, converting 38% of their attempts from beyond the arc.
When asked about the atmosphere, the energy in Ballhalla during games, and how it has helped fuel the team, Head Coach Natalie Nakase stated, “I never take Ballhalla for granted. I mean playing in here, being able to coach, and feeling the love every night. It’s a dream. It’s literally a dream come true.”
That home-court advantage has become part of the Valkyries’ broader business strategy, with the atmosphere at Chase Center helping turn games into an experience fans want to return to.
When discussing the state of the team and their playoff run and how it has helped grow the business of the team, Smith expressed, “Certainly winning helps. So we give great credit to coach Natalie [Nakase] and Ohemaa [Nyanin, Valkyries General Manager]. But honestly, I think the openness and what has made this whole process special is the connection myself, Ohemaa, and Natalie have.”
She continued, “Our players and our fans have a lot of input into what we do, and we really consider them part of the business team, the platform to grow that. We promise the players the best home court advantage they’re ever going to have, but we also have to create a fan experience that warrants the fans’ commitment to continuing to come back.”
OAKLAND, CALIFORNIA – FEBRUARY 05: Golden State Valkyries General Manager Ohemaa Nyanin and President Jess Smith, from left, answer questions during the grand opening of the team’s training facility at the Oakland Marriott City Center in downtown Oakland, Calif., on Wednesday, Feb. 5, 2025. (Jane Tyska/Digital First Media/East Bay Times via Getty Images)
Smith also described her working relationship with Nyanin as an important layer of the team’s on-court success, highlighting the unique alignment between the organization’s business and basketball operations sides.
She stated, “I think the thing that Ohemaa [ Nyanin], who leads all of this for us and makes those decisions in the hiring, we’re partners in this. I think the thing that we always talk about coming into Golden State, is the benefit of building within Golden State. Golden State does have a reputation for being great and for trying to be great. And it’s our job to execute that both from a business standpoint and a basketball standpoint. And for Ohema and I, it’s also staying connected in that.”
She continued, “She [Nyanin] is remarkable when you really step back and look at what she has created from a sports standpoint and the partner that she’s been to our business team, it’s renowned.
Smith specifically pointed to Nyanin’s ability to build the roster as another key factor, noting that she attracted free agents such as Kia Stokes and Gabby Williams ahead of the team’s second season.
SAN FRANCISCO, CALIFORNIA – SEPTEMBER 19: Tiffany Hayes of the Golden State Valkyries is congratulated by teammates after she scored a basket and was fouled on the shot against the Seattle Storm in the second half of a WNBA basketball game at Chase Center on September 19, 2026 in San Francisco, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Thearon W. Henderson/Getty Images)
Smith’s comments point to a cycle that can be particularly valuable for an expansion franchise: a strong product drives interest, interest creates demand and growing demand creates more opportunities to build the business.
As the team continues its playoff run, the business impact of that success is becoming even more visible. The Valkyries are no longer simply introducing themselves to the Bay Area. They are building a franchise with an increasingly established place in the market.
SAN JOSE, CALIFORNIA – SEPTEMBER 17: Monique Billings of the Golden State Valkyries reacts after scoring and being fouled on the shot against the Minnesota Lynx during the second half in the first round of Game Two of WNBA Playoffs at Sap Center on September 17, 2025 in San Jose, California. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Thearon W. Henderson/Getty Images)
The Valkyries’ rapid rise offers more than a case study in what has worked for one expansion franchise. It also provides a case study for how future WNBA teams can approach the business of building a new franchise from the ground up.
For Smith, the key has been thinking beyond simply launching a team. From the beginning, the Valkyries have focused on building a brand, creating demand and establishing a relationship with the Bay Area that can extend well beyond what happens on the court.
Smith believes those lessons can apply to the next wave of WNBA expansion, particularly as the league continues to add teams and enter new markets.
Smith detailed, “I think the best part about being in the WNBA right now is the alignment that we are all working to grow this league. As teams, and I can tell you in the team president conversations, we are all sharing information, sharing best practices, sharing what’s been hard, so we can all adapt together in scenarios and making sure that it’s the mass before the individual.”
CLEVELAND, OHIO – AUGUST 04: Fans watch the reveal of the new name and logo for the WNBA team the Cleveland Sirens at Rocket Arena on August 04, 2026 in Cleveland, Ohio. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Jason Miller/Getty Images)
She added, “I think that’s such a special mindset to have at a league level of really all being committed to just growing this league, and growing and deepening fandom. I talk to as many people as I can as often as I can. I think Cleveland has done a tremendous job. I loved their brand launch. I think you saw them go out and say, ‘This is our own individual brand much like we did. Yes, we’re a part of the Cavs organization, but we are also our own and serving a unique audience that’s going to come in and represent this team.’ So I thought they executed that really well.”
The Valkyries also successfully bid to host the 2027 WNBA All-Star Game at Chase Center, giving the franchise and the Bay Area another opportunity to showcase themselves on one of the league’s biggest stages.
Hosting All-Star can also extend the Valkyries’ impact beyond the Bay Area, bringing fans and tourism to the city while introducing more players and teams to new audiences and creating opportunities for cross-league fandom.
The 2026 WNBA All-Star Game in Chicago, for example, drew a record 19,783 fans and featured Valkyries players Gabby Williams and Kayla Thornton, the franchise’s first All-Star selections.
SAN FRANCISCO, CALIFORNIA – JULY 20: Gabby Williams of the Golden State Valkyries is surrounded by teammates after she is presented with her all-star jersey prior to the start of the game against the Washington Mystics at Chase Center on July 20, 2026 in San Francisco, California. Williams is the first Valkyrie to make a WNBA all star team. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Thearon W. Henderson/Getty Images)
Smith is quick to give credit to her entire team and the Valkyries organization as a whole for being innovative, bold, and willing to take big risks. She has credited this attitude for the team’s abundant, yet young success.
She said, “For me, it’s about building something that genuinely connects with your fans and your market so you can create that FOMO of sold out arenas, community connection, and then you get the permission to obviously build outside of your market at the same time.”
Smith sees that approach becoming increasingly important as the WNBA enters new markets, particularly for expansion teams that will need to establish identities of their own.
Golden State Valkyries’ president Jess Smith speaks during press conference in Oakland, Calif., on Tuesday, September 23, 2025. (Photo by Scott Strazzante/San Francisco Chronicle via Getty Images)
When asked about advice for other franchises about to come into the league, Smith explained, “You have to resource it, you have to staff accordingly, you have to be bold, and you have to be willing to make mistakes. And that’s the fun part about being in something that’s brand new.”
The Valkyries have spent two seasons proving that an expansion franchise can create demand before it has decades of history behind it. The next test will be turning that early momentum into something lasting.
For the WNBA, that may be the most important part of the Valkyries’ story. As more franchises enter new markets, Golden State has shown the value of pairing a strong basketball product with a distinct brand, an engaged fan base and a business strategy built to grow alongside the team.
This article was originally published on Forbes.com
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