WNBA completes its first-ever investment round with backers including Nike and Condoleezza Rice

The WNBA on Thursday announced it completed its first-ever capital raise, bringing in a host of big-name investors including Nike and former U.S. Secretary of State Condoleezza Rice, as it looks to accelerate growth. kevin_stank has the story.

LAS VEGAS, NV - JULY 27: WNBA Commissioner Cathy Engelbert addresses the media before the AT&T WNBA All-Star Game 2019 on July 27, 2019 at the Mandalay Bay Events Center in Las Vegas, Nevada.Engelbert, former CEO of consulting giant Deloitte, said the WNBA plans to use its cash in a variety of ways to help the league establish an economic model that's "sustainable for the future.

"We have so much opportunity to globalize the game, expansion," said Engelbert, who has led the WNBA since July 2019. "We have opportunity to blow up our digital footprint and think about what direct to consumer means." "It's really a lot of growth initiatives," Engelbert added, including sports betting as more states around the U.S. legalize it and "marketing our stars into household names both here in the U.S. and globally.", made "a significant equity investment" in the league, the release press release said.

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