(Bloomberg) -- The WNBA raised $75 million in what the league called the largest-ever financing for a women's sports property, fueled by Nike Inc. and two dozen individual investors.
The women's basketball league and its 12 teams will have a $1 billion valuation after the funding round, according to a person with knowledge of the matter who asked not to be identified because the details aren't public. Proceeds are expected to be used to help the league grow and generate new revenue.
Nike, already one of the WNBA's premier partners, made a “significant equity investment,” according to the league, which announced the deal Thursday.
The funding also featured new investors, along with existing WNBA and NBA owners, including Carnival Corp. Chairman and Miami Heat owner Micky Arison; Dell Technologies Inc. Chief Executive Officer Michael Dell, who is also a minority investor in the San Antonio Spurs; and Ted Leonsis, owner of Washington's Mystics and Wizards.
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