Monarch Collective, the investment fund focused on women’s sports, has made its first investment into North American basketball’s WNBA by joining the ownership group of the Cleveland expansion franchise set to debut in 2028.
Monarch Collective is among 10 new investors to take minority stakes in the new WNBA franchise, with the rest of the roster featuring local business leaders such as Liz Yee and Ted Coons, Lauren and Steve Spilman, Steve Demetriou, Michael Petras, John Morikis, Chris Hyland, and A.J Murphy.
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Financial details and the size of stakes each investor has taken have not been disclosed.
The new investors join Dan Gilbert, owner of the NBA’s Cleveland Cavaliers and group chairman of Rock Entertainment Group, who was awarded franchise rights last year as part of the WNBA’s expansion plans. The team will play at Rocket Arena, which is also home to the Cavaliers.
Cleveland, the 16th franchise, will be the first of three expansion sides to join the league in 2028, with Detroit scheduled to enter in 2029 and Philadelphia to debut in 2030.
The ownership group of the Detroit franchise is led by Tom Gores, owner of the NBA Detroit Pistons, while Harris Blitzer Sports and Entertainment, owner of the NBA’s Philadelphia 76ers, will own and operate the Philadelphia side.
The three ownership groups have paid an expansion fee of $250 million each to enter the league.
Kara Nortman, Monarch Collective’s co-founder and managing partner, said: “From our first conversation with Rock Entertainment Group in 2024, it was clear they were the right partner.
“Every step strengthened our conviction: the market, the infrastructure, the vision. As long-term partners, we will work collaboratively with this franchise to reach its full potential.”
In securing its minority stake, Monarch Collective becomes the first private equity firm approved to invest in WNBA teams, having previously acquired stakes in NWSL soccer teams Angel City, San Diego Wave, and the Boston Legacy expansion side, which will debut in the upcoming 2026 season.
In November, the investment fund entered the European market by acquiring a 38% stake in German soccer club FC Viktoria Berlin.
Nortman launched Monarch Collective alongside Jasmine Robinson in March 2023 and initially raised a $150 million fund to invest in women's sports leagues and clubs. In March 2025, an additional $100 million was raised for the fund to reach $250 million.
The 2026 WNBA season is expected to start as scheduled after the league and its union, the WNBPA, agreed on a new collective bargaining agreement, which includes a salary cap of $7 million in 2026, up from $1.5 million in 2025.
