In the world of professional sports, timing is everything. A fraction of a second can decide a championship, and a business decision made at the wrong moment can have consequences that echo for years. For WNBA Commissioner Cathy Engelbert, a deal she orchestrated in 2022 is now being viewed through the lens of a “costly mistake,” a financial decision that has placed her in the center of a storm of controversy and could very well define her legacy.

Two years ago, Engelbert led a $75 million capital raise, selling a 16% stake in the WNBA to a group of outside investors. The move, publicized as an effort to fund the league’s marketing and infrastructure, effectively placed the total valuation of the entire league at approximately $468 million. At the time, it was presented as a strategic step forward. Today, with the league’s popularity and revenue soaring to unprecedented heights, that valuation looks less like a savvy investment and more like a catastrophic misjudgment.

The core of the issue lies in the explosive growth the WNBA has experienced since 2022, fueled by a new generation of stars who have captured the nation’s attention. The “Caitlin Clark effect” is real; by some accounts, the rookie phenom is responsible for as much as 26% of the league’s revenue. This surge has made the WNBA one of the hottest properties in sports. Against this backdrop, the $468 million valuation seems almost nonsensical. For context, the New York Liberty recently sold a stake that valued the single franchise at $450 million. Furthermore, the league has sold expansion slots for a quarter of a billion dollars. These figures suggest the WNBA’s true worth is not in the millions, but in the billions.

This dramatic undervaluation has done more than just leave potential money on the table; it has fundamentally complicated the league’s internal structure at the worst possible time. The sale splintered the WNBA’s ownership into three distinct groups: the NBA’s 30 owners control 42%, the WNBA’s individual team owners hold another 42%, and the remaining 16% is now in the hands of the investors from the 2022 capital raise. This fractured power dynamic has become a significant hurdle in the ongoing and incredibly sensitive Collective Bargaining Agreement (CBA) negotiations. With the current agreement nearing its end, the league and its players are at a critical juncture, trying to hammer out a deal that will shape the financial future of the athletes for years to come. The threat of the WNBA’s first-ever player lockout looms over the discussions, and the divided ownership is not making things easier.

The players, aware of their growing value and influence, are pushing for a contract that reflects the league’s new reality. A recent proposal reportedly includes a supermax salary approaching $850,000 and a veteran minimum that would triple to around $300,000. While these numbers represent a significant increase, many argue they fall short of what the players deserve, especially when considering the league’s multi-billion-dollar potential. Critics of the current proposal suggest the supermax should be closer to $3 million, with the minimum salary landing where the proposed supermax is now.

For Engelbert, the pressure is mounting. The same commissioner who was recently booed during the WNBA Finals trophy presentation is now facing questions not only about the undervalued sale but also about how the $75 million raised was actually invested. What was meant to be a strategic move to bolster the league is now being framed as the potential justification for her dismissal.

As the WNBA enjoys its moment in the spotlight, with viewership and attendance breaking records, a battle is brewing behind the scenes. It’s a fight over money, power, and the future direction of a league that has finally arrived. At the center of it all is one deal, one valuation, and one question: How much was the future of women’s basketball sold for, and was it sold for far too little? The answer will have profound implications for everyone involved, from the owners in the boardrooms to the players on the court who are generating the value every single night.