Monarch Collective Makes First WNBA Investment in Cleveland Expansion Team
Monarch Collective, a private equity firm focused on women’s sports, has made its inaugural investment in the Women’s National Basketball Association (WNBA), joining the ownership group of the Cleveland expansion franchise set to commence play in 2028. The firm’s investment highlights the growing interest and financial backing for women’s professional sports.
Strategic Partnership for Cleveland WNBA
Rock Entertainment Group (REG), led by Chairman Dan Gilbert, will operate the Cleveland WNBA franchise. The addition of Monarch Collective and several prominent business leaders with ties to Northeast Ohio strengthens the team’s commitment to excellence and community growth. Alongside Monarch Collective, latest investors include Liz Yee, Ted Coons, Lauren and Steve Spilman, Steve Demetriou, Michael Petras, John Morikis, Chris Hyland, and A.J. Murphy. Rock Entertainment Group announced the expanded ownership group on March 24, 2026, subject to league approval.
Monarch Collective’s Growing Portfolio
Monarch Collective expanded its fund to $250 million in early 2025 and has been actively investing in women’s sports. Prior to the Cleveland WNBA investment, the firm held minority stakes in three National Women’s Soccer League (NWSL) teams: Angel City FC, the San Diego Wave, and Boston Legacy. It also acquired a 38% stake in German second-tier club Viktoria Berlin in 2025 and has been linked to English side West Ham United’s women’s team. Sportspro reports this marks Monarch Collective’s sole investment in the WNBA to date.
WNBA Expansion and Financial Growth
Cleveland is the first of three upcoming WNBA expansion teams. Detroit will follow in 2029, and Philadelphia in 2030. The league secured a record $250 million expansion fee for each team. Sports Business Journal notes that Detroit’s ownership group is led by Tom Gores, while Harris Blitzer Sports & Entertainment will own and operate the Philadelphia team.
Collective Bargaining Agreement
The investment coincides with the agreement of a new collective bargaining agreement (CBA) late last week, signaling continued progress and stability for the WNBA. Sportspro highlights this timing as significant for the league’s future.
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