Monarch Collective has made its first Women’s National Basketball Association (WNBA) investment, joining the ownership group of the planned Cleveland expansion franchise.
Key details:
- Monarch one of ten new minority investors in franchise, which will debut in 2028
- Size of stake has not been made public
- Cleveland Cavaliers owner Rock Entertainment Group (REG) will operate WNBA franchise
Context:
The Monarch Collective, a women sports investment vehicle led by managing partner Kara Nortman, has until now focused on soccer.
It has minority stakes in three National Women’s Soccer League (NWSL) teams – Angel Citythe San Diego Waveand newcomers Boston Legacy – and made its first European investment last year when it bought 38 per cent of German second-tier club Viktoria Berlin.
Monarch expanded its fund to US$250 million in early 2025 and has also been linked with English side West Ham United’s women’s team.
Its investment in Cleveland’s new WNBA team coincides with a new collective bargaining agreement being agreed late last week. Two other teams in Detroit and Philadelphia will also join the league in 2028.
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