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Rachel Axon on how investment, media, and sponsorships are reshaping the future
By Iiro Jussila, Nordic Pulse
Women’s sports are no longer fighting for recognition—they are building momentum as serious business ventures. Record-breaking media rights deals, surging attendance, and a wave of sponsorship interest are transforming the landscape at a pace few would have predicted even five years ago.
To explore these dynamics, I spoke with Rachel Axon, Olympics and Women’s Sports reporter at Sports Business Journal. In this interview, she explains how far women’s sports have come in just five years, and why the future may be even brighter.
Sustainable Business Models in Women’s Sports
The question of sustainability has long hovered over women’s sports. Could leagues generate the consistent revenues and loyal fan bases needed to thrive, not just survive? Today, the evidence points to a resounding “yes.”
Iiro Jussila: What are the most significant shifts you’ve observed in how women’s sports leagues are building sustainable business models today compared to five years ago?
Rachel Axon: “Without question, we have seen massive shifts in how women's pro leagues look now vs. five years ago. For many of them, virtually every revenue stream has increased. The WNBA and NWSL have record media rights deals, and both have seen an increase in sponsor interest. We're seeing more and more owners commit to venues for their teams. And with increased revenue, we're seeing valuations and sale prices increase. It was only four years ago that Mark Davis bought the Las Vegas Aces for around $2 million, and in June three different teams committed $250 million for WNBA expansion teams.”
Rachel Axon: “But I think one of the biggest changes - one which is not complete - is a mindset shift as seeing these as valuable business assets rather than feel-good charity cases. Rather than being judged relative to men's pro leagues, women's sports are finally being seen as having value. It's why brands want in, it's why attendance and viewership are up and it's why we're seeing a hockey stick of growth. Talk to anyone in the space, and it's very clear still more could be investing. Even with the rapid growth of the past five years, there's still plenty of room to keep going.”
The takeaway is clear: financial progress is real, but the cultural mindset shift may prove even more powerful. Seeing women’s leagues as assets rather than add-ons is driving new investment and ensuring growth is not just fast, but sustainable.
The Role of Media Rights and Distribution
Visibility has always been a challenge for women’s sports, with limited broadcast exposure often holding back their potential. In recent years, however, media deals and new distribution platforms have turned that barrier into a breakthrough.
Iiro Jussila: How are evolving media distribution strategies—especially across digital and niche platforms—reshaping visibility and credibility for women’s leagues?
Rachel Axon: “This is one of the clearer signs of growth, with the WNBA getting an 11-year deal worth $2.2 billion and the NWSL amid a four-year deal worth a reported $240 million annually. So for some leagues, media rights have been a massive booster as they are in men's leagues. And to be sure, putting women's sports in better windows on networks that people can easily watch and that are in front of a paywall has had a positive impact on viewership.”
Rachel Axon: “That said, I would not want to overlook the role of social media in the growth of these leagues. Largely because these leagues have not always had this media presence, they have built audiences and connected with fans on social media. That has been largely due to necessity - especially for athletes who need to supplement their salaries - but it has made a different connection for the women's sports fan than we see in men's sports.”
Big-money TV deals are a turning point, but Rachel’s point on social media is just as critical. By necessity, women’s leagues and athletes have pioneered digital-first engagement strategies, building authentic fan communities that many men’s leagues now envy.
Sponsorship and Brand Partnerships
Sponsorship is often the engine of sports revenue — and in women’s sports, it is undergoing a fundamental transformation. No longer limited to traditional signage or generic campaigns, partnerships are increasingly about alignment, authenticity, and consumer influence.
Iiro Jussila: How are sponsors rethinking their role in women’s sports, particularly in terms of value alignment and fan engagement beyond traditional signage or ads?
Rachel Axon: “When I talk to people in this space, they point to one common stat - women in the household control around 80% of consumer purchases. And a widening number and variety of brands are seeing the value in connecting with those consumers through women's sports. That targeted approach has widened the lens of which brands sponsor these leagues, teams and athletes, with everyone from beauty, jewelry and feminine hygiene brands joining the space, where that was not the case five years ago. Anecdotally, those brands are finding an authentic connection with fans that converts to consumer behavior.”
Rachel Axon: “While this has represented a massive shift, survey after survey still shows that fans want more brands investing in women's sports and more representatives of brands say they want to invest than actually are. So still some way to go here.”
Sponsors are not only buying visibility; they’re buying credibility. By connecting authentically with fan bases that are highly engaged, brands are finding women’s sports to be a uniquely effective marketing channel. But as Rachel notes, the gap between intent and action still leaves a lot of room for growth.
Looking Ahead
From financial valuations to cultural perceptions, women’s sports are rewriting the rules of commercial development. As Rachel Axon emphasizes, the acceleration of the past five years is just the beginning. The coming decade will test how well leagues, brands, and media can build on this momentum — but if current trends hold, women’s sports are positioned not only to catch up but to lead.
About the Expert
Rachel Axon
Olympics & Women’s Sports Reporter
Sports Business Journal
raxon@sportsbusinessjournal.com
