A record crowd for a team not from the city
Montreal’s Bell Centre hosted the WNBA’s Toronto Tempo in front of nearly 21,000 fans, setting a regular-season attendance record for the league. The city has no women’s basketball franchise, yet the crowd showed strong interest in the sport and proved that a national following is within reach for the team. The event highlighted the growing popularity of women’s basketball, despite the absence of a local team. The Toronto Tempo, the only WNBA franchise outside the U.S., used the Montreal game as part of a two-game series, drawing attention to the potential for expanding women’s sports across the country.
Tanenbaum’s exit and new focus
Tanenbaum, a major figure in Canadian sports ownership, sold his 25% stake in MLSE to Rogers for $4.35 billion. He will now focus on his new investment: women's sports, starting with the WNBA’s Toronto Tempo, which he acquired for $115 million in 2024. The sale of his stake in Maple Leaf Sports & Entertainment Ltd., which included the Toronto Maple Leafs and the Toronto Raptors, marked the end of a decades-long partnership. Tanenbaum, known for his influence in the sports world, is now shifting his attention to a market that he believes is on the brink of major growth.
The mogul said he first considered bringing a WNBA team to Canada two decades ago but found the market unprepared. Now, he claims the timing is right. “The market caught up to what we all knew to be true — women’s sports are good business and worth investing in,” he said in a statement. Tanenbaum’s decision reflects a strategic shift toward capitalizing on a market he has been watching closely for years. His former colleague at MLSE, Richard Peddie, confirmed that even after the sale, Tanenbaum remains committed to the sports industry but with a new focus. “He made a point of talking about how he was going to focus on women’s sports,” Peddie said, emphasizing Tanenbaum’s confidence in the industry’s potential.
More investors see potential in women's leagues
Tanenbaum is among several wealthy owners entering the WNBA. Dan Gilbert, Tom Gores, and Harris Blitzer all secured expansion franchises, paying $250 million each—five times what Tanenbaum paid. This growing interest comes as the league sees rising revenue and value. Expansion fees have increased dramatically, reflecting the confidence of investors in the long-term potential of women’s basketball. As more franchises are added, the league is positioned for significant growth, with new teams expected to raise the profile of the WNBA and increase opportunities for players and fans alike.
League revenue increased 177% between 2019 and 2024, and the average franchise is now worth $427 million. Tanenbaum’s firm, Kilmer Sports, also invested $100 million in the Professional Women’s Hockey League, marking the first external capital for the PWHL. The investment in hockey demonstrates Tanenbaum’s broader strategy to support women’s sports across multiple leagues. His actions reflect a broader trend of wealthy investors recognizing the untapped potential in these markets. This trend is not limited to basketball, as women’s hockey and other women’s sports are beginning to attract attention from major investors.
Patrick Rishe, a professor at Washington University in St. Louis, said this is a golden era for women’s sports investment. “Women’s basketball is probably at the pinnacle of that,” he said, noting that rising revenues and investor demand are pushing expansion fees up. The combination of media rights deals, sponsorships, and fan engagement has created a compelling financial story for women’s sports. Rishe emphasized that this is a unique moment in time for investors, who are seeing the value in franchises that once operated in the shadow of their male counterparts.
Tanenbaum highlighted the league’s recent growth, including a $200 million annual media deal and a $1 million salary cap for players. The Golden State Valkyries, a new WNBA team, sold out all games in its 2025 inaugural season, earning $78 million in revenue and attracting more than 18,000 fans per game. These developments underscore the momentum behind women’s sports. The Valkyries serve as a case study for what expansion teams can achieve when positioned correctly in the market. As Tanenbaum and others continue to invest, the WNBA is poised to become a major force in the sports industry, with the potential to rival or even outperform traditional men’s leagues in certain markets.