A masterclass on women’s sports as an asset class from two of the most active investors in the space. Nic Barlage (CEO, Rock Entertainment Group) breaks down the numbers behind Cleveland’s WNBA expansion bet, while Kara Nortman (Managing Partner, Monarch Collective) explains how she built the first $250M women’s sports fund before anyone believed the market existed.
From WNBA teams valued at “zero or less” just years ago to projections of $1 billion franchises by the mid-2030s, this conversation covers the investment thesis, the community playbook, and why women’s sports might ultimately be bigger than men’s.
Key topics:
- WNBA growth: 598% attendance since 2021, 28% YoY in 2024-25
- The “10,000 people, 12 times a year” math for building a P&L
- Why only 7% of new fans overlap with men’s teams
- $1.1 billion in community investment as competitive advantage
- Why women control 80% of consumer spend
- The case for women’s sports outgrowing men’s sports
Speakers:
- Nic Barlage, CEO, Rock Entertainment Group
- Kara Nortman, Managing Partner, Monarch Collective
- Jason Kelly, Host & Executive Producer, “The Deal” Bloomberg (Moderator)
Timestamps:
0:00 Introduction
3:41 598% growth and the path to $1 billion franchises
5:12 “WNBA teams were valued at zero — or less”
7:05 “You need 10,000 people to show up 12 times a year”
8:38 “This is a 30-year-old startup”
18:07 “Sports is socially acceptable tribalism”
20:41 Only 7% overlap with men’s teams — it’s a new fan base
Recorded at Global Alts Miami 2026 | Presented by iConnections
