New brand? No problem.
During Thursday’s USC Next Level Sports Conference, Jess Smith, President of the Golden State Valkyries and Emily Prazer, Chief Commercial Officer of Formula 1, shared their insights on the panel “Sports as an Asset Class,” moderated by USC Marshall dean Geoffrey Garrett.
Both Smith and Prazer lead brands within already-existing powerhouse franchises, marking their work as a unique balance between leveraging what was and creating a new identity.
The Valkyries share Golden State Group ownership with the Warriors, basketball’s most valuable team at $11 billion according to Forbes. After her first meeting with Golden State, Smith expressed her appreciation for their willingness to learn from her previous playbook, crafted through her time as the Head of Revenue for Angel City Football Club.
“One of the things that struck me was how curious they were,” Smith said on the panel. “I walked into this conversation with them, and they said, ‘How did you do it?’ and ‘How should we do it?’ That’s what made this opportunity make sense and what unlocked power.”
While women’s basketball was surging in popularity, the commercial impact lagged behind. Smith made sure stakeholders and potential partners knew what the Valkyries needed from them.
“We need dollars. The only way to get toward equity growth is to give fans what they’re looking for, which is higher production, better in-game experience, premium seat opportunities. It’s to drive dollars,” she said.
Smith was tasked with a job that nobody has done in 17 years: building a new team and fanbase for the WNBA.
Her emphasis on community building — not just business building — manifested in smart partnerships that align with the values of the Valkyries. Smith just won the inaugural WNBA Business Executive Leadership award.
The youngest franchise in the league, the team sits with a valuation of $500 million – topping the list of not just the 13 WNBA teams but of all global women’s sports teams.
Smith also stressed the importance of the Valkyries’ fan base — affectionately known as Ballhalla — never feeling like they were participating in a transaction.
“It’s a place where mission and capital can co-exist,” she said. “How you drive business and build trust without losing sight is important. We’re saying we’re going to be the best. Not only that, we’re going to be selling out stadiums and they have to believe that’s true, too.”
“The product is a mixture of sport, business and culture,” Smith added.
The product in question smashed expectations. The Valkyries were the first WNBA team to sell out every home game. They set the all-time WNBA attendance record, both in average attendance and total fans. They were the first WNBA expansion franchise to clinch a playoff spot in its first season.
Smith reflected on the sports business principle that has guided her to success, from Angel City to the Valkyries.
“It’s important to do what’s right, not what’s easy,” Smith said in an interview with Annenberg Media. “If you know that something should be done well, make sure you’re taking the power to do that.”
The first year of Ballhalla was magical. What did Smith think Ballhalla’s sophomore year would look like?
“Just more. If you’ve been to Ballhalla, you’ll know you can barely hear in the best way,” she said. “That you’re looking left and right amongst fans who are committed to great basketball and are also there to have a great time. I can’t wait to be back with our fans.”
Prazer, who is also the president and CEO of the Las Vegas Grand Prix, spoke about fan engagement and the shift required to adapt to a U.S. audience after the Netflix series “Formula 1: Drive to Survive” raked in millions of views and, subsequently, new followers of the sport.
“We have a very significant hardcore motor core fan in Europe, and that’s what our fan base was. Then, all of a sudden, we have ‘Drive to Survive.’ We acquired this entirely new fan base that is asking us to speak to them very differently, grow the sport in the U.S. and create merchandise collaborations that never existed,” Prazer said.
“Vegas is a destination where anything can happen,” she added. “The logistical plan around the race is incredible. That’s the commercial opportunity, is that we believe we can do it, and we have done it. It generates more revenue than any other race on the calendar . . . it’s become our tentpole.”
Prazer emphasized the intentionality behind creating an experience that attracts fans year after year, from building a social media department to intentional merchandising in the States.
“We spent a lot of time curating this experience that meant we could bring people in,” Prazer said.
The difference between first-place McLaren’s Oscar Piastri and defending champion Red Bull’s Max Verstappen is only 40 points. There are five races left on the calendar, including the coveted Las Vegas Grand Prix on Nov. 22.
Both Smith and Prazer demonstrated that success requires more than leveraging an established brand. While basketball and motorsport are two different games, understanding the audience at the core is what has propelled these two franchises to stardom.
As both franchises continue to grow, they’ve set a new standard for what it means to build something meaningful and take the game to the next level.