Clara Wu Tsai and her husband Joe Tsai bought the New York Liberty for what Jason Kelly calls essentially nothing — a single-digit-million-dollar deal. It's now worth an estimated $500 million to $750 million.
Everyone else is still asking whether $12.5 billion for the Lakers is a bubble. Kelly says the real story is the investors who got into women's sports before the valuations moved.
"You know, $12.5 billion for the Lakers... that's a check almost no one can write."
Kelly is Bloomberg Originals' chief correspondent and co-host of "The Deal," speaking at Bloomberg's Power Players summit about Alexis Ohanian's investing approach ahead of interviewing him on stage.
I listened to the full segment so you can skip it.
Here are the 3 takeaways that matter.
👤 Guest: Jason Kelly, Bloomberg Originals Chief Correspondent and co-host of "The Deal"
🎙️ Hosts: Carol Massar and Tim Stenovec, of Bloomberg Businessweek Daily
📰 Published: 10 September 2026, on the Bloomberg Businessweek podcast feed
🟣 Apple Podcasts | ⏱️ 45 min | ✅ Time saved: 42 min
Key Takeaways
Alexis Ohanian invests as an "ecosystem," not just buying stakes in franchises
He backs Angel City FC, is a founding investor, and separately bought Chelsea's women's team
He got into The Sports Bra, a Portland bar, by cold-messaging the founder on X
She thought it was a prank; the relationship took about a year to close
The New York Liberty went from a single-digit-million-dollar purchase to an estimated $500-750 million
Kelly calls it the clearest example of an investor who backed women's sports for the long term before the valuations moved
1. Ohanian's Ecosystem Bet
Kelly previewed his on-stage interview with Alexis Ohanian, Reddit's co-founder and husband of Serena Williams, calling him one of the most influential sports investors of the era.
Ohanian is a founding investor in Angel City FC of the NWSL, and has separately backed the purchase of Chelsea's women's soccer team
He and Serena Williams largely invest separately rather than jointly — she runs Serena Ventures on her own, while Ohanian pursues his own angel and growth bets
He backed The Sports Bra, a Portland, Oregon bar founded by Jenny Nguyen, after messaging her directly on X — she initially thought a friend was pranking her, and the relationship developed over roughly a year before he invested alongside Renee Montgomery
Kelly said Ohanian's thesis is built around ecosystems rather than single teams, spanning technology, real estate and other infrastructure around sports, because a $12.5 billion franchise purchase — his example was the Lakers — is "a check almost no one can write"
2. Why It Broke Out Now
Asked why the growth took roughly 30 years to show up, Kelly pointed to three converging shifts.
The media landscape changed, giving audiences access to players, teams and leagues they'd never been able to see before
Social media became a massive accelerant, giving fans a direct relationship with individual athletes rather than only teams
Athletes now build followings starting in high school and college — he cited Paige Bueckers, who built a following at UConn before turning pro with the Dallas Wings
3. Liberty And Valkyries
Kelly named two investments as proof of what patient, long-term capital produced in women's sports.
Clara Wu Tsai and Joe Tsai bought the New York Liberty for what Kelly called essentially nothing — a single-digit-million-dollar deal — and it's now worth an estimated $500 million to $750 million
The Golden State Valkyries became the WNBA's first billion-dollar franchise in just two years, helped by the Golden State Warriors' infrastructure — but Kelly noted its president, Jess Smith, is a repeat operator who previously ran sales and revenue for Angel City FC before joining the Valkyries
Bonus Insights
Kelly said the US Open's biggest story this year isn't a single storyline but the return of American contenders, singling out Jessica Pegula, who comes from the family that owns the Buffalo Bills and Buffalo Sabres
He called Frances Tiafoe's comeback win over Michelsen, followed by an on-court embrace between the two players, one of the most memorable moments of the tournament
Discussing the possibility of AI-driven robot athletes, Kelly said the idea "feels a long way away" and that the appeal of sports is precisely the unpredictable human element a scripted robot can't replicate
Products, Companies & Tools Mentioned
Angel City Football Club (The NWSL club Alexis Ohanian was a founding investor in, credited with moving the needle for the league)
Chelsea F.C. Women (Ohanian's purchase, which Kelly frames against the rising global profile of women's soccer)
The Sports Bra (The Portland bar Ohanian backed after cold-messaging founder Jenny Nguyen on X)
New York Liberty (Bought by Clara Wu Tsai and Joe Tsai for a single-digit-million-dollar sum; now estimated at $500-750 million)
Golden State Valkyries (The WNBA's first billion-dollar franchise, two years after launch)
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