The WNBA, despite the buzz around Caitlin Clark and a noticeable uptick in business, is expected to lose a whopping $40 million this season. NBA owners, many of whom also own WNBA franchises (like the Indiana Fever, owned by the Indiana Pacers’ owner), are starting to lose patience. One of the more outspoken owners, James Dolan of the New York Knicks, has been taking the lead, asking hard questions about the league’s financial future. Surprisingly, some other owners are grateful that Dolan is stepping up, as frustration has been brewing across the board.

Here’s the issue: The WNBA has been operating at a loss for 27 years. No other business could run like this without eventually shutting down. The NBA has kept the league afloat all this time, but owners are starting to wonder when they will finally see some returns, especially with a new media rights deal on the horizon that could inject some much-needed cash. Despite this potential, WNBA players have been alienating new fans by making controversial statements, which could drive them away — and if fans leave, so does the league’s chance at profitability.

For those who don’t know, the NBA owns nearly 60% of the WNBA, and when you factor in the personal stakes of NBA team owners, that figure jumps to around 75%. Without the NBA’s support, the WNBA would likely not survive, and it’s surprising that the players don’t seem to grasp this. NBA owners have poured hundreds of millions of dollars into the WNBA since its inception in 1996. However, sources say it could be years, even with the new media deal, before anyone sees a return on this investment.

Starting in 2026, the WNBA will be receiving a $2.2 billion media rights deal spread over 11 years, adding about $100 million annually to its current income from national media contracts. The WNBA is also looking to expand its regular season and playoffs to bring in more revenue, but there’s a potential hitch: the players are expected to opt out of the Collective Bargaining Agreement by November 1. If they do, salaries will likely rise, cutting into the projected profits.

NBA owners are understandably frustrated. Even though new expansion teams, like the Golden State Warriors’ Valkyries and a Toronto team, are bringing in expansion fees, none of that money is going to the NBA owners, further complicating the financial picture.

In the meantime, NBA Commissioner Adam Silver is under fire. Some owners, including Dolan, want more transparency on when they can expect a return on their investments. But as of now, Silver hasn’t been able to provide clear answers, leaving some investors feeling left in the dark.

The future of the WNBA is still uncertain. While the league is seeing sold-out finals games between teams like the Liberty and the Lynx, its long-term sustainability remains a pressing concern. And with Caitlin Clark as the league’s most important asset, there’s growing frustration among her fans — many of whom are traditional family units — over how she’s been treated on the court. These fans are crucial to the WNBA’s survival, and alienating them could spell disaster.