Cleveland WNBA Expands Ownership Group with Addition of Minority Partners
Cleveland WNBA Expands Ownership Group with Addition of Minority Partners
Monarch Collective’s Sole WNBA Investment Headlines Group of Business Leaders with Ohio Ties, Including Liz Yee, Ted Coons and Lauren Spilman
CLEVELAND – Cleveland WNBA, led by Rock Entertainment Group Chairman and majority owner Dan Gilbert, today announced an expanded ownership group subject to league approval. With strategic investment from Monarch Collective, an investment platform focused on investing and building women’s sports institutions, and several prominent business and community leaders with connections to Northeast Ohio, the franchise strengthens its commitment to excellence and the growth of women’s basketball.
Alongside Monarch Collective’s investment – it’s only in the WNBA – Cleveland WNBA has also added strategic investors Liz Yee and Ted Coons, Lauren and Steve Spilman, Steve Demetriou, Michael Petras, John Morikis, Chris Hyland, and A.J. Murphy. This expanded ownership group brings proven experience across women’s sports, enterprise development and community impact, creating a values-driven, locally connected team united around elevating Northeast Ohio and women’s basketball. Kirkland & Ellis LLP served as legal counsel to Cleveland WNBA.
“Our commitment to Ohio runs deep, and this strategic investment – along with partners who share our fervor for women’s sports in this region – marks a powerful next step for our franchise,” said Dan Gilbert, Rock Entertainment Group Chairman. “We are grateful to our partners for joining us and embracing our vision for what this team can mean to Cleveland and to the league. We believe in the present and future of women’s sports, and the ownership group we have assembled will help propel this franchise forward and support its mission to become a force for good in our community and across the sport.”
The WNBA first announced that Cleveland would become the home to the league’s 16th team on June 30, 2025, subject to league approval. The team, which has already received 8,000 initial payments on memberships, is set to begin play in 2028 at Rocket Arena.
“From our first conversation with Rock Entertainment Group in 2024, it was clear they were the right partner. We have deep values-alignment across our organizations and share a commitment to building a winning WNBA franchise in Cleveland,” said Kara Nortman, Monarch Collective’s Co-Founder and Managing Partner. “Every step strengthened our conviction: the market, the infrastructure, the vision. As long‑term partners, we will work collaboratively with this franchise to reach its full potential.”
As Rock Entertainment Group (REG) prepares for WNBA expansion in 2028, the enterprise continues to have a transformational impact on the downtown Cleveland sports and entertainment landscape. In 2027, REG will welcome Cosm’s fifth immersive viewing experience nationwide to downtown Cleveland, and open the largest indoor professional basketball practice facility, the Cleveland Clinic Global Peak Performance Center on the Cuyahoga Riverfront, as the home of the Cleveland Cavaliers and to service REG teams, as well as the general public.
Fans who wish to place a $28 initial payment for a future Cleveland WNBA team membership can do so at WNBACleveland.com. For updates and more information, follow @ClevelandWNBA on X, Facebook, Instagram and TikTok. They can also subscribe to text alerts by texting WCLE to 30594.