August 4, 2026
A global basketball league is redefining athlete equity and corporate governance for Black women in the sports economy.
Women’s basketball is seeing record viewership, valuation increases, and major global investment. The 2023 NCAA women’s basketball championship drew over 9 million viewers, breaking records. WNBA games have a 20% year-over-year ratings increase this season. Franchise valuations have surged, with some teams valued at more than $100 million. The most significant changes are happening off the court, where equity and governance structures are being redefined in executive boardrooms.
Project B, an elite, athlete-owned basketball circuit modeled on a grand prix format, marks a pivotal change in an industry where Black women have long contributed significant labor and cultural value without proportional ownership or executive authority. By placing Black female leaders in core governance roles and granting players direct equity, Project B offers a strong model for financial empowerment in the global sports economy.
Redefining Corporate and Sports Governance
According to McKinsey & Company, Black women hold only 7% of C-suite roles nationwide. The gap also exists in professional sports, where majority ownership remains predominantly white and male.
Project B intentionally moves away from traditional structures. Led by former WNBA champion and Chief Basketball Officer Alana Beard and co-founder Grady Burnett, the league has formed a predominantly female board of investors with accomplished corporate leaders. The governance team includes Robin Washington, board director at Alphabet and Salesforce, Merline Saintil, co-founder of Black Women on Boards, and sports icons such as Candace Parker and Grand Slam tennis champion Sloane Stephens.
Transforming Athletes into Equity Stakeholders
Project B features an athlete-investor model allowing players to earn multiyear equity stakes alongside competitive compensation. Equity is awarded based on tenure, participation, and individual performance milestones, with shares vesting incrementally over the term of their contracts. For example, athletes may receive an initial equity grant upon signing, with additional percentages vested each season as they meet criteria for games played or community involvement.
In a video feature, WNBA star Azzi Fudd explained that direct access to female board leaders offers valuable mentorship to expand her brand and ventures. Similarly, champion guard Jewell Loyd described her Project B investment strategy, showing how global tournament play and equity stakes support long-term financial empowerment.
A Tech-Driven Global Stage
Project B will operate as an international circuit, hosting two-week international tournaments from late 2026 through April 2027, in major cities such as Tokyo and Valencia. The league features a prominent international roster, including Jonquel Jones, Kamilla Cardoso, and Nneka Ogwumike.
Sports business analyst Allison Smith noted this effort comes at a key time of labor renegotiations and changing media consumption in women’s sports.
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