The Women Investors Reshaping Project B Women’s Basketball

Women’s basketball is attracting record audiences and global attention, billion-dollar valuations, and unprecedented investment. Yet, one of the industry’ most consequential stories isn’t about what is happening on the court, but what is happening around the boardroom.

In an industry where Black women have historically generated labor and cultural value in women’s basketball without receiving proportional economic ownership, Project B is challenging and changing that pattern.

Behind the venture is a coalition of women investors and advisors bringing not only capital, but decades of leadership, strategic influence, and industry expertise in business, finance, media, and entrepreneurship.

Their investment isn’t simply backing another basketball venture, it reflects an intentional and broader shift in who creates wealth, who influences strategy, and who participates in the next chapter of the sport economy.

The Gender Gap in Leadership and Investment

Project B’s investor pool which includes former athletes (women’s basketball greats Cheryl Miller, Candace Parker, and Lauren Jackson) and a robust leadership team, including WNBA champion, co-founder, and Chief Basketball Officer Alana Beard, along with its women dominate investor board is a strategic change from larger industry patterns.

At the global stage, the latest survey from the Sport Integrity Global Alliance, found that in its 30 international federations, women now occupy 32% of executive positions, which is a significant rise from 18% in 2018. However, when considering the president or CEO level, the number has declined from four to three since 2024, making up just 10%.

In the United States, a record 55 women are leading Fortune 500 companies in 2026, but this is still only equates to 11%. According to McKinsey and Company’s (2025) Women in the Workplace report, women hold only 29% of C-suite roles, and Black women hold just 7%.

These numbers do not vastly change when looking at the sport ecosystem. The Tides Report, a longitudinal study looking at the major sports in America, has found that there has been an increase in women in league offices and middle management roles, but there is still a large gap when it comes to presidents, CEOs, and ownership. This number drops even more dramatically when race is considered alongside gender.

As of this year, majority of NBA and WNBA team owners are White males with women listed explicitly as principal owners or co-owners for four WNBA teams, and six NBA teams.

The Women Behind Project B

Thus, against this backdrop, Project B stands out. Its board composition reflects a deliberate departure from industry practices, and an intentionality to structure the organization to reflect the diversity of its player pool, and the sport of basketball as a whole. Project B’s board includes:

Robin Washington, Alphabet and Salesforce board member, former Gilead CFO, and co-founder of Black Women on Boards

Merline Saintil, Board director Rocket Lab, TD Synnex, Symbotic, and co-founder of Black Women on Boards

Gaby Sulzberger, Eli Lilly and Mastercard Board Member

Jenn Tejada, CEO of PagerDuty

Kristen Garlinghouse, Independent Director, World Lacrosse

Sloane Stephens, WTA Grand Slam champion and entrepreneur

Laela Sturdy, Managing Partner, CapitalG

Xin-Li Cohen, Deputy Chairwoman, Christie’s

Candace Parker, WNBA Legend

Stephanie Hart, COO Nestle

Brandy Thomas, Chief Audit and Risk Officer, Uber

Stacy Brown-Philpot, Founder and Managing Partner, Cherryrock Capital, former TaskRabbit CEO

“We’re honored to have such accomplished leaders across sport and business join Project B as early investors. Their belief in our vision reflects a shared conviction that basketball is entering a new era of global growth, and we’re excited to build that future together”, stated Grady Burnett, Project B Chief Operating Officer and former Facebook and Google executive.

As noted by Beard, this board was built with a deliberateness and purpose to ensure that the women had the runway to impact decision-making, advise the athletes, and construct the next basketball league alongside the co-founder groups.

She said, “I think it’s really important to not approach this from a performative standpoint. If we say that we want to build a network, if we want to build a community, if we want to build a community of collaboration to where we’re creating those connection points for these women to be more than who they are on the court and beyond, you have to put action behind those words. We see that happening every day with our board members like Merline and Sloane.”

Why Women Investors Chose Project B Basketball

In understand the strategic thinking behind what drew these accomplished leaders to Project B was the shared belief in departing from outdated business standards and the ability to become “builders” in the league itself.

For Saintil, an experience executive and entrepreneur she explained that the pioneer spirit where players are owners alongside the board and directly impact the business model was a determining factor.

She said, “I think ownership is where we are going to create generational wealth, and allow women to have a seat at the table, which is all the things that I’ve been passionate about from the very beginning. I love the ambition of the league, the system level thinking and design, and then [the players] having ownership from day one.”

Saintil also explained that having an investor board that is diverse signals a seismic change across the industry and to the next generation that women, and specifically Black women voices and leaders are valued. She said, “What I love about where we are having representation with Project B, it means you’re honoring the customer base. If you follow who you’re serving, who you want to help create an experience for, you’re just an in-tune leader.”

Alongside Saintil, Stephens, joined Project B to collaborate with other leaders in the sport and business space, but also to support fellow athletes. She expressed, “With Project B, it was more than just an investment because I love to support players. I know the sacrifice that goes into being a player.”

She continued, “When I looked at Project B, it was more about how much the players were being supported and how much they’re being included in the decisions, and how much ownership they’ll actually have. I think a seat at the table is incredibly important for any sport, but for women in general. I feel super strongly that Project B is taking their viewpoint, ownership, equity, and stake in the project very seriously.”

Further, Stephens pointed to how Project B and the athlete investor model is changing sport itself. She said, “Players who have invested in the sport are not only invested just in terms of money, but they’re invested in the sport itself as a whole, and that’s what’s pushing all sports forward faster.”

How Project B Players Are Becoming Stakeholders

The women helping shape Project B’s future are not doing so in isolation. Their investment strategically aligns with the organization’s vision to attract top global talent.

As Project B pushes closer to their inaugural season with global sport hubs named as city locations (i.e., Tokyo and Valencia), they continue to unveil a roster of star international women’s basketball players (including Azzi Fudd, Dallas Wings, Sophie Cunningham, Indiana Fever, Leonie Fiebich and Jonquel Jones of the New York Liberty, Jewell Loyd, Las Vegas Aces, Kamila Cardoso of the Chicago Sky, Mai Yamaoto, now with Aces, Nneka Ogwumike, Los Angeles Sparks, and many more).

Again, what makes Project B unique is the design. The athletes playing in Project B receive direct equity stake in the league and player compensation that reflects their global presence, reach, and basketball acumen.

According to rookie WNBA star Azzi Fudd, being a part of Project B allowed her to continue growing her brand and business and receive mentorship from the women on the investor board. She said, “The women who make up Project B are incredible, not just the athletes on the court, but the women building it behind the scenes. What makes Project B so unique is the access.”

She continued, “I get to sit down with women like Alana Beard, Sloane Stephens, Merline Saintil, Robin Washington, Gaby Sulzberger, Laela Sturdy, Candace Parker, and so many others to talk about my brand, explore new business opportunities, ask questions, and learn from women who have built companies, transformed industries, and changed the game in so many ways.”

For Las Vegas Aces guard and champion Jewell Loyd, being a part of Project B allowed for her to build generational wealth. Loyd, an entrepreneur in her own right, specifically sought out the opportunity to build her business portfolio along with the chance to play in front of international audiences.

A New Blueprint for the Future of Women’s Basketball

Project B’s approach reflects a broader shift across sports where the people closest to the game are increasingly seeking meaningful roles in shaping its future. By bringing in women investors and advisors into positions of ownership and influence, Project B is creating a model that is challenging traditional structures in basketball.

As described by Stephens, “We’ve started on the best foot possible because we’re starting from a place where the goals, the vision, and a very strong foundation are centering players first.”

Beard echoed this sentiment, “If we understand collectively the inflection where we are in women’s sports today, and if we understand that there can be multiple winners in one ecosystem, it’s only going to be better for the future of the game, the future of the sport. Full stop, we can all win.”

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This article was originally published on Forbes.com