The WNBA announced expansion plans more than nine months ago, with new teams slotted for Cleveland, Detroit and Philadelphia by 2030. The move was subject to WNBA and NBA boards of governors approval, which is finally on the docket for this week.

On Friday, WNBA BOG members received a breakdown of the three expansion teams and their investors. Votes are requested by April 9, and the process requires approval from the majority of members of the WNBA and at least three-quarters of the members of WNBA Holdings LLC, an entity owned by all 30 NBA teams. Approval is viewed as a done deal.

The purchase price for each expansion team is $250 million, payable over scheduled installments that conclude prior to the first season of play for each team. Yet the document highlights that Cleveland and Detroit have raised funds from outside investors at higher post-money valuations of $290 million (Cleveland) and $325 million (Detroit).

Below is a rundown of the three teams.

Cleveland

The memo states that Cleveland reached a deal last year with the WNBA for an expansion franchise on Feb. 12—ahead of Detroit on April 2 and Philadelphia April 3.

Last month, Cleveland revealed 10 new investors to its cap table for the team set to start play in 2028. The new owners included investment firm Monarch Collective, marking its first stake in a W team, as well as Liz Yee and Ted Coons, Lauren and Steve Spilman, Steve Demetriou, Michael Petras, John Morikis, Chris Hyland and A.J. Murphy.

The Cleveland Cavaliers’ ownership group, led by Dan Gilbert, will own 54.6% of the W team after the outside funding round—Gilbert alone will own 50.6%. Married couple Yee and Coons are the second-biggest shareholders at 18.9%. Monarch’s stake is 16.3% split between Monarch’s main fund and a co-investment vehicle. Monarch also has the option to buy an additional $15 million of shares before Jan. 1, 2027.

Monarch disclosed it has a commercial arrangement with an active WNBA player, but that agreement is set to expire by 2028, and the Kara Nortman and Jasmine Robinson-led fund agreed not to renew the deal. Monarch is also subject the league’s institutional investment policy, which limits information and does not include any voting rights.

The Spillmans (5.5%), Demetriou (1.9%) and Petras (1.1%) are the next biggest shareholders, while the others are all at 0.6%.

The Cleveland team is set to play at the Cavaliers’ home, Rocket Arena, for at least the first five seasons. Ownership will spend at least $7 million in arena renovations, and at least $3.3 million in upgrades for the practice facility in Independence, Ohio, that the W team will utilize.

Detroit

Detroit Pistons owner Tom Gores is finalizing commitments from 24 potential investors who are on track to own 60% of the WNBA team in Detroit at a post-money valuation of $325 million, according to the memo. Gores will retain 40% and serve as the team’s governor. The new investors will be subject to separate WNBA board approval.

The Detroit expansion team will play its games at Little Caesars Arena, home to the Pistons and NHL’s Detroit Red Wings, who operate the building. Gores has committed to spend at least $35 million for the construction of a new practice facility to be completed ahead of the team’s first season in 2029.

Philadelphia

Philadelphia W Basketball was awarded the league’s 18th team set to tip off in 2030 and has the longest runway of the three teams. The entity has not raised outside capital at this point, and therefore is still wholly owned by the 76ers’ holding company. It means Josh Harris is the largest shareholder in the W team at 32.8%, followed by David Blitzer at 30.1%. Harris will be the W team governor.

Arctos Partners owns 15.1% via a pair of holding companies, while HBSE Investments holds 11.4%. That entity is split 50-50 between Marc Leder and Rodger and Hillary Krouse. Other shareholders include David Adelman (5.6%), Martin Geller (4.4%), Joe Gibbs Racing (0.5%) and actor Will Smith (0.1%).

After the closing of the W team transaction, ownership will issue a 10% interest in the team to Comcast at the same $250 million expansion price. Last year, the 76ers and Comcast-owned Flyers reached an agreement to build a new arena to house the two teams, and the 76ers dropped plans for a new arena in Center City. As part of the deal, Comcast would take a minority stake in the 76ers and partner with Harris Blitzer Sports & Entertainment (HBSE) to help bring a WNBA team to the city.

The WNBA team will play in the current home of the Sixers and Flyers, Xfinity Mobile Arena, if the new arena is not ready ahead of the W team debut in 2030. Ownership has also committed to spend at least $50 million for the construction of a new practice facility.