In the span of just five months since her unexpected retirement from the WNBA, where she achieved remarkable success with three different teams and earned two league MVP awards, Candace Parker has been charting a new path. Shortly after announcing her retirement, Adidas appointed her as the president of women’s basketball, granting her influence over product design and the task of recruiting emerging talent to the company.
During a recent appearance at the Goldman Sachs Builders and Innovation Summit in Healdsburg, California, Parker shared her ambitious business aspirations with an audience of about 200 Goldman Sachs bankers, investors, and entrepreneurs, including Dan Dees, co-head of global banking and markets at Goldman Sachs. Parker expressed her desire to own both a WNBA and an NBA team, a move that would require significant financial strides similar to the ones she has been making since her high school years when she gained attention by outperforming competitors in the 2004 McDonald’s All American slam dunk contest.
Despite being the highest-paid women’s basketball player last year, reportedly earning $8.1 million, Parker still earned $3 million less than the lowest-paid NBA player. This financial gap emphasizes the challenges she would face in purchasing professional basketball teams, with the Atlanta Dream valued at $55 million and the Memphis Grizzlies at $2.4 billion.
In October 2023, Parker took a significant step towards bridging this gap by joining Marc Lasry’s Avenue Sports Fund alongside prominent figures like Stephen Curry and Lindsey Vonn. Lasry, a billionaire investor, previously sold his stake in the Milwaukee Bucks for $3.5 billion, positioning him as a valuable mentor for Parker in her acquisition pursuits. Avenue Capital raised $445 million for the sports fund, with ambitions to reach $1.5 billion.
Emphasizing her commitment to women’s sports, Parker told the summit audience about her insistence on a promise with Avenue Capital to invest in women’s sports as a tangible business venture, rather than merely a supportive gesture. Her business ventures extend beyond Adidas, where she oversees a roster of emerging female athletes, including Aliyah Boston and Hailey Van Lith, as well as strategic investments.
Adidas’ stock has experienced notable fluctuations since Parker’s association with the brand began. The company saw a rise in its quarterly numbers, showing a 46% increase compared to the same period last year, though facing challenges with overstocked stores. Adidas’ stock peaked in 2021, driven by Parker’s championship win; however, it plunged by 73% the following year.
Despite the recent challenges, Parker aims to capitalize on the growing interest in women’s sports, driven by higher viewership and potential investments. Her involvement also extends into other sports, such as her collaboration with Kevin Durant to invest in League One Volleyball—a reflection of her broader interest, influenced by her daughter’s participation in the sport.