Unrivaled, the professional three-on-three women’s basketball league, announced Wednesday that it had raised money that puts the league’s valuation at $650 million.Unrivaled president Alex Bazzell said in a statement that this Series C funding is cumulatively more than all of the league’s other funding combined, and he sees it helping strengthen the league, which will enter its third season this winter. The valuation is an estimate made by the league.The three-on-three league was co-founded by WNBA stars Breanna Stewart and Napheesa Collier (Bazzell’s wife) and provides players with an equity stake in addition to their salaries. The players remain the largest shareholder group after this latest investment round, with the value of the player-equity pool increasing to nearly $200 million, according to the league.Ten Pillar Sports Fund, backed by UC Investments, led the Series C raise, which is oversubscribed, surpassing the league’s initial $100 million target. Sports stars including Naismith Hall of Famer Carmelo Anthony, Washington Wizards guard Trae Young and UConn coach Geno Auriemma, and former U.S. soccer star Alex Morgan’s Trybe Ventures, actor Ashton Kutcher and Bessemer Venture Partners built on previous investments in the league. The estimated valuation of the eight-team league puts it ahead of each WNBA team except that of the Golden State Valkyries, according to Sportico’s 2026 WNBA valuation ranking.“Anyone who’s watched Unrivaled knows this game is every bit as thrilling as any other sport out there — and there’s another essential ingredient that drew us in: Unrivaled’s athletes don’t just play in the league, they own a piece of it,” UC Investment chief investment officer Jagdeep Singh Bachher said in a statement. “We’re excited to help propel that momentum forward.”The latest funding comes roughly four months before the league’s next season tips off, on Jan. 8. Unrivaled isn’t adding teams this season or expanding the competition window, Bazzell said. Roster sizes will also stay the same in Year 3 with six players on each roster and another six in the league’s developmental pool. But Unrivaled is looking at expanding its roster spots for Season 4, he said.The league is in the middle of a six-year media rights deal with TNT. Early last season, Unrivaled faced schedule overlaps with major sporting events including the Olympics and the College Football Playoff. For this season, Unrivaled made an effort to minimize conflicts with major sporting events in its scheduling discussions with TNT. The schedule is expected to be released this fall.Bazzell’s focus on expansion pertains to Unrivaled’s tour model and the elevation of the overall experience for fans and players.The 2026 season will be Unrivaled’s last at Sephora Arena in Medley, Fla., outside of Miami. Bazzell declined to say where the league will move long term but said the plan is to build “a more innovative space” for the athletes and fans.Unlike last season, Unrivaled will begin its regular season and end the postseason on the road. Bazzell said the number of tour stops will increase from two during the 2025 season to roughly eight in 2026, and it will take the league nationwide. He declined to cite the cities for the stops as the league negotiates with venues, but an announcement is expected in September. Last year, Unrivaled’s tour stops were limited to games in Philadelphia and New York.“We’ll always have the tour model,” Bazzell said. “We’ll increase it a little bit more, but I think we want to find the balance that players don’t want to live out of their suitcases for 10 weeks. But it is a big part of growing the business that they also benefit from.”Before Season 2, more than 75 percent of the league’s players were signed to multiyear deals. Unrivaled has roughly 95 percent of its Season 3 rosters solidified, including new stars such as Olivia Miles, Gabby Williams and Marine Johannès, who are signed to multiyear deals. Among the stars expected to return this winter are Stewart, Collier, Kelsey Plum, Chelsea Gray, Paige Bueckers, Allisha Gray, Dominique Malonga, Jackie Young, Kahleah Copper, Marina Mabrey and Sonia Citron.