Coco Gauff is on the brink, and the world (and her portfolio) is watching. Kyle Lowry cashed out of the NBA and straight into WNBA ownership, and Flau’Jae is setting an example for diversification. Welcome back to The Closeout. Let's get into it.

Coco Gauff walked onto Wimbledon's Court 1 in 2019 at fifteen years old and beat Venus Williams, a five-time champion twice her age, in straight sets. She'd qualified for the main draw as the youngest player in the Open Era. Six years later she has two Grand Slam singles titles, a WTA Finals trophy, and this week became the youngest woman since Maria Sharapova in 2007 to reach the semifinals of all four majors. She's one win from her first Wimbledon final.

The court was never the whole plan. In 2024, Gauff launched Coco Gauff Enterprises through WME, a venture she owns outright; WME holds no equity in it. Her deal with Naked Juice includes an equity position, and she carries the title Chief Smoothie Officer, not spokesperson. In January she became an investor in Unrivaled, the women's basketball league co-founded by Napheesa Collier and Breanna Stewart, which has raised $35 million at launch. Gauff realized there was more to it than just collecting endorsement checks. 

She's part of a bigger shift. I've talked about Serena Williams' portfolio, including her ownership stake in the Toronto Tempo, the WNBA's first Canadian franchise, and her founding stake in NWSL's Angel City FC, a club whose ownership group also includes Natalie Portman, Billie Jean King, Mia Hamm, Abby Wambach, and, since last year, Chris Paul. Kyle Lowry retired this week and joined the Tempo's ownership group alongside his wife, Ayahna Cornish-Lowry. Mellody Hobson's Project Level has raised $250 million for women's sports, with stakes in NWSL's Denver Summit and League One Volleyball. Sixth Street put $125 million into launching Bay FC in 2024, with WNBA star Sabrina Ionescu among the investors who bought in. Women's sports isn't just a blip on the radar anymore. It's the real deal.

The numbers back it up. WNBA teams now average $427 million in value, up 59% year over year, according to Sportico, with the Golden State Valkyries leading at $850 million. NWSL franchises average $184 million, led by Angel City FC at $340 million. Broadcast viewership is projected to grow 32% for the WNBA and 24% for the NWSL over the next three years, according to a report from Wasserman's The Collective and RBC. The WNBA's new $3.1 billion, 11-year media deal only recently has fresh ink.

Gauff’s success on the court is a direct correlation to the next move she makes off it. Every deep run at a major makes Unrivaled's next pitch meeting easier, and every deal she signs raises the price of betting against women's sports. She's one win from her first Wimbledon final. Win or lose, the business case is already as strong as it gets. 

Women's sports were never in the shadow of men's, we were just waiting for the light to shine in the right direction.

Kyle Lowry signed a one-day contract to retire as a Raptor, then bought into the Toronto Tempo with his wife, Ayahna Cornish-Lowry, hours later. Retired at noon. WNBA minority owner by dinner.

TOGETHXR, the media company founded by Sue Bird, Alex Morgan, Chloe Kim, and Simone Manuel, launches a weekly podcast with iHeartMedia on July 9. The slogan already made eight figures. Now it's a show.

Glen Powell and Rob Mac bought into the PLL's $100M Series E, the largest raise in pro lacrosse history. Powell isn't just writing a check. He's a Creative Advisor bringing teams to Texas.

Tiger Woods put money into golf-sim company Full Swing in 2015. Versant just bought it for $530 million, putting his 1-2% stake at up to $10.6M. Patience pays.

Every so often a player shows up who's good at everything they touch. Flau'jae Johnson is that player.

Golden State took her eighth in the 2026 WNBA Draft, then flipped her to Seattle on draft night. She arrived a national champion from LSU and got to work: 12.7 points, 5.4 rebounds, 2.7 assists as a rookie. That's the basketball side of things, but it was never the whole story.

Johnson raps, and she doesn't treat it as a side hustle. Her father, Savannah rapper Camoflauge, was killed before she was born. She picked up the mic young to carry his name, and she's been building the catalog ever since. The music isn't a hobby bolted onto an athlete. It came first.

Then the ownership. In June she signed a multi-year playing deal with Unrivaled, the 3-on-3 league she first joined on an NIL deal that came with equity. That distinction is the whole point. She wasn't a college star cashing a check. She was a college star getting early ownership in a league betting on the next era of women's basketball.

The rest is filling in fast: a year-long partnership with e.l.f., a PUMA sneaker collab tied to her late father, and an Unrivaled stake that ties all three versions of her together. The athlete, the artist, the owner. Same person, three revenue lines, one story.

Pharrell turned Marseille into "Virginia" for a day. His adidas imprint took over Boa Vista Beach Club with capture the flag, beach volleyball, and paddle relays, all to debut the VIRGINIA Watermoc, nicknamed the "Starfish." It's a revival of adidas' 1997 Equipment Water Moc, reworked with a wrap-around midfoot strap and five colorways. Out September 15 at $220. This isn't a logo loan. The line carries the name of the hometown we share, and he runs the creative direction end to end.

Coco Gauff plays her first Wimbledon semifinal Thursday, July 9, against Karolina Muchová. This is the surface that never suited her, she came in without a grass-court win in two years, and now she's the highest seed left in the draw. She leads Muchová 6-1. Win, and she's in her first Wimbledon final, one step from completing the Grand Slam set at the only major that's ever escaped her. Everything in today's Lead compounds from here. The deals get bigger the more trophies she adds to her case. Watch live on ESPN. 

P.S. I’m always open to athletes and artists as operators to feature in issues. Have an idea on who should be featured in the next issue? Drop a line! See you next week.