Not sure how you miscalculated. Maybe because there are only 12 WNBA teams. Have to keep that in mind.
The NBA's player union has guaranteed the players at least 53% of the revenue.
From the same site:
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Fwiw this made obvious sense to me from the go. Just consider overhead. OH is easily covered with 10 billion dollars. Plenty left over for 53% labor rates. Especially if you can get municipalities to constantly foot CAPEX bills...
Meanwhile $60 million leaves little room to cover OH. When the league is already in the red...and covering OH expenses is simply required...you're just asking owners to lose even more. NOW this does work in some leagues, such as Russian womens' pro ball where billionaires don't mind losing money to have winning teams. And maybe some owners will come along in the states for CC...and eventually turn it into a profit. But as of this time, the math doesn't math for those looking to profit off the league franchises.