Topline
Former NBA star Dwyane Wade has purchased a stake in his hometown WNBA team, the Chicago Sky, he announced on social media Friday, joining a growing list of high-profile athlete investors in the league.
Former Miami Heat player Dwyane Wade waves to fans during the first half of Game 3 of the NBA Finals … [+] basketball game between the Miami Heat and the Denver Nuggets, Wednesday, June 7, 2023, in Miami. (AP Photo/Rebecca Blackwell)
Copyright 2023 The Associated Press. All rights reserved.
Key Facts
Wade joins an ownership group that includes real estate developer Michael Alter, Cubs co-owner Laura Ricketts, Footlocker CEO Mary Dillon and Tina Tchen, chief strategy and impact officer at the Obama Foundation, according to the Chicago Sun-Times.
The announcement comes a month after Wade visited the Sky’s facility in Deerfield, Illinois, to meet the team and take a “deep look” at potential investment, the Sun-Times reported.
The sale is now subject to formal approval from the WNBA board of governors, according to ESPN.
The percentage stake and price tag of the deal have not been disclosed.
Wade’s entrance to the ownership group comes less than two months after Ricketts and five other Chicago women purchased a 10% stake for $8.5 million.
Big Number
$85 million. That’s how much the Sky was valued in June when Ricketts’ group invested in the team. That makes them the second-most valuable team in the league behind the Seattle Storm, according to Sportico.
Crucial Quote
Wade said a big part of this was supporting women’s sports, telling ESPN: “Instead of tweeting out and saying ‘go support the W,’ instead of showing up at the game and supporting, I wanted to take it to that next level, and this was the next level for me.”
News Peg
Wade is the latest prominent athlete to invest in the WNBA. Tom Brady, who recently retired from the NFL, purchased a minority stake in the Las Vegas Aces at an undisclosed price in March, Sportico reported. In 2014, fellow former NBA star Magic Johnson purchased the Los Angeles Sparks with an ownership group, according to USA Today.
Key Background
Wade had made a number of sports investments already. He bought a stake in the NBA’s Utah Jazz in 2021 and a stake in MLS’ Real Salt Lake in 2022, according to Sports Illustrated. Additionally, his wife Gabrielle Union and their daughter, Kaavia James Union Wade, are invested in the National Women’s Soccer League’s Angel City FC. Wade’s investment in the Sky comes two years after the team won its first WNBA championship and as the team takes steps to develop its own practice facility (the facility they currently use in Deerfield is a public gym that they rent). The team was founded in 1996 by Alter, the principal owner, and it plays in the Wintrust Arena.
Tangent
Wade’s entrance into the organization comes soon after a close family member left it. James Wade, the team’s former head coach and Wade’s cousin, left the franchise two weeks ago to accept a position as an assistant coach for the NBA’s Toronto Raptors, the Sun-Times reported. He had been with the team since 2018.
Further Reading
Dwyane Wade officially joins Sky ownership group (Chicago Sun-Times)
WNBA Touts Transformational Investment, With Laurene Powell Jobs, Condoleezza Rice And Nike Among New League Owners (Forbes)
Here Are The Billionaires Behind WNBA’s Record Capital Raise (Forbes)
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Copyright for syndicated content belongs to the linked Source : Forbes – https://www.forbes.com/sites/willskipworth/2023/07/14/dwyane-wade-buys-stake-in-wnbas-chicago-sky-joining-tom-brady-magic-johnson-and-other-high-profile-league-investors/