July 14th 2023.
Dwyane Wade, future NBA Hall of Famer, has just added "owner" to his résumé. He recently announced that he joined the ownership group of the WNBA's Chicago Sky. Wade is the latest high-profile figure to invest in the league in its 27-year history.
When asked why he made this move, Wade said he wanted to show his support in the best way he knew other than just talking about it. “We all talk about support, and support looks different for everyone," Wade said. “Instead of tweeting out and saying ‘go support the W,’ I wanted to take it to that next level, and this was the next level for me.”
In June, the team sold close to a 10% stake of the team, which includes MLB’s Chicago Cubs co-owner Laura Ricketts, for an impressive $85 million valuation. This isn't the first time Wade has invested in a professional sports team either; he purchased a minority stake in the Utah Jazz in 2021, which grew the value of the team from $1.75 billion to $2.25 billion.
Wade, who hails from the Windy City, said the partnership with the Sky just "made sense" to him. He gives credit to his mother, JoLinda, for introducing him to the team. “She was a fan of the Chicago Sky before I became a fan of the Chicago Sky,” Wade said. He also has a close relationship with the team’s former head coach and general manager, James Wade.
Sky Co-Owner and Operating Chairman Nadia Rawlinson was impressed by Wade's interaction with the team during a visit to the practice facility, adding that he wanted to be a part of the team’s history. “He has made an impact now in business and philanthropy in really significant ways that are abiding and authentic and true, and that is who we are at the Chicago Sky," Rawlinson said. “And so the fact that now he can help us be part of his story with that is extraordinary.”
The team hasn't yet announced how much Wade invested or what his ownership stake will be, as the sale still needs approval by the league’s Board of Governors. Nonetheless, the addition of Wade to the ownership group of the Chicago Sky is a major win for the team and the entire WNBA.
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