The Chicago Sky is under legal fire, as minority partner Steven Rogers filed a lawsuit last week alleging majority owner Michael Alter “breached his fiduciary duty to the minority investors” by devaluing the WNBA team for his own benefit.
The complaint claims that in 2022 — months after Chicago won their lone WNBA championship — Alter engaged in “opportunistic self-dealing,” diluting minority shares in the lead-up to a 2023 funding round that saw MLB’s Cubs owner Laura Ricketts buy into the team at an $85 million valuation.
In late 2025, Forbes ranked the Sky as the world’s 12th most valuable women’s sports franchise at $240 million — a significant turnaround from that 2023 valuation despite three consecutive losing seasons.
The current lawsuit also puts Alter’s Chicago Sky leadership in the hot seat, accusing the commercial real estate developer of going rogue without a board of directors.
“As a business, Alter’s operation has been a mess,” reads the filing. “Throughout his tenure, Alter flouted the agreement’s basic requirements and minimal standards for business operations.”
“The lawsuit is completely meritless,” Alter’s legal council said in a responding statement. “We look forward to defending our case through the appropriate legal channels and believe this matter will be disposed of quickly.”
The Chicago Sky will open their 2026 season by visiting incoming expansion side Portland Fire on Saturday, May 9th.
However, as the season nears and CBA negotiations stall, internal issues continue to overshadow what promises to be a pivotal year for the WNBA.