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."
Alter's legal representation countered with their own statement. "We are aware of the lawsuit filed last week by an early Chicago Sky investor. The lawsuit is completely meritless. We look forward to defending our case through the appropriate legal channels and believe this matter will be disposed of quickly. This matter will not affect the Sky's operations. Because this is active litigation, neither Mr. Alter nor the Chicago Sky will be commenting further."
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.
The Stars are investing in the future, with the Chicago NWSL team announcing on Tuesday that it's planning to build a club-owned training and performance center on a 10-acre site in suburban Bannockburn, Illinois.
"This facility will set the standard in women's professional soccer by providing the infrastructure our players need to develop to their highest level of performance," said executive chairperson Laura Ricketts in a club statement. "This new facility isn't just an investment in the Stars, it's an investment in the future of women's soccer."
Set to break ground in this spring, the Chicago Stars' private training ground will include two full pitches, a goalkeeper pitch, and a 45,000 square foot performance center as the founding NWSL club doubles down on its new identity after finishing the 2025 season in last place.
Along with a brand overhaul, the Stars announced last year that the club will relocate from Bridgeview's SeatGeek Stadium to Northwestern University's Martin Stadium in 2026.
"Providing our players with a private facility will be pivotal in their development and performance," said incoming head coach Martin Sjögren. "The environment will eliminate distractions to maximize the energy and focus our athletes are able to dedicate to their craft. This includes a focus on the whole person — optimizing both mental and physical health to drive results and help us continue to draw top level talent to Chicago."
Laura Ricketts and her investor group officially purchased the NWSL’s Chicago Red Stars in a $60 million deal.
The Chicago Cubs co-owner, who is also a minority owner of the Chicago Sky, said in August that she is “honored” to lead a group of women investors in the effort to purchase the NWSL club, which were put up for sale by Arnim Whisler in the aftermath of the league’s abuse scandal.
As part of the sale, $35.5 million will go to the previous owners, and $25.5 million will be invested in the Red Stars.
Ricketts’ group also includes Angela Barnes, chief legal officer of IDEO; Debra Cafaro, chairman and CEO of Ventas and a partner in the Pittsburgh Penguins ownership group; Jessica Droste Yagan, CEO of Impact Engine; Jennifer Pritzker, president and CEO of TAWANI Enterprises; and Sidney Dillard, a partner at Chicago’s Loop Capital.
“Our respective backgrounds in professional sports, finance, turnaround management, commercial real estate, marketing and advertising, paired with our deep community ties, make for a powerful combination that will serve us well in reaching our ultimate goal: building a championship organization on and off the pitch,” Ricketts said in a release in August.
“Building a championship culture begins with treating our players with the respect they deserve as women and athletes,” Ricketts continued. “We look forward to completing this transaction so that we can begin this new chapter for the team and the fans.”
As a co-owner of the MLB’s Cubs, Ricketts is one of the first women and LGBTQ+ owners of a major U.S. men’s professional sports franchise.
The deal received final approval from the NWSL’s Board of Governors, ending eight months in limbo for the Red Stars, which have been up for sale since December. Whisler committed to selling the club following criticism from players and fans for his involvement in the NWSL abuse scandal, with the pressure mounting following the release of the Sally Yates report last October.
Red Stars players released a statement together on Oct. 10, 2022, encouraging Whisler to sell the club, writing that they “look forward to finding a new majority owner who can help us realize the full potential that we as players always knew existed for this club.”
While the Red Stars made a run to the NWSL championship match in 2021, the team sits in last place in the 12-team league with five games remaining in the 2023 regular season.
The NWSL issued a statement about the sale in August ahead of the final approval, referring to the investors in the Ricketts group as “exceptional leaders.”
“Laura Ricketts and the proposed new ownership group are exceptional leaders and we’re pleased with the progress that has been made. A final sale will require the approval of the NWSL Board of Governors, and we’ll have more to say if and when that occurs,” the league said.