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 future remains uncertain for the Connecticut Sun, with sale reports surfacing Friday that Celtics minority owner Steve Pagliuca struck a deal with the Mohegan Tribe to purchase and move the team to Boston — though the WNBA might have other plans.
The WNBA Board of Governors has not approved the Connecticut Sun sale, valued at a reported $325 million.
"Relocation decisions are made by the WNBA Board of Governors, and not by individual teams," the league said in a statement, asserting final say.
Along with hosting Sun games at the Celtics' TD Garden, Pagliuca's offer includes building a $110 million dedicated practice facility — big upgrades from the team's current 9,000-seat arena and communal training center.
Having owned and operated the Sun since the team relocated from Orlando in 2003, the Mohegan Tribe began exploring a potential sale in May, while also promising to keep the team at Mohegan Sun through the 2026 season.
Per the Globe, the WNBA has the power to force a sale to a Connecticut buyer, speculating that the league is instead eyeing Boston as a 2033 expansion city.
Hartford mayor Arunan Arulampalam weighed in this week, telling media that he's working with a local investment group to keep the Sun in-state.
"We have a long history of women's basketball fandom here," he said. "It makes so much sense for them to play right here in Hartford."
With both valuations and expansion interest soaring, one-off deals could cloud the WNBA's vision — but an ownership tug-of-war can also take its toll.
"I know there's still uncertainty about the future, but our loyal fans, they're excited to be able to watch this team grow," said Connecticut Sun president Jennifer Rizzotti. "And if it ends up being our last year here, we're going to make sure we blow it out."
The Golden State Valkyries made a splash on Tuesday, as the 2025 expansion side debuted on Sportico's annual WNBA valuation list at the very top, leading all 13 league teams at $500 million.
With facility ownership and arena management playing major roles, that current estimate of the Valkyries' worth is 10 times the amount that the Golden State ownership group paid in expansion fees back in 2023.
Even more, the figure arguably puts Golden State atop all other women's sport teams worldwide, surpassing even the record-breaking $450 valuation set by the New York Liberty just last month. On Sportico's current list, the Liberty clock in with a $420 million value just behind the Valkyries.
The Sportico report also places the overall average value of a WNBA team at $269 million, a 180% increase over last season's average — and a figure that dwarfs even the $140 million valuation held by 2024 list-leaders Las Vegas.
Of all teams, the Fever saw the biggest leap, rising from sixth to third on the list with a valuation of $355 million — more than 270% higher than Indiana's $90 million mark in 2024.
Valkyries poised to win the 2025 WNBA revenue race
The Fever also led the league in revenue last year with $33.8 million, though the Valkyries are projected to run away with this season's revenue title, as Sportico estimates that Golden State will bring in more than $70 million in 2025.
The Bay Area side already set a single-game WNBA record for revenue generated, making $3 million in their 2025 home opener.
Current calculations put WNBA valuations at an average of 12 times their revenue — the highest revenue multiple among all major pro sports leagues, including the NBA (11.9), MLS (9.4), NFL (9.3), NHL (7.7), NWSL (6.8), and MLB (6.6).
Plus, new media deals with broadcasters like ESPN, NBC, and Amazon Prime — among others — are on track to generate an average of $260 million in annual revenue for the league starting next season.
With Golden State proving that expansion can be immediately profitable, business — and valuations — continues to boom in the WNBA, as the league eyes even more value with the 2026 additions of Toronto and Portland.