Sky Owner Michael Alter Sued by Minority Investor Over Ownership Stake

Lawsuit alleges Alter unfairly diluted minority stakes during franchise value boom

Feb. 1, 2026 at 1:55pm

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Sky majority owner Michael Alter is being sued by one of his minority partners, Steven Rogers, over allegations that Alter enriched himself at the expense of minority investors during a period of rapidly rising franchise valuations. The lawsuit claims Alter 'breached his fiduciary duty to minority investors and unfairly deprived them of the value of their investments' through a 2024 transaction that allegedly allowed Alter to seize a larger ownership stake.

Why it matters

This case highlights growing tensions in professional sports ownership, as franchise valuations have soared in recent years. The lawsuit alleges Alter used his control of the organization to unfairly dilute minority investor stakes, raising questions about governance and oversight in the WNBA, where smaller ownership groups have struggled to keep pace with wealthier counterparts.

The details

The lawsuit, filed in the Circuit Court of Cook County, centers on a 2024 transaction in which Alter allegedly 'put himself first in an opportunistic self-dealing transaction to seize [redacted] without lawful basis.' This allegedly enriched Alter and his family to the tune of [redacted] million. The suit also cites the absence of a functioning board of governors as an example of the lack of checks on Alter's control of the organization.

  • The lawsuit was filed on February 1, 2026.
  • An initial hearing will take place on Thursday, with the key hearing scheduled for March 30.

The players

Michael Alter

The majority owner of the Chicago Sky WNBA franchise.

Steven Rogers

An early minority investor in the Chicago Sky who is suing Alter over his ownership stake.

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What they’re saying

“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.”

— Robert A. Chapman, Counsel for Michael Alter and the Chicago Sky (suntimes.com)

What’s next

The key hearing in the case is scheduled for March 30, 2026.

The takeaway

This lawsuit highlights the growing tensions in professional sports ownership as franchise valuations have soared, with smaller ownership groups struggling to keep pace with wealthier counterparts. The case raises questions about governance and oversight in the WNBA, where the Sky's reputation has already suffered from allegations of mismanagement and underinvestment.