Chicago Sky Owner Sued by Minority Partner Over Alleged 'Self-Dealing'

Lawsuit claims majority owner Michael Alter devalued minority stakes to seize control of WNBA franchise

Apr. 11, 2026 at 3:05am

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A cubist, geometric painting depicting a fragmented WNBA basketball game, with sharp planes of navy blue, red, and white representing the Chicago Sky team colors, conceptually illustrating the complex power dynamics and competing interests within the franchise's ownership structure.A legal dispute over the ownership and valuation of the Chicago Sky WNBA franchise has exposed tensions between the team's majority and minority stakeholders.Chicago Today

A legal battle has erupted within the Chicago Sky organization, with minority partner Steven Rogers accusing majority owner Michael Alter of self-dealing practices that have devalued his and other minority shareholders' stakes in the WNBA franchise. Rogers alleges Alter manipulated the team's valuation to his advantage after their 2021 championship win, seizing a majority stake at an unfair price and putting his personal interests above those of the team and other investors.

Why it matters

The dispute highlights the challenges facing WNBA team owners as the cost of owning a franchise has skyrocketed in recent years. While other investors have joined the league, bringing fresh capital and raising the Sky's valuation, Rogers claims Alter has struggled to maintain basic operational standards, depriving minority shareholders of the true value of their investments.

The details

According to the lawsuit, Alter, as the sole manager with near-absolute control over the team's finances, orchestrated a series of transactions after the Sky's 2021 championship win that allowed him to seize a majority stake at an unfair price. Rogers alleges Alter initially claimed his stake had dropped in value, even as the team's popularity and revenue grew, and that a later offer of a higher valuation still shortchanged minority shareholders.

  • The dispute began in September 2022.
  • The lawsuit was filed in April 2026.

The players

Michael Alter

The majority owner of the Chicago Sky WNBA franchise.

Steven Rogers

A minority partner and early investor in the Chicago Sky, who has accused Alter of self-dealing practices that devalued his and other minority shareholders' stakes.

Laura Ricketts

An investor who has joined the WNBA, bringing fresh capital and raising the Sky's valuation to $85 million.

Dwyane Wade

An investor who has joined the WNBA, bringing fresh capital and raising the Sky's valuation to $85 million.

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What they’re saying

“Alter's actions have deprived minority investors of the true value of their investments. His operation has been a mess, flouting basic business standards.”

— Steven Rogers, Minority Partner, Chicago Sky

What’s next

The lawsuit, with significant portions redacted, hints at a deeper frustration with Alter's management style, echoing the concerns of former and current players. The outcome of this legal battle could shape the future of the franchise.

The takeaway

This case highlights the challenges facing WNBA team owners as the cost of owning a franchise has skyrocketed, with minority investors like Rogers alleging majority owners like Alter are prioritizing their own interests over the team's long-term success and the fair treatment of all shareholders.