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Laura Ricketts, a co-owner of MLB franchise Chicago Cubs, is on the verge of officially becoming part-owner of another pro team based in Windy City. In a report by Emily Caron of Sportico, Ricketts is said to be among the eight-man group of investors which purchased a 10 percent stake in the WNBA's Chicago Sky.
The owners of the Chicago Sky have sold 10% of the team to a group of eight investors, most of them women, at an $85 million valuation—the second-highest in the league behind Seattle. The Storm raised $21 million from 15 new investors earlier this year at a $130 million valuation (which was widely reported as a $151 million post-money valuation).
The WNBA's Board of Governors will still have to approve the transaction in order for it to be official.
The Sky's management felt that it was a good time to capitalize on a ‘bullish' capital by potential investors.
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“It was important for us to go public with this because it’s a signal that capital is bullish about this [being] where people want to make significant investments for returns over time,” Sky’s operating chairman Nadia Rawlinson said.
The Sky first competed in the WNBA in the 2006 season. Chicago went just 5-29 in its first year in the league but has won at least 12 games each completed season since. Chicago has also a WNBA title to show, as it was the last team standing in the 2021 season. So far in the 2023 WNBA campaign, the Sky have a 4-3 record.
The $85 million valuation of the Sky is the second-largest in the WNBA — just behind the Seattle Storm ($151 million).
