Something that was speculated almost a year ago has now become a reality. Chicago Cubs co-owner Laura Ricketts will be part of a group of investors that has agreed to purchase 10% of the WNBA’s Chicago Sky.
The deal is valued at $8.4 million. The latest valuation for the women’s basketball franchise was $85 million. The Sky have recently added six new investors, most of whom are women, to their ownership group.
Ricketts branching from baseball to be able to basketball
The Ricketts family reached an agreement with the Tribune Company to purchase the Chicago Cubs, Wrigley Field, and 25% of Comcast SportsNet Chicago in 2009. Laura Ricketts joined her three brothers, Tom, Pete, and Todd, on the board of the Cubs organization.
Laura Ricketts (center) (Charles Rex Arbogast / AP Photo)
The Ricketts have experienced much success as MLB franchise owners, including winning the 2016 World Series. They have also implemented multiple renovations to Wrigley Field, including the upcoming retail DraftKings Sportsbook at the stadium.
Laura is known for her community outreach efforts. She is a board member of the Housing Opportunities for Women organization. She is also a prominent figure in the LGBTQ+ community. Her ownership stake in the Cubs makes her the first openly gay owner of a major-league sports franchise. She was also inducted into the Chicago Gay and Lesbian Hall of Fame in 2013.
Ricketts reportedly had initial discussions with the Sky about becoming a potential investor back in July 2022. Team owner Michael Alter said they were open to adding investors after winning the WNBA Championship in 2021.
Sky offers diverse players to property group
According to a report from Sportico, the owners of the Chicago Sky have sold a 10% stake in the team to the new ownership group at an $85 million valuation. This is the second highest in the WNBA behind the Seattle Storm. The new investors include Ricketts, Footlocker CEO Mary Dillon, and former chief of staff to Michelle Obama and current strategy and impact officer at the Obama Foundation, Tina Tchen.
Last summer, Alter said he was engaging in various conversations with interested parties but declined to comment on who. However, he did tell the Chicago Tribune that Ricketts would make a great investor for the team.
“Hypothetically, [Ricketts] is a very high-profile owner of a sports team,” said Alter. “She has been a big fan of this team for a long time and has been active civically in Chicago, which is very important to us. If she’s someone who wanted to be involved and had a vision, then we would certainly talk to her about it.”
Alter will remain the Sky’s principal owner. The WNBA’s Board of Governors still needs to approve the deal.
“The interest in general in women’s sports and the WNBA has never been greater,” Alter told the Chicago Sun-Times in May. “That continues to grow. That includes the Sky and, I’m sure, all other teams. It’s a great time to be a WNBA owner in that respect.”
Forthcoming outlook with the Chicago Stones
The Sky have begun scouting locations for their own practice facility. Part of the $8.5 million raised will go towards constructing that facility. The organization aims to create a space that meets the team’s needs while also benefiting the community in terms of engagement and economic growth.
Sky CEO/President Adam Fox states that they are seeking out feasible locations that would place the team close to Wintrust Arena, where the team plays. Currently, the team practices at Sachs Recreation Centre, a popular gym in Deerfield. The lease there extends through the 2024 season, meaning there may be an expectation that a potential new facility would be available at some point before the 2025 season.
There are also question marks for the team on the court. Many key figures in their 2021 WNBA Championship run, including Candace Parker and Courtney Vandersloot, have departed. However, Kahleah Copper is still with the team and is now leading them towards the future.
Heading into the 2023 season, many experts viewed the Sky as a fringe playoff team. According to various Illinois betting sites, the odds of winning it all are about +4000. Championship aspirations seem unlikely, with teams like the New York Liberty and Las Vegas Aces appearing to be on a collision course for the Finals.
Things could get challenging if the Sky continue to hover around the middle of the pack. The 2024 WNBA Draft is expected to be one of the best drafts in league history. That draft will include Iowa’s Caitlin Clark, UConn’s Paige Bueckers, LSU’s Angel Reese, and Hailey Van Lith, among others. The WNBA is about to become highly competitive. Let’s hope the Chicago Sky can keep up.
M.J. Caillou is a Lead Writer at Play Illinois. He has been covering news and sports for over a decade in both online and TV broadcasts. He grew up in Minneapolis, MN and is an alum of Minnesota State University: Moorhead. He recently delved into tribal casino and online gambling news. He has also covered the launch of sports betting in Arizona. M.J. has experience as a reporter and videographer and has covered high school, college, and professional sports throughout his career, with a particular focus on the Arizona Cardinals, Phoenix Suns, Minnesota Vikings, and North Dakota State University football.
