A Battle for Ownership: Chicago Sky's Minority Partner Fights Back
In a surprising turn of events, a legal battle has erupted within the Chicago Sky organization, pitting minority partner Steven Rogers against the longtime majority owner, Michael Alter. Rogers, an Englewood native and early investor, has accused Alter of a shocking breach of trust, alleging self-dealing practices that have devalued his and other minority shareholders' stakes.
But here's where it gets controversial... Rogers claims that Alter, in his role as the sole manager with near-absolute control over the team's finances, has manipulated the valuation of the franchise to his advantage. According to the lawsuit, Alter orchestrated a series of transactions after the Sky's championship win in 2021, seizing a majority stake at an unfair price and putting his personal interests above those of the team and other investors.
"Alter's actions have deprived minority investors of the true value of their investments," Rogers' lawsuit states. "His operation has been a mess, flouting basic business standards."
The dispute, which began in September 2022, has escalated with Rogers' recent legal action. He alleges that Alter initially claimed his stake had dropped in value, even as the team's popularity and revenue grew. Despite a later offer of a higher valuation, Rogers believes minority shareholders are still being shortchanged.
And this is the part most people miss... The cost of owning a WNBA franchise has skyrocketed since Alter's initial purchase in 2006. Expansion fees have soared, putting pressure on team owners to keep up with the league's rapid financial evolution. While Alter has struggled to maintain basic operational standards, other investors, like Laura Ricketts and Dwyane Wade, have joined the league, bringing fresh capital and raising the Sky's valuation to $85 million.
The lawsuit, with significant portions redacted, hints at a deeper frustration with Alter's management style, echoing the concerns of former and current players. With the Sky valued at $240 million by Forbes in 2025, the stakes are high, and the outcome of this legal battle could shape the future of the franchise.
So, what do you think? Is Alter's self-dealing an unfortunate necessity in a rapidly changing league, or a breach of trust that warrants legal action? Weigh in and share your thoughts in the comments below!
