LAS VEGAS — Dwyane Wade has officially joined Sky ownership a month after expressing interest in investing in the franchise following an afternoon with the team at their practice facility in Deerfield.
“It’s an incredible feeling being on this side of history,” Wade shared to social media. “To see growth, on the business side, for something that I’ve been passionate about my whole life is an amazing feeling. It’s official! This is for the home team — literally. I know the home team will make you feel some type of Wade.”
The three-time NBA champion and 13-time All-Star is the latest addition to a new group of investors that includes Cubs co-owner Laura Ricketts and six other women with strong ties to Chicago. Last month, Sky owners sold a 10% share of the team for $8.5 million to the group of women.
It’s an incredible feeling being on this side of history. To see growth, on the business side, for something that I’ve been passionate about my whole life is an amazing feeling. There are amazing things happening in the @WNBA. It’s official! This is for the home team– literally.… pic.twitter.com/lsvQovpj5z — DWade (@DwyaneWade) July 14, 2023
Wade’s investment — the exact amount has not been disclosed — is still subject to approval from the WNBA Board of Governors, according to ESPN.
Sky principal owner, Michael Alter, brought the WNBA to Chicago 10 years after the league was established in 1996. His efforts were a direct result of Bulls’ ownership choosing not to invest when the league was founded.
The Sky are one of seven independently owned WNBA teams. The other five share owners with their NBA counterpart teams.
News of Wade’s investment comes on the heels of his cousin James Wade’s resignation to accept an assistant coach position with the Toronto Raptors. The exit of one Wade and the addition of another marks a significant turning point for the franchise that was set in motion by the departures of three franchise players this offseason.
Candace Parker and Courtney Vandersloot both opted to sign with other teams as unrestricted free agents. Parker signed a one-year deal with the Aces and Vandersloot signed a multiyear deal with the Liberty. Both are two of the leading franchises in terms of investment and player experience.
The Sky are actively taking steps to develop their own practice facility near Wintrust Arena. Their current lease — which was signed this winter — extends through the 2024 season, making it unlikely that the Sky make any moves before then.
Wade is already a professional sports owner, with stakes in the NBA’s Jazz and Major League Soccer’s Real Salt Lake. Born in Chicago and an alum of Richards High School, he hasn’t lived in the city since the 2016-17 NBA season, which he spent with the Bulls, but continues to consider it home.