Basketball star Dwyane Wade has always been a vocal fan of the WNBA, but he credits his family as a major reason for becoming an investor. His 5-year-old daughter, Kaavia, whom he shares with actress Gabrielle Union, played the biggest role in his decision to become part-owner of the Chicago Sky in 2023.
“The big part of that is that my son, Zaire, grew up and he had a dream of being in the NBA,” Wade said to “CBS Mornings.” “He had a dream of being like his favorite players. You understand the importance of role models, and so I want my daughter to have that same feeling.”
Investing in Chicago Sky
Wade’s investment in the Chicago Sky is linked to the team’s valuation at the time he joined the ownership group in 2023, which was $85 million. Since then, the team’s value has risen to an estimated $95 million, according to the WNBA website.
The Chicago Sky owners sold a 10% stake in the team to a group of eight investors, primarily women, valuing the franchise at $85 million.
Other investors include Laura Ricketts, co-owner of MLB’s Chicago Cubs, Foot Locker CEO Mary Dillon, and Laura Desmond, CEO of Smartly.io and founder and CEO of private equity firm Eagle Vista Partners, as well as an operating partner at Providence Equity Partners. Cari Sacks, chair of the board of trustees at Chicago’s Museum of Contemporary Art; Tina Tchen, former president and CEO of Time’s Up, now chief strategy and impact officer at the Obama Foundation and principal at Seneca Strategies; and Anne Sempowski Ward, CEO of Curio Brands are also investors.
Founded before the 2006 season, the franchise secured its first championship in 2021.
Wade points to the popularity of Angel Reese, who plays for Chicago Sky, as helping the WNBA grow.
“She’s owning it. She is owning who she is. She wants to be great, and she wants to be a great teammate. And so, our conversations, when we do talk, are about that and giving her that confidence to continue to be that,” Wade shared.
“The women showed up when the lights were the brightest, and that started back last year when Angel Reese and Caitlin Clark had that national championship moment,” Wade said. “It’s just like anything that we want to do in life. You work and you just prepare for your moment. You don’t always know when it’s going to come.”
Regarding the future of women’s basketball, Wade said his hope is for equality.
“I want young girls to grow up and know that this league can do the same thing for them that it did for our family,” he said. “It can change your life.”
