Does NBA Hall of Famer Dwyane Wade Own a WNBA Team??

In recent years, the WNBA has seen a rise in popularity and the revenue that flows out of it. A number of causes, such as greater media attention, rising fan engagement, and the rise of superstar players, are responsible for this trend. This turns into a lucrative chance for astute investors to profit from a sport on the rise. And for former NBA players who have accumulated riches over the course of their careers, portfolio diversification is a wise financial move.

WNBA franchise investments offer industry diversity within the sports sector and can be a reliable long-term investment choice.? So, does Hall of Famer Dwyane Wade own a WNBA Team?

Is Dwyane Wade a WNBA team owner?

Dwyane Wade, a former member of the Miami Heat, dabbled with team ownership by investing in a small portion of the Chicago Sky back in July in 2023. The specific percentage stake and the deal’s financials have not been made public. This announcement comes just after a group of Chicago women and Laura Ricketts, another team owner, paid $8.5 million for a 10% stake in the organization.

In June, Sportico evaluated the Chicago Sky at $85 million. This makes them the second-most valuable team in the league, just behind the Seattle Storm. Wade’s investment is expected to increase interest in and support for the women’s game, a subject he strongly supports.

?We all talk about support, and support looks different for everyone,? Wade told ESPN about his purchase. ?And so instead of tweeting out and saying, ?Go support the W,? instead of showing up at the game and supporting, I wanted to take it to that next level, and this was the next level for me.?

Turns out, Dwyane Wade’s mother is indeed a fan of the team. Furthermore, being from Chicago himself, the investment just made sense.? However, Wade underlines that his main goal is to draw more attention to the WNBA and its outstanding players. He remains adamant that nobody should take the spotlight away from the talented players in the league.

Wade said it best himself, “No one is bigger than the players.” He is aware that being an owner shouldn’t be about achieving personal success or notoriety. Rather it should be about advancing the game for women. His objective is to use his wealth and influence to promote the WNBA and ensure that the league and its players receive the recognition they deserve.

However, it was Magic Johnson who kick-started this trend back in 2014 by purchasing a stake in the Los Angeles Sparks.

Magic Johnson saved the Los Angeles Sparks

Basketball superstar Magic Johnson and a major financial group led by Mark R. Walter, the controlling owner of the Los Angeles Dodgers. saved the Los Angeles Sparks in 2014.

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After their previous owners turned over the reins, the Sparks were about to collapse. Paula Madison, the majority owner since 2007 disclosed that her company was no longer able to support the expense of maintaining the team. Madison’s choice was motivated by the shocking discovery that the Sparks had lost money despite making a large $12 million investment in the team.

She also believed that the franchise would suffer losses in excess of $1 million the next season. Due to these financial difficulties, Madison made the dramatic decision to lay off every member of the Sparks staff, including Coach Carol Ross, who had just extended her contract, and General Manager Penny Toler.

However, with a massive $50 million investment from Johnson and Walter, the WNBA and NBA Board of Governors unanimously endorsed the investment.

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Johnson expressed his relief in an interview, saying, ?The team was leaving,? Johnson said, ?It was very close. We came in at the 11th hour, and I think we were the last ones. If we don?t come in and make a deal, I think it was gone. We wanted to keep the team in L.A. I?m glad we were able to save it.?

What are your thoughts on Dwyane Wade and ownership in the WNBA? Let us know in the comments below!