The Chicago Sky's $85M valuation makes it the second most valuable in the WNBA

The GIST: Money is flying in the Windy City. Yesterday, the Chicago Sky revealed that it sold 10% of the franchise to eight investors, pocketing $8.5M in the process. The franchise’s new $85M valuation makes it the second most valuable in the WNBA.

The details: New investors include Foot Locker CEO Mary Dillon, MLB’s Chicago Cubs co-owner Laura Ricketts, ex–Time’s Up president and CEO Tina Tchen, and Chicago’s Museum of Contemporary Art board of trustees chair Cari Sacks. Existing co-owners Nadia Rawlinson and John Rogers also moved additional funds into the Sky.

• The new money will go towards improving player experience and team marketing, along with a new WNBA–specific practice facility, following in the footsteps of the Las Vegas Aces and Seattle Storm.

The value: Chicago isn’t the only team raising funds. The Storm is worth $151M after new investment last year, making it the league’s most valuable franchise. The new cash in Chicago and Seattle marks an exponential rise in WNBA team valuations since 2021, when Mark Davis bought the Aces for just $2M. Spending wisely.

Zooming out: Increasing valuations will undoubtedly impact the WNBA’s ongoing expansion race — new ownership groups are expected to set league records for entry fees. It will also narrow the list of potential candidates to those who can foot the expensive bill.

• If the NWSL expansion search is anything to go by, a trimmed-down list isn’t exactly a small one. The soccer league scored $53M from newcomers Bay FC and attracted interest from at least eight other cities. Money please!