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Chicago Sky Owner Faces Lawsuit Over Alleged Misconduct

2/1/2026

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Summary

Story summary

A Cook County Circuit Court lawsuit accuses Michael Alter, owner of the Chicago Sky, of violating fiduciary duties to minority investors, including Steven Rogers.
The suit alleges he misallocated franchise value to benefit himself and reduced minority partners' stakes.
It claims Alter seized a majority stake unlawfully and misrepresented the team's value.
The Sky's valuation is about $240 million.
An initial hearing is scheduled for Thursday.

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Story summary

A Cook County Circuit Court lawsuit accuses Michael Alter, owner of the Chicago Sky, of violating fiduciary duties to minority investors, including Steven Rogers.
The suit alleges he misallocated franchise value to benefit himself and reduced minority partners' stakes.
It claims Alter seized a majority stake unlawfully and misrepresented the team's value.
The Sky's valuation is about $240 million.
An initial hearing is scheduled for Thursday.