"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," Wade wrote on an Instagram post. "There are amazing things happening in the @WNBA. It's official! This is for the home team."
Last month, the franchise sold 10% of the Sky to a group of eight investors for $85 million. Wade's ownership percentage has not been made public yet.
This is not the first time the three-time NBA champion invested in a sports franchise. Wade -- who retired as a player in 2019 -- is also part of ownership groups for the Utah Jazz, as well as MLS' Real Salt Lake.
"We all talk about support, and support looks different for everyone," Wade told ESPN. "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.
"It's a great opportunity to be a part of the league in its very early stages. ... Growth is going to happen, and so I want to be a part of the growth of this league."
The Sky have made it to the playoffs eight times in the last 10 years, including winning the WNBA championship in 2021. This year, the team is off to an 8-12 start.
Sky co-owner and operating chairman Nadia Rawlinson talked to ESPN about how Wade's history with other business endeavors will be good for the WNBA team.
"He has made an impact now in business and philanthropy in really significant ways that are abiding and authentic and true, and that is who we are at the Chicago Sky," Rawlinson said. "And so the fact that now he can help us be part of his story with that is extraordinary."