Mathew Knowles was inspired to invest in a sports team due to a former Destiny’s Child member.
On Saturday, Oct. 12, 2024, Knowles graced the Main Stage during the Building Wealth Today for Tomorrow (BWTT) Financial Empowerment Summit at the UIC Forum in Chicago, IL. The event promoted wealth-building among the Black community through workshops moderated by local financial experts and insightful discussions from panelists, including Keke Palmer, Larenz Tate, and Knowles, among others.
“Building Wealth Today for Tomorrow is the largest financial education program of its kind,” Chicago’s City Treasurer Melissa Conyears Ervin explained in a statement shared with AFROTECH™. “It brings together experts and leaders from businesses, community organizations, and city, state, and federal agencies to lead workshops and discussions that help Chicagoans build a more financially secure future.”
Knowles shared insights into his family history — born to a father who was a truck driver earning $30 a week and a mother who worked as a maid for $3 a day and sold quilts. This laid the groundwork for his entrepreneurial spirit, which has catalyzed into various successful ventures, including managing Destiny’s Child, which would ultimately feature Kelly Rowland, Michelle Williams, and his daughter Beyoncé.
Knowles has also been an owner in the Chicago Sky team after purchasing a minority stake in 2006, a news release from the WNBA states.
“Most people don’t know that since the beginning of Chicago Sky, a black man named Mathew Knowles was one of the owners. So I’m very, very proud of Chicago Sky and what we built, and being a champion,” Knowles said at BWTT. “And we have the team now that I think in a couple of more years with the right leadership, we can again be a champion. And I thank you all for your support.”
He also shared his motivations for investing in the team, crediting his desire to brand Williams, a Rockford, IL, native, in the same manner as he did the other Destiny’s Child members at the time. Williams had been listed as a minority investor in the Chicago Sky as well in 2006, per the news release.
“It really started with a idea I had because I wanted to make sure that Michelle Williams was getting branded like Kelly and Beyoncé. Michelle is from Rockford and it was an opportunity,” Knowles said. “She and I together became, but it was really based around Michelle and I wanting her to be more involved in the community of Chicago.”
His investment in the team has surely paid off. As AFROTECH™ previously reported, the team, which includes Angel Reese, Chennedy Carter, and Kamilla Cardoso, is reportedly worth $95 million today.
