Report: CT Sun owners hire investment bank to explore selling the franchise
CT SUN
Connecticut Sun players practice during training camp in late April.
The sun may be setting on the Connecticut Sun.
The Mohegan Sun, a subsidiary of the Mohegan Tribal Gaming Authority and owners of the state’s WNBA team since 2003, has hired New York investment bank Allen & Company to explore selling the franchise, according to a published report.
Sportico.com, a sports business website, first reported the hiring late Monday, citing unnamed sources familiar with the details.
The Sun did not respond to Sportico’s request for comment, while Allen & Company declined to comment.
The potential sale comes as the Mohegan Tribal Gaming Authority has been experiencing financial challenges. The casino operator announced in April it had an agreement to refinance its debt after warning of a possible default in January.
The Connecticut Sun has been a franchise in the state since the former Orlando Miracle relocated and rebranded after the 2002 season.
According to Spotico, WNBA franchise values have soared, noting that recent expansion franchises were awarded for $50 million in 2023 and 2024, while the latest round of expansion teams is expected to cost more than $200 million per franchise.
The website noted that the last WNBA franchise to sell control of a team was in 2021, when the Atlanta Dream was acquired for between $7 million and $10 million by a group led by real estate investor Larry Gottesdiener.
The Connecticut Sun has been one of the most consistent teams in the WNBA, qualifying for the WNBA playoffs in 15 of their 21 seasons. The team, however, is the oldest remaining franchise without a WNBA title. The team last appeared in the WNBA finals in 2022, when they lost to the Las Vegas Aces.
The Sun is also one of only two WNBA franchises that does not share a market with an NBA team. The Seattle Storm became the second when the NBA’s Supersonics relocated to Oklahoma City in 2008.
Most Recent
Most Recent
0 Comments