WNBA's expansion continues as Connecticut Sun seal historic sale, boosting franchise values according to recent reports
Steve Pagliuca, a minority owner of the NBA's Boston Celtics, has reached an agreement to purchase the WNBA's Connecticut Sun for a historically significant sum of $325 million. If approved by the WNBA Board of Governors, the sale price would be the most expensive in WNBA history, marking a major benchmark for franchise values in women's sports.
The proposed purchase sets a new record for a WNBA franchise sale, representing a more than 30-fold increase from the Mohegan Tribe's $10 million purchase in 2003. This deal underscores the escalating financial valuations in the WNBA, fueled by league expansion and increasing recognition of women's sports as viable investments.
The Mohegan Tribe was the first tribal nation to own a professional women's sports team when it bought the Sun in 2003. Despite the Sun's success as the first profitable WNBA franchise, infrastructural challenges at the Mohegan Sun Arena, one of the smallest venues in the league, and the lack of a dedicated practice facility have limited the team's growth.
Pagliuca's plan includes relocating the team to Boston by the 2027 season and investing $100 million in a new practice facility. This commitment to enhancing the team's infrastructure and market reach in a region with strong basketball interest is a significant step forward for the WNBA.
In comparison to previous WNBA franchise sales, Pagliuca's bid far exceeds recent transactions. For instance, the Atlanta Dream was sold for under $10 million in 2021, and the Las Vegas Aces were purchased for about $2 million in 2020. This stark contrast underscores the growing financial interest in the WNBA.
The WNBA has announced plans to expand from 13 teams to 18 franchises by 2030, with cities like Philadelphia, Detroit, Cleveland, Portland, and Toronto securing expansion clubs. Each of these cities agreed to a then-record $250 million expansion fee to secure the new teams. The Sun's relocation to Boston and the subsequent investment in a new practice facility reflect the league's commitment to growth and commercial appeal.
Overall, the deal symbolizes a transformative moment for the WNBA, emphasizing both the league's growth potential and the increasing commercial appeal of women's professional basketball. It also serves as a unique case of a minority NBA owner seeking to relocate and significantly invest in a WNBA franchise, potentially influencing future ownership models and market strategies in women's sports.
The Sun currently play at the Mohegan Sun Arena, and if the sale is approved, they will move to Boston, playing their home games at the Celtics' home arena. The Golden State Valkyries are in their inaugural season, and Portland and Toronto will debut teams in their respective cities in 2026, with Philadelphia's team starting the following year, and Cleveland's team taking the court in 2028. Detroit's expansion club will begin competing in 2029.
The Mohegan Tribe, the Sun's current ownership group, also controls the casino where the team has held home games for over two decades. The agreement includes a promise to invest $100 million in a new training site in Boston for the team, reflecting a commitment to the team's long-term success and growth.
In conclusion, the proposed sale of the Connecticut Sun to Steve Pagliuca represents a significant milestone for the WNBA and women's sports as a whole. The escalating financial valuations, league expansion, and increasing recognition of women's sports as viable investments are indicative of a thriving and growing industry. The Sun's relocation to Boston and the subsequent investment in a new practice facility are a testament to the league's commitment to growth and commercial appeal, setting a precedent for future ownership models and market strategies in women's sports.
- Steve Pagliuca's planned purchase of the Connecticut Sun for $325 million could establish a new standard in franchise values for women's sports, particularly in basketball, marked by increasing recognition of these sports as viable investments.
- The proposed deal between Pagliuca and the Connecticut Sun surpasses previous WNBA franchise sales significantly, with the Atlanta Dream and Las Vegas Aces both sold for under $10 million and $2 million, respectively, in recent years.
- In contrast to the challenges experienced by the Sun under the Mohegan Tribe's ownership due to the infrastructural limitations of Mohegan Sun Arena, Pagliuca plans to invest $100 million in a new practice facility in Boston, a significant step forward for the WNBA.
- The WNBA's expansion from 13 teams to 18 franchises by 2030, with the addition of cities like Boston, Philadelphia, Detroit, Cleveland, Portland, Toronto, and others, signals a commitment to growth and commercial appeal that is exemplified by the Sun's planned relocation and substantial investment.
