Connecticut’s Pitch to Keep WNBA’s Sun Tied to Unusual Public Investment

The State of Connecticut is seeking to keep the Sun in Uncasville by purchasing a stake in the team from an unlikely source.

Connecticut Sun guard Leila Lacan (47) brings the ball up court against the Dallas Wings during the second half at College Park Center. / Jerome Miron-Imagn Images

The Connecticut Sun has no shortage of suitors if the Mohegan Tribe decides to sell a minority or majority stake in the team.

One happens to be the state of Connecticut, which recently proposed the possibility of investing in the team as a minority investor, with the stipulation that the Sun get a practice facility in Hartford and split their home games between Uncasville and Hartford.

Recently, the source of potential public investment was reported by CT Insider (subscription required) and other outlets. Usually, public investment in things like arenas and facilities for sports teams comes from tax or bond money. Investment in a team using public money is nearly unprecedented, and it turns out the state’s source of investment would be out of the ordinary — the state’s pension fund.

Why Use Pension Fund Money to Invest in Sun?

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Connecticut’s pension fund, like most state supported pensions, is there to support state employees after they retire. It also invests the money in a variety of portfolios to help sustain that pension through dividends and profits. Investing that money in a sports team doesn’t have a precedent in American sports.

Per CT Insider, any potential state investment in the Sun would follow the same strategy. The state would use pension fund money to invest in a minority share of the team and then get its payoff through dividends it receives from the majority owners or profits when any sale is finalized.

Connecticut Treasurer Erick Russell oversees the pension fund. He’s said publicly he is open to the idea, as long as it "would be in the benefit of pensioners."

There is no deal yet and talks are ongoing. But what is clear is that there has been persistent interest in the Sun for more than a year and the WNBA has been particular about how it wants the Sun to be sold.

Other Offers to Buy Sun

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There have been three other known offers for the Sun. One was from Steve Pagliuca, a Boston Celtics minority owner, who offered $325 million to buy the team, an offer that would have been the largest in league history. He presumably wanted to move the team to Boston. The WNBA never brought the potential sale to its owner because it is reportedly protecting Boston as an expansion city.

A second offer made by former Milwaukee Bucks Marc Lasry. He was also willing to offer $325 million. He wanted to move the team to Hartford full-time. The WNBA told the Tribe that it could not sell to relocate, even to Hartford.

The WNBA also an offer for $250 million. That would have allowed the WNBA to assume ownership of the team, with the intention of conveying it to Houston Rockets owner Tilman Fertitta, who would move the team to Houston and resurrect the Comets.