Union Leadership Blasts State Plan to Invest Pension Fund in Connecticut Sun

The leadership of the state of Connecticut’s largest union sounded off on a potential plan to invest a pension fund into the Connecticut Sun.

Connecticut Sun guard Saniya Rivers (22) shoots a layup against the Atlanta Dream during the second half at Mohegan Sun Arena. / Eric Canha-Imagn Images

What Connecticut Gov. Ned Lamont sees as creative the leader of the state’s largest employee union sees as unwise — and it has to do with the Connecticut Sun.

Earlier this month, Gov. Lamont floated the idea of using the state’s pension fund to invest in the Sun to keep it in the state. That build on reporting last month that the state was considering a plan to help keep the WNBA franchise in the state, despite offers from at least two NBA owners and the WNBA itself.

The idea of investing a state’s pension fund in a professional sports team is without precedent in the U.S. That prompted the leadership of Council 4 of the American Federation of State, County and Municipal Employees to issue a statement about the possibility through its Facebook page, which was reported by the CT Mirror.

What Council 4 Said About Pension Investment in Sun

Eric Canha-Imagn Images

The statement was clear — the leadership of Council 4 doesn’t want the money invested in the Sun.

“These members have put their hard-earned money into the pension fund, expecting a secure retirement, not for it to be used on a sports franchise that plays 18 games a year in Connecticut,” read the statement. “We urge the governor to leave the distractions behind and focus on preserving public services and respecting the state employees who provide them every day.”

The statement went on to say that it wants the government to focus on negotiating what it considers overdue wage agreement for its public sector workers, saying that its retirees deserved a “dignified retirement.”

“Their pension contributions are the foundation of a secure retirement that workers have already earned. To use that money on a sports franchise is to gamble with the futures of those who have already sacrificed so much,” the statement continued.

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.

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."

List of Offers to Buy Sun

Jeff Hanisch-Imagn Images

There are three known offers to buy the Sun:

Steve Pagliuca, a Boston Celtics minority owner, who offered $325 million to buy the team, and move it to Boston in 2027;

Marc Lasry, a former Milwaukee Bucks owner, who was willing to offer $325 million. He wanted to move the team to Hartford full-time;

And, the WNBA offered $250 million, which would have allowed the league to convey the team to Houston Rockets owner Tilman Fertitta, who would move the team to Houston and resurrect the Comets.

Recommended Articles

feed