A groundbreaking shift is poised to redefine women’s professional basketball as a group spearheaded by Boston Celtics minority owner Steve Pagliuca has finalized a monumental deal to acquire the Connecticut Sun. This acquisition, valued at a record-setting $325 million, also includes plans to relocate the WNBA franchise to Boston, marking a significant moment in the league’s history and the broader landscape of sports business.
The move to Boston, however, will not see the team take to the court until the 2027 season, allowing for ample preparation and strategic planning. Further underscoring the commitment to the team’s future in its new home, Pagliuca is also set to contribute an additional $100 million towards the development of a state-of-the-art practice facility in Boston, signaling a substantial investment in the franchise’s infrastructure and long-term success in the WNBA.
Details of this landmark basketball acquisition emerged through a person familiar with the sale, who spoke on condition of anonymity due to the deal not yet being publicly announced. The completion of this unprecedented transaction remains contingent upon the official approval of the league and its esteemed Board of Governors, a standard procedure for such significant organizational changes within professional sports.
Interestingly, Boston was not among the nine other cities that initially bid for WNBA expansion teams. While the league had previously earmarked cities like Houston for future expansion alongside Cleveland, Detroit, and Philadelphia announced in June, Boston had not been on that list. This acquisition by the Boston Celtics minority owner’s group highlights a new pathway for the city to join the ranks of WNBA host cities, with the prospective ownership team having reportedly reached out to the league office to request strong consideration for a franchise at the appropriate time.
The Connecticut Sun holds a unique place in WNBA history, having been owned by the Mohegan Tribe since 2003, who acquired the franchise for a mere $10 million and relocated it from Orlando. Under the Tribe’s stewardship, the Sun became the first team in the league to operate under a non-NBA owner and notably, was also the first to achieve profitability, setting a precedent for financial viability in women’s professional sports.
In response to the developing news surrounding the team, Mohegan leadership issued a statement indicating their ongoing process of exploring various investment opportunities for the Connecticut Sun. While expressing excitement about the burgeoning growth of the WNBA and women’s basketball, they affirmed their commitment to securing outcomes that serve the best interests of the team, the Mohegan Tribe, and the league as a whole. The statement also noted that any sales agreement involving team relocation would necessitate WNBA approval and adherence to non-disclosure terms, thus preventing comment on specific offers or potential investors at this juncture.
The scale of this current transaction is particularly striking when juxtaposed with recent WNBA team sales. For instance, in 2021, the Atlanta Dream was sold for under $10 million, and a year prior, the Las Vegas Aces changed hands for approximately $2 million. This record deal for the Connecticut Sun signifies a dramatic increase in franchise valuations and underscores the growing financial strength and attractiveness of the WNBA as a major player in the global sports market and a testament to the surging interest in women’s sports.
This transformative acquisition by Steve Pagliuca’s group is poised to usher in a new era for the Connecticut Sun, reimagining its future in Boston and potentially influencing the strategic direction and valuation of other franchises across the entire WNBA. It marks a bold statement about the expanding reach and commercial potential of professional women’s basketball, attracting significant capital and attention from prominent investors.
