Mohegan Gaming and Entertainment Planning to Transfer Ownership of WNBA's Connecticut Sun to Executive Associated with Inspire Casino Tragedy
The Mohegan Tribe's WNBA Connecticut Sun is set for a major change, with a potential new owner and a potential new home in Boston. Steve Pagliuca, a minority owner of the NBA's Boston Celtics and founder of PagsGroup, has reached a deal to purchase the Sun from the Mohegan Tribe for a record-breaking $325 million [1][2][3].
The sale and relocation of the Sun to Boston are subject to approval from the WNBA league and its Board of Governors. If approved, the Sun would play its home games at TD Garden, the same court that has seen two sold-out games featuring the team over the past two years [4].
Pagliuca's investment in the Sun doesn't involve Bain Capital, his private equity firm. Instead, he is purchasing the franchise on his own [5]. As part of his plans for the team, Pagliuca has pledged to invest $100 million in a WNBA practice facility in Boston [6].
The Mohegan Tribe defaulted on a $275 million loan tied to its Inspire Entertainment Resort development at Incheon International Airport, leading to the lender, Bain Capital, taking possession of the casino resort in February [7].
The WNBA is also expanding, with new teams set to join in Cleveland (2028), Detroit (2029), and Philadelphia (2030) [8]. The owners of these expansion teams have paid a one-time $250 million fee to the WNBA [9].
The Sun was purchased by the Mohegan Tribe in 2003 for $10 million, after the owners of the NBA Orlando Magic opted to cease running the WNBA Orlando Miracle [10]. The current highest-valued WNBA team is the Las Vegas Aces, valued at $140 million, but with the growing interest in women's hoops at an all-time high due to the "Caitlin Clark effect" [11], there is speculation of further growth for the league.
Tom Brady has also recently bought a minority stake in the WNBA Las Vegas Aces [11]. The Sun's potential relocation to Boston and the expansion of the WNBA are exciting developments for the league, signaling a growing interest and investment in women's professional basketball.
- The Mohegan Tribe's South Korean Inspire Entertainment Resort development, located at Incheon International Airport, was seized by Bain Capital due to a defaulted $275 million loan.
- Steve Pagliuca, a minor owner of the Boston Celtics, has agreed to purchase the WNBA's Connecticut Sun for a record-breaking $325 million.
- If approved, the Connecticut Sun will relocate to Boston and play their home games at TD Garden, a venue that has already seen two sold-out Sun games over the past two years.
- Pagliuca plans to invest $100 million in a WNBA practice facility in Boston, part of his strategies for the Sun.
- The Sun was initially purchased by the Mohegan Tribe in 2003 for $10 million, when the owners of the NBA Orlando Magic decided to cease operation of the WNBA's Orlando Miracle.
- The WNBA is set for expansion, with teams joining in Cleveland (2028), Detroit (2029), and Philadelphia (2030), each requiring a $250 million one-time fee.
- The current highest-valued WNBA team is the Las Vegas Aces, valued at $140 million, but with the increasing popularity of women's hoops, there is speculation of further growth for the league.
- Tom Brady has recently acquired a minority stake in the WNBA's Las Vegas Aces, further adding to the growing interest in women's professional basketball.
- The potential relocation of the Connecticut Sun to Boston and the WNBA's expansion are noteworthy developments in the world of sports, politics, general news, casino-and-gambling, and sports-betting industries.
