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Reuters
14-05-2025
- Business
- Reuters
Connecticut Sun owners eye sale, potential move
May 14 - Days before the start of the WNBA season, the Connecticut Sun's owners hired a firm to look into a possible sale of the franchise, which potentially could relocate. The Mohegan Tribe, which owns the club, commissioned Allen & Co. to explore its opportunities, with president Jennifer Rizzotti saying that "all options are on the table," including a possible partial sale. The tribe added in a statement, "As an organization, Mohegan is consistently evaluating strategic options, investments and capital expenditures. The CT Sun has had monumental changes over the past 18 months and Mohegan is very proud of the success, increased interest and what remains to be such incredible community impact off the court as well. The WNBA overall has also seen immense growth in viewership and interest. These are fantastic trends for what is an amazing sport, with extremely dedicated and talented women. "Mohegan remains committed to the team's continued success which includes looking at all strategic options in the best interest of the (team) and WNBA." Rizzotti broke the news to the team's coaches and players on Tuesday, according to The Athletic. "If the decision is made to keep it here and invest and build facilities, I'll be hopefully at the forefront of helping continue to make it one of the most desirable franchises in the WNBA," Rizzotti said. "We're gonna pour into this franchise as long as it's here. If it ends up not being the case, then we'll worry about that when the time comes." The Sun finished 28-12 last season, good for third place, and lost to the Minnesota Lynx in the WNBA semifinals. Connecticut, with rookies Aneesah Morrow and Saniya Rivers bolstering the roster, opens the 2025 season on Sunday at home against the Washington Mystics. Eight-time WNBA All-Star Tina Charles also is back with the Sun, the team she played for from 2010-13. Charles said of the possible sale, according to Front Office Sports, "In the WNBA you have seen this. You have seen these types of headlines. You just trust your ownership is going to put the organization in the best position possible." --Field Level Media
Washington Post
14-05-2025
- Business
- Washington Post
Connecticut Sun exploring all options, including sale of franchise according to team president
The Connecticut Sun are looking at all options for the franchise's future, including a potential sale, team president Jen Rizzotti said Tuesday. The team is owned by the Mohegan Tribe, which runs the casino where the team has played since 2003. The Tribe bought the franchise for $10 million and relocated it from Orlando that year. The Connecticut franchise was the first in the league to be run by a non-NBA owner and also became the first to turn a profit. Rizzotti, who took over in her current role four years ago, said that Mohegan's decision was the move of 'responsible business owners' and that 'it's more about being consistent about how they're evaluating all of their businesses, the Connecticut Sun being one of them.' The news was first reported Monday by Sportico, which said the team had hired investment bank Allen & Co to conduct the probe. Rizzotti said that no decision has been made and that no timeline has been set. The team could be sold to an outside group or the franchise could bring on a minority owner. 'They want to make sure they're doing what's best for the organization as well as the WNBA,' she said. Rizzotti went on to say that the ownership group has done a great job over the years. 'They do everything first class. They pride themselves on guest experience and attention to detail and true investment in the right ways. If the tribe decides they want to own this team, they're as competitive, I think, as any ownership group in the league.' The WNBA has experienced rapid growth the last few seasons and ownerships groups have been investing more into their teams, including player experiences. That has come in the way of practice facilities. The Sun are one of the few teams in the league that haven't announced any plans for a new training facility. Connecticut practices either at the arena in the casino or a local community center. Despite the lack of facilities, the Sun have been one of the most successful teams in the league, making the postseason in 16 seasons, including a run of six straight semifinal appearances. But the team was hit hard this offseason with the entire starting five from last season leaving either via free agency or trade. 'We're going to pour into this franchise as long as it's here,' Rizzotti said. 'And if it ends up not being the case, then we'll worry about that when the time comes.' Rizzotti met with the players and coaches Tuesday morning and asked them to stay focused on this season, which begins Sunday against Washington. 'They have their job, and our job is to put the best product on the floor,' said Tina Charles, who returned to the franchise this offseason after leaving in 2014. 'We trust that they're gonna do their jobs and make the right decision that will benefit the organization and the players and the coaches and the staff moving forward.' The WNBA added a 13th franchise this year with the Golden State Valkyries beginning play. Toronto and Portland will enter the league next season as expansion teams. A 16th team will also be awarded to a city at some point soon. The league hasn't had a team relocate since 2017, when the San Antonio franchise moved to Las Vegas and became the Aces. The Sun played a regular-season game last year in Boston and will again play one there in July against Caitlin Clark and the Indiana Fever. A group that includes former NBA player Michael Carter Williams expressed interest in February about bringing a franchise to Boston. ___ AP WNBA:
Associated Press
14-05-2025
- Business
- Associated Press
Connecticut Sun exploring all options, including sale of franchise according to team president
The Connecticut Sun are looking at all options for the franchise's future, including a potential sale, team president Jen Rizzotti said Tuesday. The team is owned by the Mohegan Tribe, which runs the casino where the team has played since 2003. The Tribe bought the franchise for $10 million and relocated it from Orlando that year. The Connecticut franchise was the first in the league to be run by a non-NBA owner and also became the first to turn a profit. Rizzotti, who took over in her current role four years ago, said that Mohegan's decision was the move of 'responsible business owners' and that 'it's more about being consistent about how they're evaluating all of their businesses, the Connecticut Sun being one of them.' The news was first reported Monday by Sportico, which said the team had hired investment bank Allen & Co to conduct the probe. Rizzotti said that no decision has been made and that no timeline has been set. The team could be sold to an outside group or the franchise could bring on a minority owner. 'They want to make sure they're doing what's best for the organization as well as the WNBA,' she said. Rizzotti went on to say that the ownership group has done a great job over the years. 'They do everything first class. They pride themselves on guest experience and attention to detail and true investment in the right ways. If the tribe decides they want to own this team, they're as competitive, I think, as any ownership group in the league.' The WNBA has experienced rapid growth the last few seasons and ownerships groups have been investing more into their teams, including player experiences. That has come in the way of practice facilities. The Sun are one of the few teams in the league that haven't announced any plans for a new training facility. Connecticut practices either at the arena in the casino or a local community center. Despite the lack of facilities, the Sun have been one of the most successful teams in the league, making the postseason in 16 seasons, including a run of six straight semifinal appearances. But the team was hit hard this offseason with the entire starting five from last season leaving either via free agency or trade. 'We're going to pour into this franchise as long as it's here,' Rizzotti said. 'And if it ends up not being the case, then we'll worry about that when the time comes.' Rizzotti met with the players and coaches Tuesday morning and asked them to stay focused on this season, which begins Sunday against Washington. 'They have their job, and our job is to put the best product on the floor,' said Tina Charles, who returned to the franchise this offseason after leaving in 2014. 'We trust that they're gonna do their jobs and make the right decision that will benefit the organization and the players and the coaches and the staff moving forward.' The WNBA added a 13th franchise this year with the Golden State Valkyries beginning play. Toronto and Portland will enter the league next season as expansion teams. A 16th team will also be awarded to a city at some point soon. The league hasn't had a team relocate since 2017, when the San Antonio franchise moved to Las Vegas and became the Aces. The Sun played a regular-season game last year in Boston and will again play one there in July against Caitlin Clark and the Indiana Fever. A group that includes former NBA player Michael Carter Williams expressed interest in February about bringing a franchise to Boston. ___ AP WNBA:
New York Times
13-05-2025
- Business
- New York Times
Connecticut Sun ownership exploring sale of team: ‘All options are on the table'
Connecticut Sun president Jennifer Rizzotti confirmed Tuesday that the franchise's ownership is exploring a potential sale of the team. Rizzotti said 'all options are on the table' as it relates to a sale process. That could include a majority ownership sale that leads to relocation, a majority ownership sale that keeps the team in Connecticut, or a sale that involves a minority stake in the franchise, among other courses of action. Advertisement The Mohegan Tribe have owned the franchise since 2003. While it plays at Mohegan Sun Arena, the franchise practices either there or at the nearby Mohegan Tribal Community and Government Center — a mixed-use facility that also serves as a cultural center, office space and recreation facility for tribal members. A spokesperson for Mohegan Tribal Leadership previously told The Athletic that 'infrastructure improvements are being looked at to ensure the team's growth and success in the league.' 'Like owners of any other business, we are always assessing the viability of major infrastructure investments,' the spokesperson said in a statement. Rizzotti addressed reports of a possible sale with Sun players and coaches Tuesday morning. She said she asked the team to focus on this season and that the franchise was committed to making it 'the best it can be.' All five of the Sun's regular starters from last season are no longer with the franchise, with the organization now building around first-round picks Aneesah Morrow and Saniya Rivers. Connecticut also has a first-year coach in Rachid Meziane, who previously coached in France. The Sun open their regular season Sunday against the Washington Mystics. Veteran center Tina Charles, Connecticut's No. 1 pick in the 2010 WNBA Draft and who returned to the franchise this offseason on a one-year deal, said she still trusts the organization to put its players in the best position possible. 'They have their job and our job is to put the best product on the floor and we trust that they're gonna do their jobs and make the right decision that will benefit the organization and the players and the coaches and the staff moving forward,' Charles said. 'You always want what's best for the WNBA, so I think that's what I hold my hat on. Either way it goes, I don't think the memories, the fans, will be lost. We'll see what happens.' Advertisement Rizzotti said there is no timetable for a possible sale, no matter its form. She said she feels ownership has been transparent with her, but added she wasn't privy to all the discussions. 'Just being someone who can inform where our league is and what are the types of investments that need to be made,' she said of her role. A potential sale comes at a critical time for both the Mohegan Tribal Gaming Authority, the team's parent company, and the WNBA. Earlier this year, Mohegan Tribal Gaming Authority's total debt stood at $3.1 billion, though the company announced a 'significant refinancing transaction' that pushed $1.2 billion in debt due in 2026 and 2027 to 2030 and 2031. The WNBA is in an explosive period of growth. It received expansion team bids from more than 10 potential ownership groups by its Jan. 30 deadline, The Athletic previously reported. League sources have wondered how significant expansion interest could change the sale price of a team if one were up for public sale. Last summer, the Dallas Wings sold two half-percent stakes in the franchise at a league-record $208 million valuation. It's possible that a prospective expansion group bidder could look to purchase the Sun and relocate to a market of their choosing. A capital investment could also come in the form of a minority sale, which the franchise could use to finance the construction of a new practice facility. That was the case in Seattle, where Storm ownership sold about 10 percent of its business to help fund a $64 million basketball performance center, which opened in April 2024. The last ownership sale to result in a relocation occurred in October 2017, when MGM Resorts International purchased what was then the San Antonio Stars and relocated the franchise to Las Vegas. The Mohegan Tribe paid $10 million for Connecticut in 2003, acquiring what was then the Orlando Miracle. They were the league's first owners not to have any ownership affiliation to the NBA. Connecticut, despite playing in the league's smallest market, has made the postseason in 16 of the last 22 seasons and reached at least the semifinals in each of the last six years. Advertisement 'If the decision is made to keep it here and invest and build facilities, I'll be hopefully at the forefront of helping continue to make it one of the most desirable franchises in the WNBA,' Rizzotti said. 'We're gonna pour into this franchise as long as it's here. If it ends up not being the case, then we'll worry about that when the time comes.'
Chicago Tribune
13-05-2025
- Business
- Chicago Tribune
Mohegan Tribe reportedly exploring a sale of the WNBA's Connecticut Sun
The Mohegan Tribe's purchase saved the Orlando Miracle when Magic owner Rich DeVos discarded the franchise in 2003, relocating it as the Connecticut Sun to a home in Uncasville less than 30 miles south of the 'Basketball Capital of the World' in Storrs. But as the Sun developed into one of the WNBA's most consistent teams over the following two decades in Connecticut, Mohegan Sun ownership struggled to keep up with the standard of investment being set amid a period of unprecedented growth for the WNBA. Now, despite frequent public reassurances that owners were committed to keeping the team, Sportico reported Monday that Mohegan Sun has hired investment bank Allen & Company to explore a potential sale. According to Sportico's WNBA team valuations released after the 2024 season, the Sun are valued at $80 million after bringing in $12.9 million in revenue last year. The last time a WNBA team was sold was in 2021, when the Atlanta Dream were purchased for between $7 million and $10 million by a group that included former UConn star Renee Montgomery. The Dream currently have the lowest valuation in the league at $55 million. The exploding popularity of women's basketball has led to landmark media rights deals, more sponsorship opportunities and increased in-person attendance for the WNBA, but it also set a new bar for what players expect as professional athletes. The Seattle Storm became the first team to open a dedicated WNBA practice facility in April 2024, and multiple franchises have since followed suit. The Golden State Valkyries were building a facility before ever signing a player as the league's first expansion team since 2008, and Connecticut is the only team in the WNBA without access to a practice facility outside their arena or public plans to build one. The Sun currently use the gym at the Mohegan Tribe community center when the arena is unavailable, and they occasionally have to split the space with a fitness class or event —a child's birthday party infamously interrupted a practice during the first round of the 2024 WNBA playoffs. In 2025, Connecticut is paying the price on the court for the lack of proactive investment from ownership. The team's entire starting 2024 lineup left either via trade or free agency during the offseason, including longtime franchise player Alyssa Thomas, five-time All-Star DeWanna Bonner and three-time All-Star Brionna Jones. Thomas was vocal about the role resources played in her signing with the Phoenix Mercury after the franchise opened a $100 million practice facility last year. The Sun's most notable free agent addition was 2013 league MVP Tina Charles, but Charles is closer to the end of her career than the beginning at 36 years old and hasn't earned an All-Star selection since 2021. Connecticut also lost head coach Stephanie White, who was hired as coach of the Indiana Fever. Sun president Jennifer Rizzotti said at first-year coach Rachid Meziane's introductory press conference Jan. 16 that the team owners were having serious discussions about building a practice facility in Connecticut, but no specific timelines or plans were ever announced publicly. 'They value treating our women the right way, so they know that means facilities, and we're in talks about how we're going to get that done,' Rizzotti said. 'If I'm being honest, I don't think you can be a team right now that's not looking into how to build a practice facility. I don't think you can really compete for a player going forward if you're not able to say to them, 'Yes we are doing this.' I can't share everything right now, but it's going to happen. You will not be in Connecticut without an ownership group that understands this.' Beth Regan, chairwoman and justice of the Mohegan Tribal Council of Elders, also denied that ownership was interested in selling the team at Meziane's introduction. 'We are here, this is where we want to be, so I wish people would put those rumors to bed,' Regan said in January. Allen & Co. is the same bank overseeing the WNBA's expansion process, which includes three confirmed new teams (the Valkyries, Toronto Tempo and a Portland franchise) over the next two seasons with another expected by 2028. At least nine cities have active bids for a WNBA franchise, and while Boston hasn't formally submitted a bid, there was an investment group reportedly interested in bringing a team to the city back in February. The Sun played the first-ever WNBA game at Boston's TD Garden last season against the Los Angeles Sparks in front of a sold-out crowd, and they will return to the city in 2025 to host the Indiana Fever on July 15.
