The Battle for Connecticut’s WNBA Team: Marc Lasry’s Bid to Secure the Sun’s Future in the State
In a significant development for professional women’s sports in Connecticut, a powerful financial figure is stepping forward to potentially take ownership of the state’s lone major league franchise, the Connecticut Sun. According to a report from Sportico, Marc Lasry—chief executive officer of Avenue Capital Group and a former NBA team owner—is exploring the possibility of acquiring the WNBA team. The news has drawn considerable attention from the sports business community, not just because of Lasry’s stature, but also because it could determine whether or not the Sun remain in Connecticut.
This revelation comes on the heels of the Mohegan Tribe’s decision earlier this year to explore selling the team they have owned since 2003. To that end, the tribe enlisted the services of Allen & Company, a respected New York-based investment bank known for its role in numerous high-profile sports deals. This move by the Mohegan Tribe signaled an openness to entertaining bids from a range of potential new owners. Considering the level of interest in recent WNBA expansion efforts—where multiple investor groups competed to secure new franchises—it’s expected that there will be no shortage of offers for the Sun.
A Potential Buyer With Deep Sports and Investment Experience
Marc Lasry brings with him a deep resume in both finance and sports ownership. Avenue Capital Group, which he co-founded and leads, manages assets totaling over $11 billion. In June 2024, the firm expanded its portfolio by establishing a sports-focused investment fund, aptly named the Avenue Sports Fund. The fund quickly gained traction, raising close to $450 million at its launch, which has since been allocated across a diverse range of sports properties.
Among its holdings, the Avenue Sports Fund has stakes in the TGL golf league, the international sailing competition SailGP, the Professional Bull Riders (PBR) tour, the English Championship football club Ipswich Town, and Trackhouse Entertainment, which competes in both NASCAR and MotoGP. This diverse investment strategy illustrates Lasry’s broad approach to sports ownership, focused on high-growth opportunities in both traditional and emerging markets.
Lasry is no stranger to professional sports at the highest level. Until 2023, he held an ownership stake in the NBA’s Milwaukee Bucks, a franchise that he helped build into a title contender. That year, he sold his interest in the Bucks to Jimmy and Dee Haslam in a deal that valued the team at $3.2 billion. His experience navigating the ownership of a top-tier NBA franchise adds a layer of credibility to his latest ambitions in the WNBA.
Beyond basketball, Lasry had also expressed interest in acquiring a stake in the North Carolina Courage of the National Women’s Soccer League (NWSL). However, negotiations fell through by the end of 2023, and the deal did not materialize. Around the same time, he was also rumored to be considering a bid for Angel City FC, the Los Angeles-based NWSL club. That franchise was ultimately acquired by Disney CEO Bob Iger and his wife Willow Bay, at a then-record valuation of $250 million.
Political Support to Keep the Sun in Connecticut
As speculation mounts about the Sun’s ownership future, so too have concerns about whether the franchise could be relocated if sold. The team, based in Uncasville and playing out of the Mohegan Sun Arena, operates in the WNBA’s smallest media market. This geographic limitation, coupled with recent growth in franchise valuations and fanbases in larger metropolitan areas, has fueled fears that a new owner might move the Sun to a different city.
These worries have not gone unnoticed at the highest levels of state government. Connecticut Governor Ned Lamont recently weighed in on the situation, declaring his support for efforts to retain the Sun within the state. In public comments made earlier this month, Lamont noted that one of the bids to acquire the team was being backed by a “former NBA team owner,” a thinly veiled reference widely believed to point to Lasry.
While Lamont did not directly confirm Lasry’s involvement, the implication was clear. He stated that if this Connecticut-based bid were successful, he would advocate for the team to play a substantial portion of its home games in Hartford at the PeoplesBank Arena. That facility is currently undergoing a $145 million renovation project, with $118 million of that total provided through state funding. By proposing Hartford as a viable home venue, Lamont signaled that Connecticut is prepared to invest in modernizing its sports infrastructure to retain its WNBA team.
This renewed investment in sports facilities may become a central pillar of the campaign to persuade the league and potential buyers that the Sun can thrive in Connecticut. The PeoplesBank Arena project represents a significant financial commitment and could be instrumental in shaping the Sun’s future presence in the state, should ownership change hands.
The Mohegan Tribe’s Two-Decade Tenure
The Mohegan Tribe has owned and operated the Connecticut Sun since 2003, when the franchise was purchased from the NBA’s Orlando Miracle. The relocation to Uncasville made the Sun the first independently owned WNBA team to be affiliated with a Native American tribe. At the time, the acquisition fee was a modest $10 million, but the team has since become a vital part of the tribe’s Mohegan Sun casino and entertainment complex.
For over two decades, the Mohegan Tribe has invested heavily in the franchise, helping to build a competitive team that has consistently made playoff appearances and reached the WNBA Finals multiple times. The team’s fanbase, while smaller than those in larger cities, is known for its loyalty and dedication. Despite this, the business realities of operating in a limited market have likely played a role in the tribe’s decision to consider a sale.
According to Sportico’s most recent financial estimates, the Sun are now worth $180 million—a dramatic increase from their original purchase price. In 2024 alone, the franchise generated $16.2 million in revenue, making it one of the league’s more modest earners. Only the Atlanta Dream are reportedly valued lower among current WNBA franchises.
Given the rising interest in women’s sports and the surging valuations across the WNBA, the timing of the Mohegan Tribe’s decision to explore a sale could be strategic. Expansion franchises awarded to Cleveland, Detroit, and Philadelphia were reportedly sold for $250 million each, setting a new benchmark for team valuations. This surge suggests that even franchises in smaller markets like Connecticut could command a premium if their operations and long-term prospects are viewed positively by investors.
Expansion Sets New Benchmarks
The backdrop to the Sun’s potential sale is an overall wave of growth and expansion in the WNBA. The league has garnered renewed interest from investors, sponsors, broadcasters, and fans alike. Earlier this year, the WNBA confirmed that three new teams would be joining the league in Cleveland, Detroit, and Philadelphia. These markets were chosen through a highly competitive bidding process led by Allen & Company, the same firm now handling the Sun’s sale.
Although the league has not publicly disclosed the exact prices paid for the new expansion franchises, several media outlets have reported that each deal was valued at approximately $250 million. This figure represents a dramatic increase over past valuations and signals how much the WNBA’s profile has risen. The expansion bidding process attracted attention from a wide range of investment groups, celebrities, and former athletes—all eager to capitalize on the momentum building around women’s professional sports.
In light of this trend, the Connecticut Sun’s $180 million valuation, while slightly below the expansion benchmark, still reflects a major increase from historical averages. For Marc Lasry or any other interested buyer, this moment presents both a challenge and an opportunity: secure a team with deep community ties and a solid competitive history, while also investing in the infrastructure and marketing needed to grow its brand in a smaller media market.
The Stakes for Connecticut
The potential sale of the Sun is more than just a business transaction—it’s a matter of state pride. Connecticut has few professional sports franchises, and the Sun stand alone as the only major league team representing the state. Their presence provides both cultural and economic benefits, from community engagement programs to tourism revenue tied to game-day traffic at the Mohegan Sun resort.
Governor Lamont’s proactive stance underscores the state’s understanding of what’s at stake. By backing a local bid and pushing for a modernized venue in Hartford, Lamont is making it clear that Connecticut intends to fight to keep the team. His remarks indicate that the state sees a path forward where the Sun not only stay but also thrive with enhanced facilities, a more central location, and a committed ownership group with deep financial resources.
If Marc Lasry’s bid succeeds, he could usher in a new era for the franchise—one that marries professional ownership with regional investment and national league expansion. His past experience with the Milwaukee Bucks, combined with his rapidly growing sports investment fund, places him in a strong position to influence the WNBA’s future and perhaps set a new standard for franchise operations in smaller markets.
Conclusion: A Defining Moment for the Connecticut Sun
As the Connecticut Sun face a crossroads, the convergence of high-stakes business, local politics, and national sports expansion creates a compelling narrative. Marc Lasry’s interest in the team represents more than just another acquisition; it’s a bellwether for how investors view women’s sports and the viability of smaller-market franchises. Meanwhile, Governor Lamont’s vocal support shows that Connecticut is ready to compete—not just on the court, but in the boardroom and political arena as well.
The coming months will be critical. Whether the team changes hands, stays in Connecticut, or finds a new home will depend on how these forces align. But one thing is clear: the Connecticut Sun, once a trailblazing franchise owned by a Native American tribe, is now at the center of one of the most watched ownership transitions in WNBA history.
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