Business magnate Marc Lasry considering purchase of WNBA franchise Connecticut Sun
Marc Lasry Bids to Buy Connecticut Sun WNBA Franchise
Marc Lasry, a billionaire with deep ties to Connecticut, is actively pursuing the purchase of the Connecticut Sun WNBA franchise. His group is reportedly in competition with a Boston-based group led by Celtics minority owner Steve Pagliuca, who has offered $325 million and plans to relocate the team to the Boston area.
Lasry's proposed purchase bid, reportedly above $300 million, aims to keep the franchise in Connecticut, specifically based in Hartford at the PeoplesBank Arena, which is undergoing a $145 million renovation. His proposal also includes investment in a dedicated practice facility, similar to Pagliuca’s plan, although the exact financial terms differ.
The WNBA has the authority to influence or require the team to remain in Connecticut, and the Mohegan Tribe, current owners, would cooperate with a sale to a local buyer like Lasry’s group. However, the sale process is ongoing, with league approval still required and multiple bids under consideration.
Connecticut Governor Ned Lamont supports a bid to keep the team in the state. The Sun hired investment bank Allen & Company in May to explore the sale of the franchise. Last month, the Sun were valued at $180 million in Sportico's WNBA team valuations, ranking 12th in the league.
Lasry's private equity firm, Avenue Capital, raised nearly $450 million to launch a sports-specific fund. He has explored buying teams in other sports leagues, including Angel City FC and the North Carolina Courage in the NWSL. However, talks for buying the North Carolina Courage fell apart late last year due to complications surrounding the league's rules around private equity ownership.
The Sun have struggled this season, with the worst record at 4-21, following a series of moves that sent stars such as Alyssa Thomas and DiJonai Carrington elsewhere. The team's current practice setup has drawn criticism from players due to community events that leave them with half a court to practice on at times.
The cost of buying a WNBA team has skyrocketed, with the last control sale in 2021 being the Atlanta Dream for between $7 million and $10 million. In contrast, the WNBA awarded teams to Cleveland, Detroit, and Philadelphia at $250 million expansion fees.
The Sun play in the WNBA's smallest media market, and speculation has swirled that the sale will include a franchise relocation. However, Lasry's intent is to keep the team in Connecticut, a fact that is likely to be welcomed by fans and local officials. The sale remains unsettled as of early August 2025.
- Marc Lasry's private equity firm, Avenue Capital, has raised nearly $450 million to launch a sports-specific fund, suggesting an interest not only in the WNBA, but also in other sports leagues, such as the NWSL.
- Despite the team's struggles this season and the growing trend of team valuations in the sports industry, Lasry is offering more than $300 million for the Connecticut Sun WNBA franchise, aiming to keep the team in Connecticut.
- The team's financial situation, and potential for growth, is a point of interest for both Lasry's group and Pagliuca's Boston-based group, as evidenced by their respective bids of over $300 million and $325 million.
- The Connecticut Sun WNBA franchise, currently valued at $180 million, is not solely a sports entity, but also a piece of real estate, with the PeoplesBank Arena undergoing a $145 million renovation, and plans for a dedicated practice facility.
