In what could become a transformative moment for the WNBA and women’s sports more broadly, Connecticut Sun ownership is changing hands for a record $325 million, according to multiple reports. The sale, led by Boston Celtics minority owner Steve Pagliuca, includes an additional $100 million investment toward a dedicated practice facility and the intent to relocate the franchise to Boston as early as the 2027 season.

If approved by the WNBA Board of Governors, the deal would not only mark a historic high for WNBA franchise value, but also signal a continued shift in how investors — particularly those with NBA backgrounds — are approaching women’s sports.

A Franchise on the Move

The Sun, originally founded as the Orlando Miracle, have been based in Connecticut since 2003 after being acquired by the Mohegan Tribal Gaming Authority (MTGA) — becoming the first WNBA team to be independently owned and the first U.S. pro sports team owned by a Native American tribe.

With MTGA facing significant financial obligations — including over $470 million in maturing debt this fiscal year — the sale comes at a time when the organization is refocusing its investments. Reports indicate the $325 million price tag for the Sun exceeds recent WNBA expansion fees (reported at $250 million), representing a significant return for MTGA and reinforcing the increased valuation of WNBA teams.

Pagliuca’s group intends to bring the team to Boston, where the Sun have already hosted two sold-out games at TD Garden in recent seasons. While Boston was not part of the WNBA’s most recent expansion plan, league sources confirmed that Pagliuca has requested that the city receive strong consideration for a future franchise relocation.

The Business of Women’s Sports Is Changing

This sale is just the latest example of the rapid rise in value for women’s professional sports teams. With three new WNBA expansion teams (Cleveland, Detroit, and Philadelphia) recently approved and record-breaking attendance, viewership, and sponsorship interest, investors are increasingly viewing women’s teams as both socially impactful and financially viable.

For years, women’s sports were overlooked in franchise sales discussions, but that dynamic is quickly shifting. Ownership groups with NBA ties are leading the charge — with all five upcoming WNBA expansion teams now tied to NBA ownership.

As franchise values climb across the board, women’s teams are beginning to mirror the valuation trajectories of their male counterparts, creating new interest from investors, sponsors, and media partners.

What This Means for the Sports Industry

For potential owners and operators, this deal is a clear signal: the ceiling for women’s sports is rising fast, and the market for franchise ownership — particularly in growing leagues like the WNBA — is more competitive than ever.

As franchise sales become more frequent and valuations increase, we expect continued momentum in women’s basketball, soccer, and beyond. The mix of passionate fanbases, growing media exposure, and strong brand alignment opportunities makes women’s teams increasingly attractive as long-term investments.

Source:

• The Athletic: “Connecticut Sun sold to Celtics minority owner with intention of moving to Boston”