Connecticut Should Pass on Investing in the Sun
Connecticut’s leaders are considering a risky play: using taxpayer and pension funds to keep the WNBA’s Connecticut Sun in-state. It may sound like an investment in community pride, but in reality, it would gamble with the state’s financial stability.
In August, the Sun — who have played at Mohegan Sun Arena since 2003 — were purchased for a record $325 million by Celtics minority owner Steve Pagliuca, who intends to move the team to Boston. The sale requires WNBA Board of Governors approval. In response, Gov. Ned Lamont has floated a proposal that would make Connecticut a minority owner to keep the Sun in-state.
“We’ve got private investors in alongside of us,” Lamont told reporters on Sept. 10. “We have a very competitive bid out there for the Connecticut Sun. I think they belong in Connecticut, which is the birthplace of women’s basketball”
The birthplace claim is shaky — the first women’s game was played in Massachusetts in 1893. But more importantly, this is not the governor’s first attempt to lure or retain a professional franchise. Two years ago, he unsuccessfully tried to persuade the NHL’s Arizona Coyotes to relocate to Hartford.
The details of Lamont’s current proposal remain vague. Republican lawmakers have already raised concerns, labeling it a “pension fund gamble” and urging greater oversight of investment decisions. Even some union members warn retirement funds should not be put at risk for a team that plays just 18 home games a year. Attorney General William Tong has requested documents from the WNBA, and Sen. Richard Blumenthal has pressed the league to avoid entangling itself in state negotiations.
At issue is not only whether minority ownership is a responsible investment, for a state with one of the worst-funded pensions in the country, but whether government should own sports franchises at all.
The WNBA has grown in visibility thanks to the “Caitlin Clark Effect.” Attendance, ratings, and franchise values are rising, and the league plans to expand by 2030. Yet, the league has never turned a profit. In 2023 alone, it lost $40 million and remains subsidized by the NBA. The Sun, valued at $200 million, generate just $14 million in revenue and have drawn below-average attendance.
Pagliuca has pledged to build a $100 million practice facility if his bid succeeds. Another group, led by Bucks minority owner Marc Lasry has pitched hosting games in Hartford. Lamont has hinted that Connecticut’s bid would involve splitting games between Hartford and Uncasville. NBA Commissioner Adam Silver has acknowledged potential conflicts with expansion rules, but wherever the Sun play, the core issue remains: would state ownership deliver returns?
For private investors, perhaps. For taxpayers, the benefits are speculative at best. Any potential payoff would come only if Connecticut eventually sold its stake — which would once again expose the team to relocation.
Public subsidies for stadiums are common. Direct government ownership of a franchise is rare — and with good reason. Connecticut’s history of poor pension investments underscores the risks. A Yale study found the state lost billions from underperforming investments; had returns merely matched the national median, taxpayers would be $5 billion richer.
The bipartisan “fiscal guardrails” — spending caps, debt paydowns, and stricter pension funding — have helped stabilize state finances. These reforms earned Connecticut multiple credit rating upgrades and saved more than $170 million. But the pension system remains only 63.5% funded, far below the 80% benchmark for long-term health. Using those still-precarious funds to buy into a basketball team would echo past mistakes and undermine hard-won credibility.
Connecticut has been disappointed before. The Hartford Whalers left in 1997, the New England Patriots flirted with relocating before building Gillette Stadium in Massachusetts, and Lamont’s pitch to the Coyotes fell flat. The Sun may be next.
Republican lawmakers argue Lamont’s pursuit may be more political than financial, meant to show determination rather than fiscal prudence. They’ve proposed reforms to share fiduciary responsibility with the state treasurer, but such measures failed last session.
Supporters argue the team could generate economic spillovers, much like UConn athletics, which reportedly contributed $242.7 million to the state’s economy. But those claims are uncertain. Meanwhile, Connecticut struggles with high housing and energy costs, heavy taxes, and slow growth. The state consistently ranks near the bottom for business climate and affordability.
Investing public money in a sports franchise — especially through pension assets — risks compounding these challenges. If revenues fall short, taxpayers would again bear the cost.
Losing the Sun would be disappointing, but fiscal discipline must come first. Connecticut’s fiscal guardrails restored stability after decades of mismanagement. Sacrificing them for a basketball team would undermine that progress.
This is one deal the state should pass on — and leave to private investors where it belongs.
Andrew Fowler is the Editor of RealClearReligion. He is also the Communications Specialist at Yankee Institute and author of “The Condemned,” a novella about a Catholic priest fighting off the cartel to save the residents of a small desert town (which you can find here).
