The high price of calling Connecticut the "Basketball Capital of the World"

If you do not live in Connecticut or don't follow sports, you may think the Connecticut Sun is CT's hometown newspaper. Nope, it's a women's WNBA basketball franchise that came out of University of Connecticut's (UConn) leading women's basketball teams.

The Mohegan Tribe, which bought the Connecticut Sun franchise for $10 million in 2003, has been considering selling it. The team currently plays at Mohegan Sun Arena in Uncasville, CT. Some offers are on the table, for an astonishing $325 million but the offers involve moving the team out of CT and to another location of importance to the NBA such as Boston or Houston.

Enter our CT politicians led by Governor Ned Lamont (D) who desperately wants to keep the team in Connecticut. Otherwise, he needs to replace the CT highway signs, that annoy Massachusetts, saying welcome to the "World's Basketball Capital." To that end, negotiations are underway for taxpayer money to sweeten the negotiations. The Lamont administration is considering a variety of approaches/structures. For example, there is talk of building a practice facility costing a cool $100 million hoping the Sun could play some games in downtown Hartford at the PeoplesBank Arena.

Of even more concern is the discussion of the State possibly purchasing an interest in the franchise. The monies could come from the CT pension fund (the most underfunded in the nation). To make this less offensive, they would probably not do it directly. The pension plan would invest in a private equity fund that specializes in taking stakes in sports franchises that would include an investment in the Sun with an assurance that the team stays in CT.

The reaction on Twitter (X) to Mike Cerulli's post about this here was brutal:

"So, take our already hurting pension funds and use them for a risky investment? That doesn't sound like a good idea."

"They’ve been doing it for years. Anytime they need money, they raid the pension fund… Then they cry the pension fund is under funded."

"From the same party that borrowed $150MM+ to save residents $10/mo on their electric bills. It’s incomprehensible how anyone could view this as a fiscally responsible decision."

Keep in mind, that the Sun is nearing the end of its season and has been uncharacteristically eliminated from playoff contention. They haven’t missed the playoffs in nearly a decade and made it to the finals in 2022.

Between the Lines: As a Connecticut taxpayer, would you prefer owning a money-losing WNBA team or having lower electric bills?

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