Steve Pagliuca agrees to purchase Connecticut Sun for record $325 million

In August 2023, Steve Pagliuca, a minority owner of the Boston Celtics, reached a historic agreement to purchase the Connecticut Sun, a franchise in the Women's National Basketball Association (WNBA), for a record $325 million. The sale, reported by The Boston Globe, will only be finalized after approval from the WNBA Board of Governors. Pagliuca's intention behind the purchase includes relocating the franchise to Boston by the 2027 season, supported by a significant investment in a new $100 million training site. The Connecticut Sun has a longstanding presence in the WNBA, having operated in Connecticut for more than two decades. Historically, the team has proven to be both competitive and profitable. Despite a difficult season in 2023, with a record of 5-21, the Sun maintained a legacy that includes 16 postseason appearances, signifying their status as a successful franchise in the league's history. The Mohegan Tribe currently owns the franchise and has been an integral part of its foundation and development since acquiring it from Orlando for $10 million. This unprecedented sale price highlights the increasing value and interest in women's professional sports, coinciding with the WNBA's announced expansion plans that aim to grow the league from 13 to 18 franchises by 2030. The expansions include new teams in cities such as Portland, Toronto, Cleveland, and Philadelphia, indicating a broader trend in women’s sports towards greater investment and economic viability. Each of these cities paid a then-record $250 million expansion fee to join the league, showcasing a promising phenomenon where franchises are increasingly seen as valuable investments. As Steve Pagliuca prepares to redefine the franchise's future in Boston, the league continues to thrive amidst growing popularity. With planned expansions and significant investments, the WNBA is likely to see greater interest, fan engagement, and potential profitability in the coming years. This moment marks not only a pivotal change for the Connecticut Sun but also symbolizes a larger movement within women's sports towards recognition and financial backing that may ultimately alter the landscape of professional athletics.