UNCASVILLE – As Gov. Ned Lamont confirmed there is a “very competitive” bid from a Connecticut contingent to keep the Connecticut Sun WNBA team in the state, the Mohegan Tribe stated Tuesday it could not comment on any specifics of who has submitted offers to buy the team.
“Any sales agreement with relocation of the team to a different market would need to be approved by the WNBA and would also be subject to non-disclosure terms,” Mohegan leadership told the Fairfield County Business Journal. “Therefore, we cannot comment on any specifics of who, if anyone, has submitted offers or seeks investment in the Connecticut Sun at this time.”
There have been reports that the Connecticut Sun professional women’s basketball team is being sold to Boston Celtics’ minority owner Steve Pagliuca for $325 million, pending league approval. Pagliuca is a private equity investor, co-chairman of Bain Capital, and owner of Atalanta of Italian Serie A association football league.
His Boston-based private equity firm called PagsGroup issued a statement Monday that while it is his company’s policy to decline comment on transactions until they are completed, they felt compelled to clarify the status of the possible Connecticut Sun acquisition.
“An investor group led by PagsGroup, and supported by Massachusetts Governor Maura Healy and Rhode Island Governor Daniel McKee, has offered to acquire the Connecticut Sun with the objective of keeping New England’s WNBA team in New England. No transaction has been agreed to yet,” according to PagsGroup.
The statement went on to say that the offer is subject to obtaining the required league approvals. “This approval has not been obtained thus far, and we cannot proceed without it. We will respect, cooperate with, and abide by all league rules and decision on these matters.”
Meanwhile, Gov. Lamont in a press gaggle on Monday confirmed there is a competing bid from Connecticut investors to keep the team in the state.
“When it comes to the Connecticut Sun, we’re late in the fourth quarter, we still have some catching up to do, but it’s not over until it’s over,” Lamont said. “The Sun ought to be right here.
“I can’t negotiate this in public. The games still going. I know we have a very competitive bid. We’re going to do what it takes to keep the Sun in Connecticut.”
There have been published reports that a group led by Westport billionaire Marc Lasry, who runs global investment company Avenue Capital Group, has made a competitive bid to buy the Sun and keep it in the state. Lasry was a former co-owner of the Milwaukee Bucks.
Apparently, that bid was for $300 million and includes relocating the team to Hartford’s newly renovated PeoplesBank Arena, which was the former XL Center and Hartford Civic Center.
Mohegan leadership says it is vetting ways to raise capital for its casino operations.
“Mohegan Leadership continues to run their process of looking at different avenues of investment opportunities for the CT Sun. We are excited with the growth of the WNBA and women’s basketball and are committed to outcomes that are the best for the CT Sun, the Mohegan Tribe, and the WNBA.”
The team was put up for sale by the tribe and Mohegan Sun casino owner this year after it was reported it was losing money on its South Korean casino.
Earlier this year, Mohegan Tribal Gaming Authority issued $1.2 billion in secured notes as it undertook a significant refinancing strategy, according to the Tribal Business News. That decision to refinance its debt came just months after the tribe lost operational control of its South Korean INSPIRE Entertainment Resort to Bain Capital.
The Connecticut-based tribal gaming enterprise announced in April that its wholly owned subsidiary closed a private offering of $750 million in 8.250% first priority senior secured notes due 2030 and $450 million in 11.875% second priority senior secured notes due 2031.
