The Connecticut Sun ownership intends to present multiple options to the WNBA as it looks to salvage what would have been a record-breaking $325 million franchise sale, sources with knowledge of the situation told ESPN. The Mohegan tribe, which has owned the franchise since buying and relocating the Orlando Miracle in 2003, is seeking clarity on the league's desired path forward for the organization, sources said, after an agreement to sell the team to a group led by former Boston Celtics minority owner Steve Pagliuca was met with resistance from the league office. After news broke of the deal's existence -- and Pagliuca's eventual plan to relocate the franchise to Boston -- a league statement emphasized that "relocation decisions are made by the WNBA Board of Governors and not by individual teams," and that cities that have already gone through the expansion process have priority over Boston, which did not submit an expansion bid in any of the three recent expansion rounds over the past three years.
Among the Mohegan tribe's likely proposals to the league, according to sources: ? A full franchise sale to Pagliuca's group. ? A sale to a group headlined by former Milwaukee Bucks owner Marc Lasry, who would move the team to Hartford, Connecticut. ? Selling a minority stake in the organization. ? Allowing the league to purchase the franchise for $325 million and relocate it from the WNBA's smallest market.
A source close to the ownership group says the tribe is frustrated and feels the league is presenting a one-path option: relocation of the team to a market of its choosing at a value of its choosing. The league, in recent weeks, offered to purchase the Sun for $250 million and not charge the buyer an additional relocation fee -- which would allow the league to facilitate a sale to one of its preferred expansion cities, according to sources. That offer was presented before Pagliuca's bid of $325 million was reported on Aug. 2, sources said.
ESPN
The tribe had informed the league that it had reached a deal with Pagliuca to buy the team and presented a general executive summary with the terms of the agreement on July 2, sources said. The ownership group did not present a signed term sheet at that time, according to sources, per guidance from its investment firm, Allen & Co. While that deal did not specifically mention Boston, Pagliuca's intention would be to move the team there, pending WNBA board of governors approval, as early as the 2027 season, according to sources. Pagliuca has also committed to building a $100 million practice facility.
ESPN
Is this also the case in the NBA? When an ownership group buys a franchise, he can?t just relocate to a city of its preference?
Topic: Pags to buy Connecticut Sun, Move to Boston (update: or not???) (Read 107380 times)