WNBA's Connecticut Sun Hire Allen & Company to Explore Sale
The Sun could raise capital through an LP stake sale, but the expectation is a control sale and likely franchise relocation. There are multiple potential built-in buyers via the 10-plus groups who submitted bids during the current WNBA expansion process, which is also being run by Allen.
Advertisement
More from Sportico.com
Allen & Company declined to comment, while the Sun did not immediately respond to request for comment.
The move arrives as WNBA franchise values have exploded. The Golden State Warriors and Maple Leaf Sports & Entertainment chairman Larry Tanenbaum were each awarded an expansion franchise for $50 million in 2023 and 2024. The latest round of W expansion is expected to fetch more than $200 million per franchise.
The last WNBA control sale was in 2021 when the Atlanta Dream were purchased for between $7 million and $10 million by a group led by real estate investor Larry Gottesdiener.
Advertisement
As team values soared, the cost of running a WNBA franchise has also jumped. The Phoenix Mercury, Seattle Storm and Las Vegas Aces opened state-of-the-art training facilities. The Los Angeles Sparks, New York Liberty, Chicago Sky and Indiana Fever announced plans to build their own facilities. The recent expansion teams will all have their own practice facilities, and the expectation is that every WNBA team will need a dedicated practice facility within the next three years.
Speculation has swirled around whether Mohegan Sun wanted to keep up with the current WNBA arms race, with gaming, concerts and hospitality the primary businesses at the casino resort. The Sun play in the WNBA's smallest media market and host home games in 10,000-seat Mohegan Sun Arena.
An LP stake sale could help fund the construction of a new practice facility, a tactic the Storm used for their $64 million buildign. Connecticut's current practice set-up has drawn criticism from Sun players. The Mohegan tribe has priority at the venue, and community events have left Sun with half a court to practice in cases.
In 2003, the Native American tribe became the first non-NBA owner in WNBA history when the former Orlando Miracle relocated to the then-new $40 million Mohegan Sun Arena in Uncasville, Conn. The tribe paid $10 million as an expansion fee. Last year, the Sun were valued at $80 million, per Sportico's WNBA valuations, which was tied for ninth in the WNBA. Franchise values have jumped considerably since then.
Advertisement
Mohegan Tribal Gaming Authority recently faced a potential debt crunch, but last month, it completed a comprehensive refinancing of nearly all its restricted debt. It pushed back $1.5 billion in debt due in 2026 and 2027 to 2030 and 2031.
The Sun reached the semifinals of the WNBA playoffs last season, which marked the sixth straight season they made it at least that far, but their entire starting lineup exited via trade or free agency ahead of the 2025 season.
Last year, the WNBA had explosive growth for revenue, attendance, sponsorships and viewership. But it now faces a challenge after the players union decided to opt out of the current CBA back in October.
The WNBA regular season tips off Friday.
Advertisement
With assistance from Scott Soshnick
Best of Sportico.com
Sign up for Sportico's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
BlackRock imposes restriction on use of company devices for China travel, Bloomberg News reports
(Reuters) -BlackRock has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops, Bloomberg News reported on Tuesday, citing an internal memo. The world's largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report said. BlackRock also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in China. Reuters could not immediately verify the report. BlackRock did not respond to a request for comment. The report comes as firms witness China's growing hold over access during travel to the nation. On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving. Earlier this month, a Wells Fargo banker was also blocked from leaving China. Beijing's foreign ministry said the banker was involved in a criminal case. Sign in to access your portfolio
Business Wire
an hour ago
- Business Wire
E3 Lithium Announces Filing of NI 43-101 Technical Report for Updated Resource Estimate in the Garrington District
CALGARY, Alberta--(BUSINESS WIRE)--E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), 'E3 Lithium' or the 'Company,' a leader in Canadian lithium, is pleased to announce that it has filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects independent technical report for its Garrington District project in central Alberta. The Garrington Report titled "NI 43-101 Technical Report for the Garrington District Lithium Resource Estimate" (the 'Garrington Report') is dated July 18, 2025, has an effective date of June 25, 2025, and the mineral resource estimate was previously disclosed by E3 Lithium in its June 25, 2025, press release titled " E3 Lithium Outlines an Inaugural Measured and Indicated Mineral Resource Estimate of 5.0 Mt LCE for the Garrington District '. There are no material changes in the Garrington Report from the results disclosed in the Company's June 25, 2025, press release. The Garrington Report is available on the Company's website ( and SEDAR+ ( Qualified Persons The disclosure in this news release of scientific and technical information pertaining to the Garrington Report has been reviewed and approved by Meghan Klein, Head of Reservoir Engineering, Americas of Sproule ERCE, and Alexey Romanov, PhD., Principal Geoscientist of Sproule ERCE. Both Ms. Klein, and Mr. Romanov are 'Qualified Person's' as defined under NI 43-101– Standards of Disclosure for Mineral Projects. Equity Awards Grant As part of the Company's 2025 compensation plan outlined March 7, 2025, the Board of Directors of the Company approved, effective June 27, 2025, the grant to Rob Knowles, VP Investor Relations, of 40,000 incentive stock options (the 'Options') exercisable to acquire up to 40,000 common shares of the Company. The options are exercisable at price of $0.81 per share for a period of three years from the date of grant under its omnibus equity incentive plan, with one half of the Options vesting on each of the first and second anniversaries of the date of grant. ON BEHALF OF THE BOARD OF DIRECTORS Chris Doornbos, President & CEO E3 Lithium Ltd. About E3 Lithium E3 Lithium is a development company with a total of 21.2 million tonnes of lithium carbonate equivalent (LCE) Measured and Indicated 1 as well as 0.3 Mt LCE Inferred mineral resources 2 in Alberta and 2.5 Mt LCE Inferred mineral resources 3 in Saskatchewan. The Clearwater Pre-Feasibility Study outlined a 1.13 Mt LCE proven and probable mineral reserve with a pre-tax NPV8% of USD 5.2 Billion with a 29.2% IRR and an after-tax NPV8% of USD 3.7 Billion with a 24.6% IRR 1. 1: The Clearwater Project NI 43-101 Pre-Feasibility Study, effective June 20, 2024, is available on the E3 Lithium website ( and SEDAR+ ( 2: The mineral resource NI 43-101 Technical Report for the Garrington District Lithium Resource Estimate, effective June 25, 2025, identified 5.0 Mt LCE (measured and indicated) and 0.3 Mt LCE (inferred) and is available on the E3 Lithium website ( and SEDAR+ ( 3: The mineral resource NI 43-101 Technical Report for the Estevan Lithium District, effective May 23, 2024, identified 2.5 Mt LCE (inferred) and is available on the E3 Lithium website ( and SEDAR+ ( Kevin Carroll, P. Eng., Chief Development Officer of E3 Lithium and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information contained on this news release. Forward-Looking and Cautionary Statements This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions or forward-looking information within the meaning of applicable securities laws. Forward-looking statements are frequently identified by such words as 'believe', 'may', 'will', 'plan', 'expect', 'anticipate', 'estimate', 'intend', 'project', 'potential', 'possible', 'could' and similar words referring to future events and results. Forward-looking statements are based on the current opinions, expectations, estimates and assumptions of management in light of its experience, perception of historical trends, and results of the Garrington Report, but such statements are not guarantees of future performance. In particular, this news release contains forward-looking information relating to: the mineral resource estimate at the Garrington District; the potential for future development and inventory expansion of the Clearwater Project and value creation; and the anticipated benefits of the foregoing. In preparing the forward-looking information in this news release, the Company has applied several material assumptions, including, but not limited to, that activities relating to the Garrington District and the Company's other projects will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the current price and demand for lithium will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned activities on the Garrington District will be obtained in a timely manner and on acceptable terms; the continuity of the price of lithium; that the results of the mineral resource estimate will be delivered in a timely manner consistent with the Company's projected timelines; and that the results will be in line with management's expectations. All forward-looking information (including future-orientated financial information) is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company's brine, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in estimated mineral reserves or mineral resources; future prices of lithium and other metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; the Company's lack of operating revenues; currency fluctuations; risks related to dependence on key personnel; estimates used in financial statements proving to be incorrect; risks related to the results of the testing program not being in delivered in a timely manner and/or not being in line with management's expectations; competitive risks and the availability of financing, as described in more detail in our recent securities filings available under the Company's profile on SEDAR+ ( Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
Bloomberg
an hour ago
- Bloomberg
BlackRock Restricts Use of Company Devices for China Travel
BlackRock Inc. has told staff traveling to China for business trips to use temporary loaner phones and not to bring company laptops, underscoring growing concern among some global firms about employees working there. The world's largest asset manager detailed the 'policy enhancement' on business travel to China in an internal memo seen by Bloomberg News, saying it is effective July 16.
