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Daily Mail
14 minutes ago
- Daily Mail
NBA owner makes record $325m bid to buy WNBA team and relocate to Boston... but sale could have competition
The group led by former NBA owner Steve Pagliuca has officially made a record $325million offer to by the Connecticut Sun. However, his bid might not be the only one coming. While the Pagliuca group made the bid with the intention of moving the Sun to Boston, starting to play games in Beantown as early as 2027, another bidder may be working to purchase the franchise as well, per Front Office Sports. Former Milwaukee Bucks owner Marc Lasry is believed to be in 'active competition' with the Pagliuca group to be the next owner of the Sun. Lasry differs from Pagliuca, hoping to keep the team in Connecticut. The Pagliuca bid to purchase the team was accepted by the Mohegan Tribe and was presented to WNBA Commissioner Cathy Engelbert last month. However, the move is still pending league approval, as it was never brought before the WNBA's Board of Governors. Multiple outlets reported Saturday that the offer was for $325 million, which would be the most ever paid for a professional women's sports franchise. Pagliuca's group also plans to contribute another $100 million to build a practice facility, per the reports. Pagliuca posted an update of the'"possible acquisition' by his PagsGroup on X on Sunday night. '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,' the statement read. 'No transaction has been agreed yet.' The statement, although it did not specifically name Boston as a new home for the franchise, said the group's goal is 'to play in larger capacity arenas in New England.' 'We believe our record-setting offer and deep commitment to growing the WNBA in the region that is home to the most passionate basketball fans in the nation will significantly benefit the league, the team, and all its fans,' read the PagsGroup's update. The Sun have called Connecticut home since 2003. They play home games at Mohegan Sun Arena, a 10,000-seat facility in Uncasville, Conn. Three WNBA franchises do not have an NBA team that they share a city with, with Seattle and Las Vegas occupying larger markets that have hosted the NBA's Play-In Tournament Finals or an NBA franchise in the past. The Sun hold the league's worst record at 5-22 this season after making the playoffs in each of the eight previous campaigns.
Reuters
14 minutes ago
- Reuters
Gold rises for fourth session as US jobs data lifts Fed rate cut bets
Aug 5 (Reuters) - Gold nudged higher for a fourth session on Tuesday, supported by a softer dollar and lower Treasury yields as weaker-than-expected U.S. jobs data strengthened expectations of a rate cut in September. Spot gold was up 0.1% at $3,375.89 per ounce as of 0239 GMT. U.S. gold futures also gained 0.1% to $3,430.40. The dollar index (.DXY), opens new tab hovered near a one-week low, making gold more affordable to holders of other currencies. The yield on the benchmark 10-year Treasury note dropped to a one-month low. "Short-term momentum has improved for the bullish side of the narrative supporting gold prices is that the Fed is still in the mode to actually cut rates in September," OANDA senior market analyst Kelvin Wong said. U.S. employment growth was softer than expected in July, while non-farm payroll figures for May and June were revised down by a massive 258,000 jobs, suggesting a deterioration in labor market conditions. Traders now see a 92% chance of a September rate cut, per the CME FedWatch tool. San Francisco Fed Bank President Mary Daly said on Monday that given mounting evidence that the U.S. job market is softening and that there is no sign of persistent tariff-driven inflation, the time is nearing for rate cuts. Gold, traditionally considered a safe-haven asset during political and economic uncertainties, tends to thrive in a low-interest-rate environment. On the trade front, President Donald Trump once again threatened on Monday to raise tariffs on Indian goods over its Russian oil purchases. New Delhi called his remarks "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Still, gold faces some technical resistance. "I still do not see traders pushing up aggressively above the $3,450 level. Unless we have a very clear catalyst for gold price to actually pick up this level" OANDA's Wong said. Elsewhere, spot silver rose 0.1% to $37.44 per ounce, platinum gained 0.1% to $1,330.31 and palladium was up 0.2% to $1,204.25.
Reuters
an hour ago
- Reuters
Indian equity benchmarks to open flat as investors assess Trump's tariff threat
Aug 5 (Reuters) - India's equity benchmarks are set to open little changed on Tuesday after U.S. President Donald Trump reiterated his threat of harsh tariffs on goods from India over its Russian oil purchases. Gift Nifty futures were trading at 24,766 points as of 7:59 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open around its previous close of 24,722.75. Trump on Monday threatened to raise tariffs on goods from India over its Russian oil purchases, while New Delhi called his attack "unjustified" and vowed to protect its economic interests, deepening the trade rift between the two countries. Analysts said the ongoing trade rift has hit the market sentiment, and expect benchmarks to remain in a range-bound trade until there is clarity over U.S. tariffs. The uncertainty has partly driven sustained foreign outflows from India. Foreign investors have sold Indian shares for 11 straight sessions till Monday, per provisional data. The Reserve Bank of India's policy decision on Wednesday will also be in focus. The central bank is expected to hold interest rates steady, but the odds of another cut have risen as the U.S. tariffs are adding to pressure on growth. ** IndusInd Bank ( opens new tab appoints veteran banker Rajiv Anand as chief executive officer for a three-year term starting August 25 ** China's Ant Group ( opens new tab to sell its entire stake in Indian payments firm Paytm ( opens new tab in block deals that could total 38 billion rupees ($433.72 million), according to a term sheet seen by Reuters on Monday ** Drugmaker Aurobindo Pharma ( opens new tab reports a lower first-quarter profit on Monday, as expenses grew faster than revenue - stung by weak prices in the key U.S. market
