The Connecticut Sun are under contract to sell for more than $200 million, according to people familiar with the transaction, roughly double the $107.5 million Las Vegas valuation that set the WNBA record eighteen months ago. The Mohegan Tribe, which has owned the franchise since relocating it from Orlando in 2003, is exiting as league economics shift from break-even operations to institutional asset class.
The buyer has not been disclosed, and the deal requires league approval before closing. The Mohegans operate the team from Mohegan Sun Arena, a 9,323-seat venue inside their casino complex in Uncasville, where the Sun averaged 6,873 fans per game last season, fourth in the league. The franchise posted an 18-22 record and missed the playoffs, but carries a roster anchored by $241,984 max-contract guard DeWanna Bonner and forward Alyssa Thomas, a three-time All-WNBA selection. The team's performance matters less to valuation than its market position: a clean balance sheet, controlled venue, and no debt overhang in a league where institutional buyers are now marking franchises to revenue multiples, not cost basis.
The valuation reflects three structural changes. First, the WNBA's new media deal begins this season—$200 million annually from Disney, Amazon, and NBC across eleven years, up from $60 million under the expiring contract. Second, sponsorship inventory has tightened as brands chase women's sports: the Sun added Gatorade as a jersey patch sponsor last year, and the league signed CarMax, Google, and Visa to marquee partnerships in the past sixteen months. Third, private equity entered. Sixth Street bought into the San Francisco Golden State Valkyries expansion team at a $50 million entry fee, and the Las Vegas transaction involved backing from Cynt Marshall's group, which included institutional LPs. The Sun deal is being marketed on a 4.2x revenue multiple, per one source, a figure that implies annual team revenue near $48 million—plausible when accounting for league revenue share, local sponsorship, and venue control.
The Mohegan Tribe's timing is precise. The franchise cost them roughly $10 million in the relocation, and they operated it as a loss leader to drive foot traffic to the casino floor. That model worked when the WNBA was a philanthropic line item for parent corporations. It breaks when the league scales past $1.6 billion in aggregate franchise value and buyers expect cashflow. The Mohegans are developers, not sports operators; their focus has shifted to a $1.6 billion resort project in South Korea and a renegotiation of tribal gaming compacts in Connecticut. The Sun became non-core.
What to watch: league approval typically takes 60 to 90 days, meaning the new ownership group could be announced before the draft lottery in mid-May. The buyer will inherit a coaching search—Stephanie White left for Indiana in November, and the Sun have interviewed candidates including Villanova's Denise Dillon and former Chicago assistant James Wade. Separately, the league's next expansion team—rumored for Portland or Philadelphia—will set a new comp when that fee is announced, likely in Q3. If it clears $75 million, the Sun valuation will look conservative.
The WNBA now has four franchises sold or contracted for sale since January 2023, each at a higher valuation than the last. The Las Vegas deal set a floor. The Sun deal sets a ceiling. The gap between them is $92.5 million, or eighteen months of institutional demand meeting constrained supply.