Steve Pagliuca, who holds a minority stake in the Boston Celtics, agreed to acquire the Connecticut Sun for $325 million, the highest price ever paid for a WNBA franchise. The deal awaits league approval and marks a 162% premium over the $124 million the San Francisco Valkyries paid for an expansion slot nine months ago.
The transaction comes eighteen months after Mohegan Gaming & Entertainment, the current owner, began exploring a sale. Pagliuca's group includes no publicly disclosed operating partners yet, though front-office hires typically surface within 60 days of approval. The Sun drew 8,241 fans per game last season, sixth in the league, and posted 22-18 records in back-to-back years without advancing past the semifinals. The franchise operates under a long-term lease at Mohegan Sun Arena, 10,000 seats, which ties revenue upside to casino foot traffic and limits premium inventory compared to newer builds.
The $325 million figure resets sponsor math and coaching budgets across the league. Four expansion franchises sold for a combined $190 million in 2023; Golden State and Toronto paid $50 million each, Portland $60 million. San Francisco's $124 million tag looked aggressive at the time. Pagliuca's price implies a 2.6x multiple on that number and arrives with no new arena plan attached. The league's collective bargaining agreement, signed in January 2025, uncapped player salaries starting in 2026 and introduced revenue sharing at 10% of league-wide sponsorship and media. Front offices are now pricing franchises on future broadcast deals, not current gate splits.
Operators are watching two follow-on events. First, whether Pagliuca's group attempts to relocate or builds a new arena within Connecticut, which would require Mohegan tribal council approval and likely cost $180-220 million for a 12,000-seat venue with premium suites. Second, what Pagliuca pays his general manager and head coach. Stephanie White left the Sun for Indiana in October 2024 at a reported $1.2 million annually, double her Connecticut number. The Sun hired Rachid Meziane from Canada Basketball in November, salary undisclosed. If Pagliuca tops $1.5 million for front-office roles, smaller-market owners face immediate retention pressure.
League approval requires a simple majority of the 12 current franchise votes, expected within 45-60 days. Pagliuca already passed NBA vetting for his Celtics stake, purchased in 2002 for $75 million alongside Wyc Grousbeck's group, now valued near $6 billion. His WNBA application includes no competing basketball interests and no casino conflicts, clearing the two common delay points.
The next franchise sale will test whether $325 million was a ceiling or a floor. The Las Vegas Aces, who drew 10,387 per game and won two of the last three championships, have not formally explored a sale, but minority stakes have traded privately near valuations that imply a $400 million enterprise value.
The takeaway
Pagliuca's **$325M** buy resets WNBA franchise pricing and forces smaller owners to match front-office salary inflation within one offseason.
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