Marc Lasry Exploring Bid for WNBA’s Connecticut Sun

Billionaire Marc Lasry is considering a bid to buy the WNBA’s Connecticut Sun, according to someone familiar with the talks who was granted anonymity because the details are private.

In May, the owners of the Sun hired investment bank Allen & Company to explore the sale of the franchise. Mohegan Sun, a subsidiary of Mohegan Tribal Gaming Authority, has owned the club since it relocated from Orlando in 2003.

Lasry declined to comment, while Allen & Company did not respond to a request to comment.

Connecticut Gov. Ned Lamont told reporters earlier this month he supported a bid to keep the team in state, as politicians in Massachusetts and Rhode Island looked to bring the club to their locales. The Sun are the only major professional sports franchise in the state.

Lamont said the Connecticut bid was backed by a “former owner of an NBA team.” Lasry sold his 25% stake in the Milwaukee Bucks to Jimmy and Dee Haslam in 2023 at a $3.2 billion team valuation. Lamont added that if the bid was successful, the Sun would play “a lot” of games at the PeoplesBank Arena in Hartford. The arena, originally known as the Hartford Civic Center, is undergoing a $145 million renovation, with $118 million in funding from the state. The Sun currently play at the Mohegan Sun Arena in Uncasville.

Before 2025, the Sun had made the playoffs eight straight seasons. A flurry of moves last winter sent stars such as Alyssa Thomas and DiJonai Carrington elsewhere, and the team now has the WNBA’s worst record at 4-21.

The Sun play in the WNBA’s smallest media market, and speculation has swirled that the sale will include a franchise relocation. Connecticut’s current practice setup 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 on at times.

Still, the franchise’s monetary value is up from where it was just a few years ago, as the cost of buying a WNBA team has skyrocketed.

The last WNBA control sale was in 2021 when real estate investor Larry Gottesdiener led a group that bought the Atlanta Dream for between $7 million and $10 million. A year earlier, Mark Davis paid roughly $2 million for the Las Vegas Aces.

The recent round of W expansion reflects the gains. San Francisco and Toronto were each awarded an expansion franchise for $50 million in 2023 and 2024, while the Portland Fire cost $75 million last year. Last month, the WNBA awarded teams to Cleveland, Detroit and Philadelphia at $250 million expansion fees before any startup costs or investments in facilities.

Allen & Company led the W’s most recent expansion process. The WNBA initially wanted to add one team, but the robust interest, including bids by more than 10 groups, triggered three new clubs that will join between 2028 and 2030.

The hyper-growth for almost every WNBA financial and engagement metric has set up a tricky CBA negotiation between the league and union, which opted out of the current CBA after the 2024 season.

Lasry is the co-founder of Avenue Capital, which has more than $11 billion in assets under management. The private equity firm raised nearly $450 million to launch a sports-specific fund. Lasry’s recent sports investments include franchises in TGL, SailGP and PBR, as well as women’s basketball startup Unrivaled.

Lasry also explored buying Angel City FC and the North Carolina Courage in the NWSL. Willow Bay and Bob Iger bought Angel City in a deal that valued the team at $250 million. The Courage talks fell apart late last year due to complications surrounding the league’s rules around private equity ownership. The WNBA does not allow private equity firms to own control stakes in franchises.

Lasry has deep ties to Connecticut. He was born in Morocco but moved to the U.S. as a child and grew up in West Hartford. He now owns a home in Westport.

Last month, the Sun were valued at $180 million in Sportico’s WNBA team valuations. It ranked 12th in the league.