The Connecticut Sun soon could be under new ownership for the first time since 2003.

As reported by Sportico on Monday, Mohegan Sun — a subsidiary of Mohegan Tribal Gaming Authority — hired investment bank Allen & Company to explore a sale of the WNBA franchise.

If a control sale is made, as is the expectation, the Sun would likely be relocated. The franchise has played in Uncasville, Conn., since the Mohegan Tribe purchased the Orlando Miracle prior to the 2003 season.

Franchise values have skyrocketed in recent years. Expansion franchise fees went for $50 million in 2023 and 2024 with another round of expansion expected to fetch over $200 million per franchise.

The last WNBA control sale took place in 2021 when a group led by real estate investor Larry Gottesdiener purchased the Atlanta Dream for between $7-10 million.

Similarly, operation costs have spiked. However, should the current Sun ownership group go the route of a limited partnership stake sale, which would keep the group in control and simultaneously raise capital, it could help finance construction for upgrading the facilities, which Sun players have criticized in recent years.

The Sun have reached the WNBA semifinals in each of the last six years, advancing to the championship round in 2019 and 2022 — both losses. Connecticut has never won a WNBA title.

What’s more, the team is entering a rebuild: The Sun’s entire starting lineup left during the offseason either via trade or free agency as the 2025 season tips off on Friday.

–Field Level Media