The owners of the WNBA’s Connecticut Sun hired investment bank Allen & Company to explore the sale of the franchise, according to multiple people familiar with the details. Mohegan Sun, a subsidiary of Mohegan Tribal Gaming Authority, has owned the club since 2003.
The Sun could raise capital through an LP stake sale, but the expectation is a control sale and likely franchise relocation. There are multiple potential built-in buyers via the 10-plus groups who submitted bids during the current WNBA expansion process, which is also being run by Allen.
Allen & Company declined to comment, while the Sun did not immediately respond to request for comment.
