The state of Connecticut submitted a proposal for a bid to purchase a minority stake in the Connecticut Sun on Thursday.
The proposed investment would use funds associated with the state to purchase a minority stake in the franchise valued at over $250 million. The team would split home games between Mohegan Sun Arena and PeoplesBank Arena in Hartford.
PeoplesBank Arena is currently undergoing a $145 million renovation. The Sun are currently only permitted to play a handful of games at the arena.
The proposal would also include the state financing a new practice facility in Hartford, which would be leased by the team.
“I do believe that the best place for the Connecticut Sun is Connecticut because we have this very fierce fan base for women’s basketball,” Connecticut Lt. Gov. Susan Bysiewicz told ESPN.
The Mohegan tribe still need to review and negotiate the state’s proposal.
The Sun and the WNBA are expected to meet in the upcoming weeks to discuss their options.
The team currently have multiple options on the table for a sale, including a $325 million offer from Steve Pagliuca’s group that would see the franchise relocate to Boston.
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