Rockets in talks to acquire the WNBA’s Sun
The Houston Rockets’ management is in significant negotiations with the WNBA’s Connecticut Sun, aiming to acquire and relocate the women’s franchise, according to sources familiar with the situation.
The conversations have been described as “positive” and the Rockets’ ownership has improved their offer to a level that could be acceptable to the Suns. Although a formal offer has been discussed, an exclusivity agreement has not yet been signed, nor has a final decision been made regarding the future of the franchise.
The WNBA has shown strong interest in returning to Houston. In the league’s expansion announcement in June, Commissioner Cathy Engelbert highlighted Houston and Rockets owner Tilman Fertitta as “next” and “in the sights.”
The Sun have been owned by the Mohegan tribe since 2003, when they acquired and relocated the franchise from Orlando, Florida, to Uncasville, Connecticut. The sale to the Rockets would be another example of the WNBA’s trend of having more teams with NBA owners.
The Suns initiated a process to explore investment options over a year ago, initially seeking opportunities for a limited partnership sale to help finance infrastructure construction.
Earlier this year, Houston was one of the groups that expressed interest in buying the Sun outright, raising its offer to $250 million, the same amount that Cleveland, Detroit, and Philadelphia paid as an expansion fee this year.
In early July, the Sun’s ownership reached an agreement to sell the team for a record $325 million to a group led by former Celtics minority owner Steve Pagliuca, who would have moved the franchise to Boston. The WNBA blocked the deal, insisting that “relocation decisions are made by the WNBA Board of Governors and not individual teams” and that cities that have already gone through the expansion process have priority over Boston.
Subsequently, the WNBA offered to buy the Sun for $250 million, which would have allowed it to facilitate the sale to a market of its choice. At that time, it was believed that the league was looking to move the Sun to Houston, after Houston did not get an expansion team in June.
More recently, the Sun’s ownership has explored a possible opportunity in which funds affiliated with the state of Connecticut could be used to purchase a minority stake in the franchise. However, those conversations have slowed down.
It is expected that a resolution on the future of the franchise will be determined before free agency, where all but two veterans of the league are not under contract. However, the exact timing of free agency is uncertain, as the league and the players’ union continue to negotiate a new collective bargaining agreement, with a deadline currently set for January 9th.
The Houston Comets were an iconic original franchise that won the first four league championships (1997-2000) and was home to some of the biggest stars in women’s basketball, such as Sheryl Swoopes, Cynthia Cooper, and Tina Thompson, before the franchise disbanded after the 2008 season.
