The Mohegan Tribal Gaming Authority says it has reached an settlement to promote the Connecticut Solar to the Tilman J. Fertitta household, a transfer that will relocate the WNBA franchise to Houston beginning in 2027 if league officers log off.
The announcement got here Monday (March 30) from Uncasville, Connecticut, bringing an finish to Mohegan’s 23-year run as proprietor. The crew will spend one closing season at Mohegan Solar Enviornment earlier than the deliberate transfer. Firm officers stated the choice adopted a broad assessment of long-term choices for the franchise.
Greater than twenty years in the past, the Mohegan Tribe made historical past by changing into the WNBA’s first impartial proprietor and bringing top-tier ladies’s basketball to its reservation. In an announcement, Mohegan Tribal Council Corresponding Secretary Joe Soper mirrored on that legacy and the individuals behind it.
“Mohegan owes an infinite quantity of gratitude initially to our extraordinary followers cheering on the crew for 23 unbelievable seasons,” Joe Soper, Corresponding Secretary for the Mohegan Tribal Council stated. “This crew — and what the proficient ladies who’ve worn this uniform over time have meant to Mohegan Solar, our area and the impression they’ve made each on and off the court docket, has been nothing in need of outstanding.
“That features the dedication of our entrance workplace and the invaluable collaboration and help we’ve obtained from the State of Connecticut, in addition to from companies and different group companions throughout the area and past.”
What occurs subsequent for Mohegan and Connecticut Solar
The Solar will stay in Connecticut by the 2026 season earlier than transferring operations to Houston the next yr. Alongside the best way, the crew plans to stage a pair of regular-season video games in Hartford at PeoplesBank Enviornment. One other matchup is already set for Boston at TD Backyard on Tuesday, August 18, with a 7:00 p.m. ET tip.
Staff president Jen Rizzotti stated the group is targeted on ending robust whereas recognizing how troublesome the transition might be for longtime supporters.
“The Connecticut Solar group understands how emotional this second is for our followers and group. You will have made a house for this franchise for generations, and we’re grateful for the fervour and help that made us a cornerstone crew within the WNBA,” he stated. “Whereas the league continues to develop and evolve, our dedication is to honor this legacy—and ending this closing season along with satisfaction.”
Financially, the deal is anticipated to convey Mohegan about $300 million. Half of that might be paid at closing, with the remaining due by the top of 2026, assuming regulatory and league approvals undergo.
The sale additionally comes as Mohegan works by a broader monetary technique, together with a beforehand disclosed $1.2 billion refinancing package geared toward bettering liquidity and restructuring debt. Firm management says the Solar transaction suits into that bigger effort to stabilize and strengthen its steadiness sheet.
Chief monetary officer Ari Glazer stated the added money will assist speed up these plans whereas releasing up sources for future investments.
Ari Glazer, Mohegan’s Chief Monetary Officer, added: “The monetization of the Connecticut Solar permits Mohegan to make a step-function enchancment of our capital construction. These proceeds will fortify our steadiness sheet, permitting for each debt reimbursement and tactical funding in our premier property. With the enhancements in free money circulate that can end result from this transaction, Mohegan will speed up its tempo of deleveraging and is effectively positioned to prudently develop the corporate for years to come back.”
The handover additionally lands at a time when the WNBA is seeing rising curiosity, with tv viewership growing by 3% in 2025.
Featured picture: Mohegan / Connecticut Solar
The publish Mohegan to sell Connecticut Sun, as Houston relocation planned for 2027 appeared first on ReadWrite.
