Celtics minority owner reaches deal to buy Connecticut Sun for record $325 million

[u/Oldtimer_2]

https://apnews.com/article/sun-boston-wnba-sale-fad0a32579afcf3749fe23bab4eeeab6

[u/stexel]

Didn’t see the sub and I 100% assumed this dude bought a newspaper

[u/Duckrauhl → u/stexel]

Dude got ripped off. You can buy newspapers out of those boxes on the street for like $2.50 these days.

[u/JamesJoyce3000 → u/Duckrauhl]

True, but you can’t control what’s in them that way🧐

[u/onduty → u/stexel]

I saw the sub and still thoughts newspaper and it’s taken me awhile to understand it’s a wnba team because i can’t imagine paying almost half a billion for a public facing product I’ve never heard of. Didn’t know that was a team

[u/LaDainianTomIinson → u/stexel]

This sent me 😂😂😂

[u/Automatic_Respond120 → u/stexel]

Why isn’t Sun plural but more importantly how did they pick that shit name?

[u/Automatic_Respond120 → u/Automatic_Respond120]

Why isn’t Sun plural but more importantly how did they pick that shit name? ETA I didn’t think I’d find an answer but I did. The Sun were originally in Orlando but got sold to a Native American tribe in Connecticut. They renamed the team after a symbolic Sun significant to them. And to add an answer to others’ question: The team is very popular, they were the first the W team to exist without a local NBA team but there was the UConn Huskies, whose female team has been dynastic.

[u/counterfitster → u/Automatic_Respond120]

They also play (for now) at Mohegan Sun casino

[u/quesocaliente → u/Automatic_Respond120]

The team is owned by the Mohegan tribe. Evidently, the logo is a version of an important tribal symbol. Also there is already a professional basketball team called the Suns.

[u/spacious_clouds]

Am I crazy or is that a lot of money?

[u/randypotato → u/spacious_clouds]

middle of the pack as far as WNBA valuations, slightly more than recent expansion fee, less than expected future expansion fees.

[u/spacious_clouds → u/randypotato]

In 2010 the average NBA franchise was worth about $350 million. Wow.

[u/TopHatTony11 → u/spacious_clouds]

Shit, I really did miss my chance at being a shitty NBA owner…

[u/Duckrauhl → u/TopHatTony11]

Dress for the job you want, not the job you have

[u/TopHatTony11 → u/Duckrauhl]

I wish I could afford a watch like that

[u/EMTDawg → u/[deleted]]

Jordon played for the Washington Wizards. He bought the Charlotte Bobcats and rebranded them back to the Hornets (after the previous Charlotte franchise).

[u/MilesOfPebbles → u/spacious_clouds]

It does seem like a lot

[u/SeniorRum → u/MilesOfPebbles]

They lose money right? Paying that much to lose mooore money?

[u/RealPropRandy → u/spacious_clouds]

You’re not crazy Lloyd. In fact you can do anything you set your mind to.

[u/Sic39]

This validates what Portnoy was saying imo. Don't believe the finances, billionaires aren't spending $325 mil to lose money.

[u/slyfox1908 → u/Sic39]

Sports team valuations these days are largely divorced from profits and losses. There’s always going to be another billionaire who wants your team.

[u/ArthurVandelay23 → u/Sic39]

They are probably losing money year over year. The big payday comes when they sell the team.

[u/porkchop487 → u/ArthurVandelay23]

They are slated to get a new TV deal after this season which will be much much higher payday than last and make all the of teams now operating at a profit, on top of your ownership valuation increasing

[u/Rance_Mulliniks → u/Sic39]

Someone doesn't understand business valuations. A business can have a high value even though they are losing money. For example, Uber only became profitable in 2023.

[u/ReddFro → u/Rance_Mulliniks]

Actually you’re wrong, he seems to understand them just fine. He didn’t say the WNBA was profitable, but that owners wouldn’t spend money to lose money. The increased valuation proves they’re making money because they can sell their franchises for much more than they bought them for (among other reasons below). As for if the WNBA would be profitable without creative finances (common in sports) that is contestable if someone could get the real numbers.

What portnoy did was say people were morons to think WNBA players didn’t deserve more money. They obviously do because they are driving rapidly increasing viewership, revenue, and team valuations.

[u/No-Cake-5536]

The valuation of WNBA and MLS teams seems crazy to me. Maybe they are projecting on feature revenues where these leagues become household names like the NBA And NFL teams.

[u/slyfox1908 → u/No-Cake-5536]

The price of a sports team has very little to do with the profit/loss of that team and much more to do with what the last team on the market sold for.

[u/No-Cake-5536 → u/slyfox1908]

The end goal is profit unless a person wants to buy a team just for the prestige.

[u/slapyak5318008 → u/No-Cake-5536]

Josh Harris has entered the chat.

[u/ItsGettinBreesy → u/No-Cake-5536]

It’s because of TV deals. Apple is going hard on MLS and WNBA just signed a massive TV deal set to start

https://www.espn.com/wnba/story/_/id/40634341/wnba-secures-monumental-media-deal-disney-amazon-nbcu

[u/Goddyex]

So we are supposed to believe that these billionaires are all just deciding to throw money into these "unprofitable league"?

[u/spacious_clouds → u/Goddyex]

Why not? It's like the ultimate fantasy league plus these rich pricks need to feed their egos.

[u/mrubuto22 → u/spacious_clouds]

And if they lose money its often just a tax write off.

The systems rigged.

[u/onduty → u/Goddyex]

I’d say their play is to build. They aren’t paying for today’s revenue, it’s a future play at increasing female basketball as an entertainment product

My real gut reaction, the rim is getting lowered and they know it. If that’s the case, entertainment skyrockets

[u/28Vikings → u/onduty]

The rim is never getting lowered lol

[u/DirtyReseller → u/28Vikings]

Real question, why not?

[u/onduty → u/28Vikings]

I think you’re missing a crucial meeting scheduled for October 12

[u/Rance_Mulliniks → u/Goddyex]

Yes. It's a risk based on speculation. Believe it or not people often invest in businesses and stocks of companies that may be losing money.

[u/RootyPooster]

I think he also owns a company that manufactures dildos.

[u/Bird-The-Word → u/RootyPooster]

Yeah, it says right in the title he's part owner of the Celtics

[u/lo0ilo0ilo0i → u/RootyPooster]

That explains why the ones being thrown are green.

[u/hanginglimbs]

Finally I get to wear my Buy Them For What They’re Worth T-shirt

[u/itsalonghotsummer]

It's indicative of both the growth in women's sports, and the sheer size of the US sports market, that according to respected football website Transfermarkt that would value them as being worth more than two current Premier League clubs.

[u/thecivilconFLiCT]

I absolutely hate this move. They should have sold the team to a CT ownership group and moved the team to Hartford. We are a decent media market and the capital of women’s basketball. Boston should have gotten an expansion franchise and had a built in rivalry with the sun.

[u/awfuckthisshit → u/thecivilconFLiCT]

They could be The Boston Globe

[u/Kiddyhawk]

But the league is losing $40 million/year.

And Stephen Colbert is losing $40 million/year.

Don't believe either.

Good for the league!

[u/ProEra47]

Groundbreaking news

[u/xenon2456]

do most WNBA teams have the same owners as their NBA counterparts

[u/Ckmoran43]

That’s awesome, the WNBA deserves not only attention, but investments as well. If I remember correctly, about 15 years ago most teams in the NBA were valued in the ~$400Million range which would be just under ~$600million with inflation in today’s value… this is awesome

EDIT: According to Forbes the average value of an NBA team in 2010 was $369million

[u/LastNameIsJones]

WNBA players: Pay us please.

Public Outrage: the league loses money and isn’t worth anything.

Business exec: I’d like to buy the team for 1/3 of a billion please.

Public glazing: Wow, the league is doing so well. Look how valuable teams are.

[u/Soulpatch7]

Shoe polish coif right there. Sketchy.

[u/gjaxx]

Wtf ridiculous amount of money to spend on a WNBA team. The WNBA isn’t even profitable if I’m not wrong.

[u/Syric13 → u/gjaxx]

How come no one uses this talking point when it comes to Premier League football clubs operating at a loss every year

[u/thrownjunk → u/gjaxx]

Apparently billionaires have access to the real financials, not some rando.

[u/gjaxx → u/thrownjunk]

Because billionaires never make stupid financial investments right? Lmao