Connecticut’s Sun Dilemma: A Shot Clock on State Pensions?
What a twist in the world of Connecticut sports! Gov. Ned Lamont’s brainwave to use state pension funds to keep the Connecticut Sun from relocating has sparked quite the debate. The Connecticut Sun of the WNBA, a local favorite, is at the center of this storm, and the plot’s thicker than a New England clam chowder.
Earlier this month, Lamont tossed around the idea of dipping into the state’s pension fund to invest in the Sun. Now, this isn’t something you’ve seen in the sports playbooks before—it’s like attempting a full-court heave with your eyes closed. This suggestion, however, didn’t just roll off like a basketball hitting nothing but net.
Council 4 of the American Federation of State, County and Municipal Employees is not exactly cheering from the stands. They expressed their concern on Facebook, as reported by the CT Mirror, stating that this move wasn’t in their game plan. Simply put, they want those pension funds dribbling towards securing retirements, not basketball games.
“Their pension contributions are the foundation of a secure retirement,” they emphasized. Using that dough for a sports franchise is akin to gambling with retiree futures. Ouch. But hey, Gov. Lamont remains optimistic, likening the strategy to creative thinking. Creativity is appreciated; risking pension funds? That’s a different play altogether.
Meanwhile, Connecticut Treasurer Erick Russell, who’s got the fiduciary whistle, is open to the idea. But only if it benefits the pensioners. Well, no one’s betting against a wise investment. The pension fund indeed throws money into various portfolios, but professional sports teams? That’s a Hail Mary no state’s attempted.
Connecticut’s pension fund is truly a crucial lifeline. It supports state retirees by investing to earn dividends and profits. But handling it requires a steady hand at the till, not a gamble on buzzer-beaters.
Now, if Gov. Lamont does not move quickly, the Sun’s favorites might change jerseys. There are already three big league bids circling:
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Steve Pagliuca: A minority owner of the Boston Celtics bids $325 million to bring the Sun to Boston. They’re eyeing a 2027 relocation.
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Marc Lasry: The former Milwaukee Bucks owner wants to relocate the Sun to Hartford—full-time, for the same $325 million.
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WNBA: Offering $250 million to hand the Sun to Houston Rockets owner Tilman Fertitta. The aim? Move the team to Houston and revive the Comets.
In the end, the Council 4 folks have a point. Their statement was a cry to refocus energy on overdue wage agreements. They insist retirees deserve a dignified sunset of their own. So, does Connecticut keep the Sun or let the ball bounce elsewhere?
Stay tuned, folks. This game isn’t over until the final whistle blows.
