CT Republicans weigh in on the state’s proposal for the Connecticut Sun

HARTFORD, CT (WFSB) - Connecticut Republicans weighed in on a proposal to use the state’s pension fund to invest in the Connecticut Sun.

A news conference happened at 11:30 a.m. on Thursday.

House and Senate Republican Leaders Vincent Candelora and Stephen Harding, among others, called it a “pension fund gamble.”

They said the state’s pension should not be used for economic development and are questioning the role of the state treasurer.

“The state is looking to leverage a treasured asset in the state of Connecticut, that being Connecticut’s pension fund. We think it’s an unprecedented move. We think it deserves answers to our questions,” said Rep. Vinnie Candelora, (R), GOP Leader.

Connecticut Republicans have sent a letter to the governor asking for more details. They want to know if this is a deal for economic development or an investment. If that’s the case, what would the rate of return be, and would there be a requirement for the team to stay in Connecticut?

“This is not to rule out any sort of deal, if and only if it is done in the best interest of taxpayers and state employees,” said Senator Ryan Fazio, (R), Fairfield.

Republicans also have an issue with the power of the state treasurer, who they say has sole fiduciary authority to approve the deal.

Connecticut’s state treasurer says, ‘The treasurer is a principal fiduciary, and the investment advisory council has extensive powers under current law.

Governor Lamont was asked how far should the state would go to keep the WNBA team.

“We have a private investor who is on board with us. In fact, we get paid back first. I think Erick Russell, the treasurer, is going to make sure this is a good, solid investment on behalf of the pensioners, and a good way to keep the CT Sun here in CT,” he said.

Connecticut proposed an investment plan that would give the state, and other investors associated with it, a minority stake in the Sun that would cost more than the current WNBA offer of $250 million.

That proposal, if accepted, would keep the Sun in Connecticut.

Sources familiar with the matter said that the offers for the team included the willingness to build a practice facility that would cost up to $100 million.

Those sources also said that the team would play a majority of their games at Mohegan Sun Arena with some also being played at PeoplesBank Arena in Hartford.

There would be no permanent venue change for the team.

At the beginning of the season, the Mohegan tribe announced it was looking into selling the team.

Reports came out that the tribe might sell to a group that would pay $325 million for the team and move it to Boston. The WNBA said it was more likely that the team would move to Houston, and the league would pay much less.

Sources said there was no timetable for a meeting with Sun ownership and the WNBA at this time.