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Connecticut’s Pension Dilemma: A Slam Dunk or an Airball?

So, here’s the scoop. Connecticut Governor Ned Lamont thinks he’s got a slam dunk idea, but not everyone agrees. It’s got to do with the Connecticut Sun, a beloved WNBA team that’s making headlines for all the wrong reasons.

State Pension Funds and Sports Teams: An Unlikely Pair

Earlier this month, Lamont floated an out-of-the-box idea: investing the state’s pension fund in the Sun to keep them from leaving. The proposal stirred up some serious chatter. Why? Because no one’s ever tried anything like this in the States before.

Union’s Unwavering Stance

Now, the folks over at Council 4 of the American Federation of State, County, and Municipal Employees aren’t on board. They took to Facebook, and their stance was as clear as New York’s morning traffic—don’t touch the pension fund.

“We ain’t putting hard-earned pension money into a basketball team,” warned the union. They’re urging Lamont to focus on public services, and oh, maybe pay some overdue worker wages while he’s at it.

The Stakes: A Look at the Offers on the Table

Now, let’s break down the offers to buy the Sun. There are three known contenders:

• Steve Pagliuca, a bigwig with the Boston Celtics, is eyeing a $325 million purchase. Move the team to Beantown in 2027? That’s his game plan.

• Marc Lasry, former owner of the Milwaukee Bucks, also dangled $325 million. But he’s more of a Hartford fan.

• Last up, the WNBA itself threw in a $250 million offer, with Houston Rockets owner Tilman Fertitta waiting in the wings to resurrect the Comets in Houston.

A Treasurer in the Spotlight

Connecticut Treasurer Erick Russell is the man of the hour. He’s got his eye on the prize, stating he’s open to investing in the Sun as long as it benefits pensioners.

But let’s pump the brakes for a second. Connecticut’s pension fund is supposed to support state employees post-retirement. It’s not your typical sports investment vehicle. Could this be a wise path, or just a shot in the dark?

Balancing the Books and Dreams

So what’s next for Connecticut? The state needs to weigh the potential benefits against the risks. Using the pension fund for a sports team? It’s got people talking, but also raising eyebrows.

The union’s message is crystal clear. Connecticut has to focus on its retirees’ security, not game-day extravaganzas. When it comes to pensions, playing it safe might just be the winning strategy.

Related Links:

• WNBA
• Steve Pagliuca
• Marc Lasry
• Tilman Fertitta