Fresh after ending last season with the NBA’s best record, the Phoenix Suns are undergoing a change at the top that could have major implications on the future of the franchise.
According to various sources, team owner Robert Sarver has started the process of selling his stake and it is believed to be one of the highest prices ever for an NBA team.
ESPN’s Adrian Wojnarowski dropped the details on Tuesday afternoon:
As Robert Sarver prepares to sell the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury, investment bank officials who have managed the sales of professional sports franchises told ESPN that they expect the transaction’s final price to set a record.
“It’ll be the highest price ever paid for an NBA team,” one investment bank official said.
Joe Tsai bought the Brooklyn Nets for an NBA-record $2.35 billion in 2019. Prior to that sale, Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017, with Steve Ballmer buying the LA Clippers for $2 billion in 2014.
Factors playing into a potential record bid could be the Suns’ warm-weather climate and proximity to Los Angeles, Las Vegas and the Bay Area, as well as the team’s new practice facility and renovated arena. Additional factors include a new television rights deal and CBA on the horizon, plus the NBA’s young and growing global audience and the potential for new expansion teams in Seattle and Las Vegas.
“There’s going to be a tremendous amount of interest,” an investment bank official said.
"It'll be the highest price ever paid for an NBA team," one investment bank official tells ESPN. https://t.co/GKRMbiZAOB
— Adrian Wojnarowski (@wojespn) October 4, 2022
Robert Sarver Is Selling The Suns After Being Given One Year Suspension From NBA
Sarver has never been considered a good owner in the eyes of the community, but he kept to himself for the most part and stayed out of the way.
But when the NBA discovered evidence of workplace misconduct on his part, it changed the entire outlook of his NBA future.
“NBA has suspended Suns owner Robert Sarver for one year from the Suns and Mercury organization based on league investigation. Sarver has also been fined $10 million and complete training program focused on respect and appropriate workplace conduct. Key findings, NBA says: Robert Sarver said the N-word at least 5 times when recounting statement of others; made sex-related, inappropriate comments about physical appearance of females; inappropriate physical conduct toward men; engaged in harsh treatment.”
Needless to say, Sarver was feeding a toxic workplace environment for his franchise and he’s finding out the hard way what kind of consequences that can bring.
While a sale is still far from over, there is already some excitement within the franchise about what a new owner could mean for their future. We will find out soon enough.
