Robert Sarver’s sale of the Phoenix Suns is not expected to be complete for 6-9 months after the embattled owner announced last month that he had decided to put the NBA team on the market.
Sarver’s decision came after the NBA fined him $10 million and suspended the owner a year after an investigation into alleged widespred workplace misconduct on the part of the longtime owner.
As expected, any sale of the organization is expected to shatter the current NBA record.
“It’ll be the highest price ever paid for an NBA team,” an investment bank official told ESPN’s Baxter Holmes.
There’s multiple reasons for this. ESPN’s report notes that Phoenix’ “proximity” to Los Angeles, Las Vegas and the Bay Area will play a role. It’s warm-weather climate and the Suns’ new practice facility are two other factors.
Related: Phoenix Suns standing in Sportsnaut’s updated NBA power rankings
Robert Sarver’s sale of the Phoenix Suns likely to be completed during the 2022-23 NBA season
The 6-9 month timeframe means that these Suns could be sold during the playoffs in April. If not, the finalization of the record sale might take place around the time of the 2023 NBA Finals.
Many around the NBA were not happy about the punishment Sarver received, primarily due to the widespread nature of the allegations against him. The league’s report concluded that Sarver used racist language on multiple occassions, engaged in inappropriate sexual comments and physical conduct. Once the push back around the Association became real, Sarver opted to announce he was selling the team.
“I expected that the commissioner’s one-year suspension would provide the time for me to focus, make amends and remove my personal controversy from the teams that I and so many fans love.
But in our current unforgiving climate, it has become painfully clear that that is no longer possible – that whatever good I have done, or could still do, is outweighed by things I have said in the past. For those reasons, I am beginning the process of seeking buyers for the Suns and Mercury.”
Robert Sarver on selling the Phoenix Suns
It’s going to be a drawn-out process with the investment bank Moelis & Company selected to oversee the sale of the organization. Once a final bidder is chosen, the NBA and its teams would then elect whether to finalize a sale.
Phoenix Suns franchise value and likely record sale
Back in 2019, Joe Tsai bought the Brooklyn Nets for a then-record $2.35 billion. Two years earlier, Tilman Fertitta paid $2.2 billion for the Houston Rockets. His purchase set an NBA record, previously held by Steve Ballmer when he bought the Los Angeles Clippers for $2 billion in 2014.
Given the Suns’ franchise value and the ever-evolving market for professional sports teams in North America, these numbers will be shattered. According to Forbes, Phoenix is valued at $1.8 billion. It’s nowhere near the most-valuable NBA teams today.
- New York Knicks: $5.8 billion
- Golden State Warriors: $5.6 billion
- Los Angeles Lakers: $5.5 billion
- Chicago Bulls: $3.65 billion
- Boston Celtics: $3.55 billion
With that said, interest in the Phoenix Suns will draw up the asking price. At this point, it would not be a surprise if said sale topped $3 billion.
We previously focused on some candidates to buy Phoenix from Sarver.
- Jahm Najafi, owner of Najafi Companies equity firm: Net worth – $3.5 billion
- Todd Boehly, CEO of investment firm Eldridge Industries: Net worth – $5.3 billion
- Jay Bloom, investor: Net worth – $614 million
It’s highly likely that others will join this list now that the sale process has been initiated.