Report: Price tag on Phoenix Suns could be more than $3 billion
In 2004, Robert Sarver bought the Phoenix Suns for a then-record $401 million.
When Sarver sells the team now — pushed to do so following the backlash prompted by an NBA report that found an 18-year pattern of bigotry, misogyny, and a toxic workplace — he is going to make a massive profit.
The value of the Suns now is at $3 billion or higher, reports Ramona Shelburne and Baxter Holmes of ESPN.
There will be no shortage of bidders for the team, with league sources predicting a franchise valuation of more than $3 billion now that revenue has rebounded following the height of the COVID-19 pandemic and with a new television rights deal and CBA on the horizon. Sarver purchased the team for just over $400 million in 2004.
Saver currently owns 35% of the Suns (the largest share), but reports say his role as managing partner allows him to sell the entire team (the minority owners have to comply, although they would make a healthy profit, too). Sarver also decides who to sell the team to, not the NBA or other owners.
Early rumors of buyers have included Larry Ellison (founder of Oracle), Bob Iger (former Disney CEO), Laurene Powell Jobs (widow of Apple co-founder Steve Jobs, she has a 20% share of the Washington Wizards), and others. There have been no reports of talks yet, and Sarver does not need to be on a rushed timeline.
Meanwhile, a contending Suns team tries to focus on the season despite the owner selling the team, Jae Crowder not being in training camp and pushing for a trade, and Deandre Ayton does not sound happy to be back with the Suns.
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Report: Price tag on Phoenix Suns could be more than $3 billion originally appeared on NBCSports.com
Source: Yahoo Sports
