More than two weeks ago, Suns and Mercury owner Robert Sarver announced he was searching for potential bidders in the sale of the Phoenix-based basketball franchises.
As the process heats up with potential contenders, one investment bank official believes the sale of the Suns will result in an astronomical price tag, especially considering the influences associated with purchasing the team.
“It’ll be the highest price ever paid for an NBA team,” one investment bank official said, per ESPN.
The highest price ever paid for an NBA team is the $2.35 billion Joe Tsai paid to purchase the Nets in 2019. Previously, Tilman Fertitta bought the Rockets for $2.2 billion in 2017, and Steve Ballmer bought the Clippers for $2 billion in 2014.
In 2021, Forbes reported that the Suns franchise was worth $1.8 billion. Robert Sarver, 60, who owns approximately 30% of the Suns, led a group that purchased the franchise for $401 million in 2004.
On Tuesday, Suns executive vice president and CFO Jim Pittman reportedly told team employees a successful sale of the franchise could end up being a six-to-nine-month process. However, before the team secures a designated bidder, the league must approve the entity by completing a financial, personal and criminal background check.
And for Sarver to successfully complete a full transfer or ownership, the league’s board of governors must vote and approve the process with a three-fourths majority vote. The NBA suspended Sarver for one year and levied a $10 million fine following the completion of a league investigation into workplace misconduct last month.
Last month, ESPN’s Ramona Shelburne reported that former Amazon CEO Jeff Bezos, former Disney CEO Bob Iger, ex-Oracle CEO Larry Ellison and Wizards minority owner Laurene Jobs—the widow to former Apple CEO Steve Jobs—are expected to be in the running to become the next owner of the Suns.
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For more Phoenix Suns coverage, go to Inside the Suns.
