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Robert Sarver's Phoenix Suns Sale Could Fetch $2.5 Billion | Forbes
Posted
September 23, 2022
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September 23, 2022
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1:40Now PlayingRobert Sarver is about to make a killing on the Phoenix Suns.
Last week, the NBA suspended Sarver for a year and fined him $10 million as a result of a league investigation that found he had committed racist and misogynist conduct that violated workplace standards.
Sarver, who owns about 35% of the Suns, announced today that he plans to sell the team, which he purchased in 2004 for $401 million. The Suns will likely fetch at least $2.5 billion, according to sports bankers contacted by Forbes. A year ago, Forbes valued the Suns at $1.8 billion, 18th out of the league’s 30 teams.
At roughly eight times 2021-22 revenue, a price of $2.5 billion might seem too rich. It would give the Suns the second-highest sale price in NBA history, behind the $3.2 billion Joe Tsai paid for the Brooklyn Nets in 2019. But think about this: Last month, the Utah Jazz were valued at $2.4 billion in a minority-interest sale—nine times revenue.
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