More than two weeks ago Sonnen and mercury Owner Robert Sarver announced that he was looking for potential bidders to sell the Phoenix-based basketball franchises.
As the process heats up with potential rivals, an investment bank official believes the sale of the Suns will result in an astronomical price tag, especially given the influences associated with buying the team.
“This will be the highest price ever paid for an NBA team,” an investment bank official said, according to ESPN.
The highest price ever paid for an NBA team is the $2.35 billion paid by Joe Tsai 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 valued at $1.8 billion. Robert Sarver, 60, who owns about 30% of The Suns, led a group that bought the franchise in 2004 for $401 million.
On Tuesday, Jim Pittman, Sun’s executive vice president and CFO, reportedly told the team that successfully selling the franchise could be a six to nine month process. However, before the team secures a particular bidder, the league must approve the venture by conducting a financial, personal, and criminal background check.
And for Sarver to successfully complete a full transfer or ownership, the league board must vote and approve the process by a three-quarters majority. The NBA suspended Sarver for a year and fined him $10 million after closing 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 — widow of former Apple CEO Steve Jobs – Expected to be in the running you will be the next owner of the Suns.
More NBA Coverage:
In the suns: Devin Booker Named #1 Shooting Guard in NBA GM Poll
For more information on Phoenix Suns, see Inside the Suns.
