Topline
Robert Sarver announced Wednesday he has begun the process of selling off his two professional basketball teams, the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury, saying his ownership of the teams was “no longer possible” after an NBA investigation found he used racist language and fostered a hostile work environment.
Phoenix Suns and Mercury owner Robert Sarver attends Game Two of the 2021 WNBA Finals at Footprint … [+]
Key Facts
Sarver said he initially planned to use the suspension to “focus, make amends and remove my personal controversy from the teams,” but after fielding backlash including from NBA figures who said he received a lax punishment, Sarver realized “whatever good I have done, or could still do, is outweighed by things I have said in the past.”
Sarver said selling the teams “is the best course of action for everyone.”
He said Wednesday he’s “beginning the process of seeking buyers for the Suns and Mercury,” but didn’t specify any possible buyers.
Forbes Valuation
We estimated the Phoenix Suns were worth $1.8 billion in October 2021, making them the NBA’s eighteenth-most-valuable team. Sarver bought the franchise in 2004 for $401 million.
Key Background
The 10-month NBA investigation found Sarver used the N-word on at least three occasions while quoting others, bullied employees and made sexually charged comments to and about women. The probe was launched after ESPN published a report last year detailing the allegations, which Sarver denied at the time. His punishment—which required him to stay away from both teams’ operations for a year but didn’t require him to sell either of them—was slammed by Lebron James and other players and officials, while the Suns’ vice chairman Jahm Najafi, the team’s second-largest shareholder, called for Sarver to step down. PayPal said Friday the company would not renew its sponsorship agreement with the Suns if Server did not sell the team. While the specifics of PayPal’s contract with the Suns are unknown, jersey patch sponsors generally pay NBA teams between $5 million and $20 million per season.
Further Reading
PayPal Says It Won’t Work With Phoenix Suns If Robert Sarver Keeps The Team (Forbes)
‘This Isn’t Right’: LeBron, NBA Figures Express Disappointment In Robert Sarver Punishment (Forbes)
Phoenix Suns Owner Robert Sarver Suspended And Fined $10 Million For Racist Language (Forbes)
Source: https://www.forbes.com/sites/carlieporterfield/2022/09/21/robert-sarver-plans-to-sell-phoenix-suns-and-mercury-after-racism-allegations/