PHOENIX SUNS RUMORS: Several Billionaires Interested in Buying the Suns ft. Jeff Bezos, Larry Ellison, Bob Iger and Laurene Powell Jobs
Robert Sarver, the owner of the Phoenix Suns who was fined $10 million and given a year’s suspension by the NBA for making sexist and racist comments at work, said on Wednesday that he would be selling the organisation.
NBA players’ union executive director Tamika Tremaglio demanded a lifetime suspension for Sarver following the past week’s sanctions, while NBA stars LeBron James and Chris Paul said the fines were too weak. PayPal, an important sponsor of the club, stated that it would not renew its agreement with them if Sarver remained on the board, and Suns vice chairman Jahm Najafi demanded that Sarver step down.
After a week of increasing pressure from the NBA to do more than punish Sarver for a year, Sarver said on Wednesday that he is looking for a buyer for the clubs.
Potential buyers of Phoenix Suns
Although it’s expected that the Suns’ for-sale sign will generate a lot of interest, it’s crucial to remember that Sarver, despite being suspended, has the last say over who purchases the franchise. The Suns were purchased by Sarver for $401 million in 2004, and while Forbes valued the franchise at $1.8 billion last year, the actual transaction price may be substantially higher.
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. https://t.co/MoaLPuaImr pic.twitter.com/OCqv3VcTTz
— Forbes (@Forbes) September 23, 2022
It is anticipated that former Disney CEO Bob Iger, founder and former CEO of Amazon Jeff Bezos, co-founder and former CEO of Oracle Larry Ellison, and minority governor of the Washington Wizards Laurene Powell Jobs will be interested in purchasing the Phoenix Suns and Mercury.
Jeff Bezos, former Disney CEO Bob Iger, Oracle co-founder Larry Ellison and Wizards minority governor Laurene Powell Jobs are expected to be interested in buying the Suns and Mercury, per @ramonashelburne
Full story here: https://t.co/pwWIxdjRuj pic.twitter.com/wUo4bm65IE
— Bleacher Report (@BleacherReport) September 22, 2022
The anticipated transaction will be the third sale of an NBA club in the past ten years. The Minnesota Timberwolves and Lynx were sold for $1.5 billion in 2021, while the Utah Jazz were sold for $1.66 billion in 2020.
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