In 2004, Robert Sarver bought the Phoenix Suns for a then-record $401 million.
When Sarver sells the team now – he was spurred into doing so after the backlash sparked by an NBA report that uncovered an 18-year pattern of bigotry, misogyny and a toxic workplace – he will make a huge profit.
Suns is now valued at $3 billion or more. reported by Ramona Shelburne and Baxter Holmes of ESPN.
There will be no shortage of contenders for the team, with league sources predicting a franchise valuation of more than $3 billion now that revenue has rebounded from the height of the COVID-19 pandemic and with a new TV rights and CBA deal on the horizon. Sarver bought the team for just over $400 million in 2004.
Saver currently owns 35% of the Suns (the largest share), but reports say that his role as managing partner allows him to sell the entire team (minority owners should comply, although they will also make a nice profit). Sarver also decides who to sell the team to, not the NBA or other owners.
Early rumors of buyers included Larry Ellison (founder of Oracle), Bob Iger (former CEO of Disney), Lauren Powell Jobs (widow of Apple co-founder Steve Jobs, she owns 20% of Washington Wizards) and others. There have been no reports of negotiations yet, and Sarver does not need to rush the deadlines.
Meanwhile, the rival Suns team tries to focus on the season despite the owner selling the team. Jay Crowder not be in training camp and insist on a trade, and Deandre Ayton doesn’t seem happy to be back with the Suns.
CHARLESTON, South Carolina (AP) — Joel Embiid is an American citizen.
Embiid, a native of Cameroon, said he took the citizenship oath in Philadelphia two weeks ago. The Philadelphia 76ers’ NBA scoring champion and All-Star center said his family – Embiid and Brazilian girlfriend Ann de Paula have a young son – played a key role in his decision.
“I’ve been here for a long time,” Embiid said in an interview with The Associated Press Thursday at a training camp at the Citadel. “My son is American. I felt that I live here and being an American is a blessing. I said why not?”
Embiid, who played one season of college basketball in Kansas, is also a French citizen. He said it was too early to think about which country he could potentially represent in international basketball.
Embiid, 28, averaged 30.6 points in 68 games last season. The 7-footer also averaged 11.7 rebounds and 4.2 assists to help Philadelphia reach the Eastern Conference Semifinals for the second year in a row. Embiid averaged 23.6 points and 10.7 rebounds in the postseason despite playing with hand and face injuries.
Embiid was announced to be playing from Kansas during the 76ers home games preliminary introductions, but he switched places midway through last year as he was introduced from Cameroon. This season, he may try to eat.
“We will say Cameroon, American and French,” he said, laughing.
R. J. Barrett signed a four-year rookie contract extension with a full $107 million guarantee that could go up to $120 million with promotions. A few other members of the 2019 draft class are – I am Morant, Zion Williamson, Darius Garland – earned the maximum number of contract extensions with his team.
Tyler Herro still waiting for his renewal with the Miami Heat.
And with Herro’s firm conviction, he said he was better than some of the players he saw being paid. he told Ira Winderman of the South Florida Sun-Sentinel..
“I was active at the beginning of the summer,” he told the South Florida Sun Sentinel of the window expansion, which opened in July. “Then I realized that it would not be done, if it was done, until a later time. So I just told my agent to call me when everything was ready. “So we didn’t talk much about the contract. Obviously, I tell him to call me when everything is ready. If not ready, keep playing my game and figure it out next summer…
“There are players in the league who are paid and I know I am better than them. So it has to be the right number,” he said, as the Heat continued to camp in makeshift pitches outside the stadium. [ Baha Mar resort in the Bahamas].
One of the reasons the extension for Herro hasn’t been made – and may not be done before the Oct. 18 deadline – is because Herro is the Heat’s best trading asset to pursue the big name. As soon as he signs the extension, which is not discussed, something Winderman and I discussed on our weekly Heat and NBA video/podcast.
Another question about the Herro extension: what is the “correct number”? Did the Knicks’ Barrett set the market with his renewal?
It’s possible Barrett is one of those players that Herro “knows” he’s better, but that won’t be the consensus of the league’s scouts and free agents. Herro has the equipment as the current 6th Man of the Year, averages 20.7 points per game while shooting 39.9% of 3 last season, can create minor games and has big playoff games. It has real value.
However, as Winderman noted, Herro started just 33 games in three years, compared to Barrett’s 197 starts. More importantly, Erro’s defensive limitations limited Erik Spoelstra’s ability to use him in the playoffs. Then there is the question of the cargo being transported. Barrett was the Knicks’ No. 1 option last season (with Julius Randle falls off) and even with signing Jalen Brunson, Barrett – option No. 1 or 1B for Tom Thibodeau. Herro falls behind the Heat hierarchy Bam Adebayo, Jimmy Butlerand, perhaps Kyle Lowry depending on how he bounces back from a bad year. The Heat don’t need Herro the way the Knicks need Barrett right now, and that’s one of the key reasons Herro is available through the trade.
Will Herro take a four-year extension for $105? Will the Hit offer it? If Miami hopes for a trade by the deadline, it could wait for the offer and let the market set Herro’s price as a restricted free agent next summer. For Herro, it would give him a chance to prove he’s a starter and that his defense has improved – that he’s worth more than the Heat offered.
If the Heat and Herro agree to an extension, expect it to happen in a couple of weeks, that is, meet the deadline set in October.
Lonzo Ball on Wednesday, he underwent another arthroscopic surgery on his left knee, and the doctors finally came to a positive conclusion…