Phoenix Suns owner Robert Sarver announced in a statement Wednesday morning that he has begun the process of selling his stake in both the Suns and Phoenix Mercury. This move comes afterand fined $10 million by the NBA after an investigation into his workplace misconduct was completed.
Per Sarver’s statement:
“Words I deeply regret now overshadow almost two decades of building organizations that have brought people together and strengthened the Phoenix area through the unifying power of professional men’s and women’s basketball.
As a person of faith, I believe in redemption and the path to forgiveness. I expected that the commissioner’s suspension for one year would give me time to focus, make amends and resolve my personal differences with the teams that I and many fans love.
But in our current unforgiving climate, it has become painfully clear that this is no longer possible – that all the good that I have done or could still do outweighs what I have said in the past. For these reasons, I am beginning to look for buyers for the Suns and Mercury.”
Among the results of this investigation, the league found that Sarver used the N-word several times when retelling comments made by black people, even after being told not to use the word, made “sex-related comments” about female employees, and created a work environment. which was unfair to female employees.
Shortly after Sarver announced his intentions to find a buyer for the Suns and Mercury, NBA commissioner Adam Silver released the following statement. “I fully support Robert Sarver’s decision to sell the Phoenix Suns and Mercury. This is the right next step for the organization and the community.”
With Sarver’s announcement that he intends to sell about 35 percent of his stake in the Suns, there will no doubt be many fans who will try to buy it from him. When Sarver bought the Suns from Jerry Colangelo in April 2004, it was an NBA-record price of $401 million. However, 17 years later, the Suns are now valued at over $1.8 billion, 18th in the league. according to Forbes. With the Minnesota Timberwolves just sold for $1.5 billion, the Suns sale should easily surpass that amount as ESPN’s Adrian Wojnarowski reports that the franchise is considered “highly desirable.”
In terms of roster alone, the Suns have been one of the most successful teams in the past two seasons, reaching the NBA Finals in 2021 and finishing with the best regular season record last season. The Suns boast a talented top-down roster, and Phoenix’s warm climate and proximity to places like Los Angeles are tempting propositions for players. With Sarver gone — and depending on who buys the team from him — the Suns could be even higher on the free agent list in the future.