Once the NBA conducted an investigation into Phoenix Suns majority owner Robert Sarver, finding he was guilty of multiple acts of misogyny and racism, and other workplace misconduct, the writing was on the wall. Shortly after, facing an immense amount of scrutiny, Sarver announced his intentions to sell the team.
As usual in such large transactions of this nature, the actual selling process takes much longer than something simple like selling a car.
While it’s been months since the NBA fined and suspended Sarver, they are getting closer to moving forward with the sale process.
According to the Sports Business Journal, a “handful of bidding groups” have reached the second round of examining their qualifications for purchasing the Suns.
Sarver, who owns 35% of the Suns, does have the power to sell the team in full. He also owns the rights to the WNBA’s Phoenix Mercury, which he’s also looking to sell, likely as part of the deal.
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Phoenix Suns sale expected to rank as second-most expensive in NBA history
The last time Forbes estimated the value of the Suns, they placed the amount at $2.7 billion, but many within the industry expect the price to reach as high as $3 billion.
While it doesn’t quite meet the $3.3 billion mark Mikhail Prokhorov paid for the Brooklyn Nets back in 2010, any sale over $2.5 billion would make the Phoenix sale the second-most expensive price paid in league history.
It is unknown who may be involved in the bidding at this point, but being they’re in the second round of the vetting process, we should find out some of the big spenders hoping to become the next lucky owners of an NBA team soon enough.
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