The Phoenix Suns looking for new owner. The highest representative robert sarverwhich in its portfolio also has the Royal Majorca, will sell the franchise after the scandal over abusive and racist behavior towards their employees. It has the 35% of an entity valued at 1,800 million dollarswhich includes the WNBA’s Phoenix Mercury.
Potential buyers already include Jeff Bezos, founder of Amazon, or Robert Iger, former CEO of Disneyas he assures ‘ESPN’, the chain that promoted the investigation on Sarver with a report published in November of last year.
A drain of sponsorsspearheaded by threats from PayPal, and the world’s rejection of american sportled by stars like LeBron James or Chris Paul, led Sarver to the decision to part with a franchise he had been running since 2004. Buying their shares will cost more than 600 million dollars.
His departure was celebrated by Lebron Jameshappy to help the NBA build a healthier work environment, and also for the commissioner of the American league, AdamSilver, who considered this step as necessary “for the franchise and the community”.
the suns they will avoid millionaire losses in money from sponsors. PayPal, which pays three million a year to the team, threatened not to renew the contract if Sarver had continued in command; the technological platform Socios.com, the Philippine rum Tanduay Asian Rum and scientific enterprise footprint, that shows its name in the stadium, are other brands that finance the entity and that could be affected by the scandal.
One of the most competitive teams in the current NBA, still with the thorn of winning a championship ring, the Suns are valued at 1,800 million dollars, according to estimates by ‘Forbes’, which placed them in 18th position among the franchises most valuable in the league.
Based on these numbers, acquiring Sarver’s share of the Suns and Mercury will cost about 630 million dollars.
Despite being far from the podium of the most valuable franchises in the NBA, in a classification led by the New York Knicks (5.8 billion), Golden State Warriors (5.6 billion) and Los Angeles Lakers (5.5 billion), the Arizona entity represents an important business opportunity, with the challenge of crowning the project with a ring.
The Suns have been competing at the top of the NBA for years. Only Greek Giannis Antetokounmpo’s Milwaukee Bucks denied them glory in the 2021 Finals and in the last campaign Monty Williams’ men had the best balance of the regular season (64-18), before falling against the Dallas Mavericks in the Western Conference semifinals.
The next owner will have the challenge to guide the franchise towards the last step to crown a sports project in which Devin Booker is the brightest star and in which veteran Chris Paul, at 37, wants to put the finishing touch to his career.
The Suns also compete in a Footprint Center that was recently remodeled after an iInvestment of more than 200 million dollars. The stadium includes the largest sports bar in Arizona and fans are hungry for success.
Passion for sports is at an all time high in the area and next February Arizona will be super bowl venueat State Farm Stadium in Glendale, just a few miles from Phoenix.
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Jeff Bezos or Robert Iger, potential buyers of Robert Sarver’s Suns