Suns expected to sell for NBA-record price, bankers say
The Phoenix Suns are likely to net Robert Sarver a record return, investment bank officials told ESPN's Baxter Holmes.
"It'll be the highest price ever paid for an NBA team," one banker told Holmes.
Sarver has chosen New York-based investment bank Moelis and Co. to take control of the logistics of the sale, Holmes reports. The company advised the sales of the Atlanta Hawks in 2015 and Chelsea FC earlier this year.
Prospective buyers have been in contact with Sarver since Sept. 21, when he announced his intentions of selling the Suns and Phoenix Mercury, adds Holmes.
Some factors influencing the price include the warm climate of the southwest, how close Phoenix is to larger markets such as Los Angeles, Las Vegas, and the Bay Area, and a new practice facility and refurbished arena.
Sarver put his teams up for sale after a league investigation into reports of misconduct over his 17 years as owner. He was suspended for a year and fined $10 million after the report detailed racist and misogynistic incidents.
Suns executive vice president and CFO Jim Pitman told team employees that a sale could take six-to-nine months, sources told Holmes.
Teams to recently change ownership include the Brooklyn Nets, Houston Rockets, and Los Angeles Clippers, with all three netting over $2 billion.