Phoenix Suns Move Closer to Finding New Owner

The Phoenix Suns are one step closer to a new owner.

A “handful” of bidding groups have reportedly progressed to the second round of vetting for the team. Suns’ advisers believe it will be a record sale, and the report suggests it will push the Suns’ value to $3 billion.

• Previous reports note the Suns are likely to fetch at least $2.5 billion, which would be the second-highest team sale in NBA history.
• Forbes last valued the team at $2.7 billion.
• Suns majority owner Robert Sarver is also looking to sell the WNBA’s Phoenix Mercury.

Some of the groups in the process are reportedly looking at opportunities to buy other U.S. sports teams currently for sale, including MLB’s Washington Nationals and Los Angeles Angels and the NFL’s Washington Commanders.

Names floating around as possible interested parties include Jeff Bezos, Larry Ellison, Laurene Powell Jobs, and former president Barack Obama.

Sarver Sale

Sarver, the Suns’ managing partner, owns around 35% of the Suns but reportedly has the authority to sell the team in full. 

He announced his intent to sell the team following an NBA-commissioned report detailing repeated acts of misogyny and racism.

Sarver is being advised by Moelis & Company banker Navid Mahmoodzadegan, who is reportedly close to Suns’ minority owner Jahm Najafi. Najafi previously called for Sarvers’ ouster.