Phoenix Suns and Mercury owner Robert Sarver has reportedly hired investment bank and advisory firm Moelis & Company to facilitate the sale of the two pro basketball franchises.
In September, Sarver was suspended by the NBA for a year and fined $10 million after an investigation revealed his bullying and use of racially and sexually inappropriate language in the workplace.
The probe was initiated after an ESPN report in 2021 detailed many of the allegations.
- Last month, Sarver vowed to sell the Suns and Mercury to not be a distraction.
- Sarver purchased a 30% stake in the Suns in 2004 for $401 million.
- The team is valued at $1.8 billion — ranking 18th in the NBA, per Forbes.
- A sale could now fetch more than $2 billion.
Sarver is working with Moelis & Co. after the firm guided an ownership group led by Todd Boehly and investment firm Clearlake Capital in its $5 billion purchase of Chelsea FC in May. Moelis & Co. also works with Diamond Sports Group, a subsidiary of Sinclair Broadcast Group.
Lack of Support
In September, Jahm Najafi — a Suns vice chairman who holds the second-largest stake in the team — penned an open letter to employees and players calling for Sarver to sell his stake.
NBA commissioner Adam Silver said that he doesn’t “have the right to take away his team,” while NBPA executive director Tamika Tremaglio called for a lifetime ban of Sarver.