Suns Owner Robert Sarver Hires Investment Bank to Manage Sale of Team
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On Tuesday, ESPN reported Phoenix Suns owner Robert Sarver had hired an investment bank to help with the sale of the team.
ESPN revealed the bank to be Moelis & Company.
"In recent days, Suns executive vice president and CFO Jim Pitman relayed to team employees that a fully executed sale of the team could take six to nine months, team sources said. That timeline would stretch through the 2022-23 season," said Baxter Holmes, who said both the Suns and NBA declined to comment.
"Investment bank officials have been in contact with Sarver on behalf of potential bidders, team sources said, including reaching out on the day that Sarver announced his intent to sell.
"Once a final bidder is chosen, that person -- or group -- must be approved by the NBA, which will conduct financial, personal and criminal background checks. For any transfer of ownership to be complete, the NBA board of governors will vote, with approval requiring a three-fourths majority."
The Suns are expected to break the Brooklyn Nets' record of $2.35 billion, sold to Joe Tsai back in 2019.
"I believe this -- it's one of the great markets in the country as it relates to the future," Jerry Colangelo told ESPN. "It was a great free agent destination at one time. There's no reason why it can't be going forward."
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