In the most high-profile financial backlash of an NBA probe released earlier this week that found the owner of the Phoenix Suns engaged in racist and misogynist behavior, PayPal said it won't renew its sponsorship agreement with the team.
The Suns' jerseys have been sponsored by PayPal.
If Robert Sarver stays involved with the team after his one-year suspension is up, the company will not work with them.
After the 2022-23 season, the Suns' jersey patch sponsorship with PayPal was set to end.
The Suns' second-largest stakeholder and vice chairman called for Sarver to step down Thursday, after increasing calls for him to never return to power.
In a statement released by the team Tuesday, he took full responsibility for what he had done, but he disagreed with some of the particulars of the NBA's report.
NBA teams usually get between $5 million and $20 million per season from jersey patch sponsors, but the terms of the Suns deal with PayPal are unknown. The NBA found that he used the N-word at least five times and made inappropriate and sexually charged comments to employees. The league banned him from all team activities for one year. NBA Commissioner Adam Silver defended the league's punishment Wednesday, saying the league is unable to punish owners further. Several of the NBA's most prominent players said the NBA's sanctions didn't hold them accountable.
This isn't right, according to NBA figures.
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