Investment bank officials who have managed the sales of sports teams said that they expect the final price to be a record.
The highest price ever paid for an NBA team will be paid.
The Brooklyn Nets were bought for a record amount of money. Steve Ballmer bought the LA Clippers for $2 billion in 2014, less than a year after Tilman Fertitta bought the Houston Astros for $2.2 billion.
The Suns have a warm-weather climate and are close to Los Angeles, Las Vegas and the Bay Area. Additional factors include a new television rights deal and the possibility of new expansion teams in Seattle and Las Vegas.
An investment bank official said there would be a lot of interest.
According to a source close to the situation, Moelis & Company has been chosen to oversee the sale. According to Sportico, the bank was the one that Sarver chose. A Moelis spokesman wouldn't say anything.
Moelis was a financial adviser in the sale of the team to a group led by Todd Boehly and Clearlake Capital. The Atlanta Hawks were sold to a group led by Tony Ressler for $850 million.
Suns executive vice president and CFO Jim Pitman recently told team employees that a sale of the team could take up to nine months. The 2022-23 season is when that timelines would end.
The Suns did not reply. The NBA didn't say anything.
Team sources said that investment bank officials reached out to Sarver on the day he announced his intent to sell.
The NBA will conduct financial, personal and criminal background checks upon approval of the final bidder. The NBA board of governors will have to approve the transfer of ownership with a majority.
The majority owner of the Suns and Mercury said he was looking for buyers. In the wake of the NBA investigation, there was a one-year suspension and $10 million fine for the man who was accused of wrongdoing.
The investigation was commissioned by the NBA in the wake of allegations of racism and sexism made against the owner of the team.
Sam Garvin is the interim governor. The managing partner of the team has the power to sell the entire team.
Jerry Colangelo, who sold the team for a then-record $400 million in 2004, said in an interview that he's optimistic about the team's future.
It is one of the great markets in the country as it relates to the future. It was a good place to be a free agent. It can be going forward.
All Rights Reserved © 2024
