Suns, Mercury owner Robert Sarver, announces he is beginning the process of selling both franchises

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Phoenix Suns owner Robert Sarver announced in a statement Wednesday morning that he has begun the process of selling his stake in the Suns and the Phoenix Mercury. This movement comes after Sarver was suspended for a year and fined $10 million by the NBA following the completion of an investigation into his inappropriate workplace misconduct.

By Sarver statement:

“Words that I deeply regret now overshadow nearly two decades of building organizations that have brought people together – and strengthened the Phoenix area – through the unifying power of men’s and women’s professional basketball.

As a man of faith, I believe in the atonement and the path of forgiveness. I expected the commissioner’s one-year suspension to give me time to focus, make amends, and take my personal controversy out of the teams I and so many fans love.

But in our current unforgiving climate, it has become painfully clear that this is no longer possible – that whatever good I have done, or could still do, is outweighed by the things I have said in the past. For these reasons, I am beginning the process of finding buyers for the Suns and Mercury.”

Among the findings of that investigation, the league found that Sarver repeatedly used the N-word when recounting comments made by black people even after being told not to use that word, had made “comments related to gender” on female employees and created an unfair working environment for female employees.

Shortly after Sarver announced his intention to find a buyer for the Suns and Mercury, NBA commissioner Adam Silver released the following statement. “I fully support Robert Sarver’s decision to sell the Phoenix Suns and Mercury. This is the right next step for the organization and the community.”

With Sarver’s announcement that he intends to sell his roughly 35% stake in the Suns, there will no doubt be a slew of suitors trying to buy him. When Sarver bought the Suns from Jerry Colangelo in April 2004, the price was then an NBA record at $401 million. However, 17 years later, the Suns are now valued at over $1.8 billion, which puts them 18th in the league. by Forbes. Given that the Minnesota Timberwolves were just sold for $1.5 billion, the Suns’ sale should easily exceed that, as ESPN’s Adrian Wojnarowski reports that this franchise is considered “extremely desirable.”

From a roster perspective alone, the Suns have been among the most successful teams for the past two seasons, with a trip to the 2021 NBA Finals and finishing with the best regular season record. last season. The Suns have a talented team from top to bottom, and Phoenix’s warm climate and proximity to places like Los Angeles are an attractive sell for players. With Sarver on the way out — and depending on who buys him the team — the Suns could be even higher on the list of free agency destinations in the future.

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