Robert Sarver, the banker-turned-property-developer, said in a statement that he has initiated the process to sell the Arizona-based NBA team Phoenix Suns. Sarver, who was suspended and fined by NBA over workplace misconduct, bought the Phoenix Suns in 2004.

He had spent a total of $401 million to acquire the Suns, and its subsidiary WNBA team, Phoenix Mercury. The 60-year-old American businessman now plans to sell both basketball teams. 

According to the Forbes list of most valuable NBA clubs, Sarver-owned Phoenix Suns is at the 18th spot. It is valued at $1.8 billion, as per records from the 2021-22 season. 

Also read: What did Robert Sarver do? Suns, Mercury owner’s actions

Since acquiring the Suns, Sarver has made a range of investments in the club. He has also overseen the restructuring of the club’s administrative structure during his tenure as the owner. 

Sarver has invested $231 million to renovate and expand the capacity of the Footprints Center. Apart from serving as the home ground of the Suns, the center is also used as a live entertainment venue.

In 2020, the Phoenix Suns unveiled a 53,000-square-foot practice arena which costs $45 million. It was built in collaboration with Verizon – the telecom giant, who are also the title sponsor of the facility. 

Also read: Robert Sarver’s net worth: All you need to know

The practice arena, called the Verizon 5G Performance Center, is equipped with 5G technology which enhances the existing sports science technology installed at the facility.

In terms of broadcasting and advertising potential, the Suns are a steady bet. With an emerging team and new infrastructure, the Phoenix Suns reached the NBA finals in 2021. It was their first final since 1993. 

If Savers’ decision to sell the club actually materialises, there will be no shortage of buyers to take the Suns on.