After seeing the Houston Rockets and the minority stake of the Brooklyn Nets get sold, it’s easy to think that other NBA team owners may want to sell high now to maximize their profit out of their investments. However, Phoenix Suns managing general partner Robert Sarver has “no interest” in selling the franchise.
The 56-year-old businessman denied reports suggesting that he is looking to cash out and is in the process of finding a new owner for the Suns. He made it clear, via Scott Bordow of AZcentral.com, that there’s absolutely no truth to it, and that he wants to remain the owner of his team.
“There's zero accuracy to that story,” Sarver said. “Zero. I have zero interest in selling.”
Robert Sarver purchased the Suns back in 2004 from Jerry Colangelo for $401 million. Currently, the franchise is valued at $1 billion, with an annual revenue of $173 million, according to Kurt Badenhausen of Forbes. Despite missing out on the playoffs the past seven years, the team has continued to be profitable because of their young players, who draw fans inside their arena and buy their merchandise.
It's still unclear how and where the rumors about Sarver leaning towards selling the team came from, but with his statement, the whole organization can proceed with their plans of bringing in more success to the Suns, without worrying about a change in ownership happening soon.
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