Robert Sarver Net Worth
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- What Is Robert Sarver’s Net Worth?
- Early Life
- Sports Ownership
- 2022 Suspension And Fine
- Team Sale
- Real Estate Fortune
- Personal Life
What Is Robert Sarver’s Net Worth?
Robert Sarver is an American sports team owner and businessman who has a net worth of $800 million. After earning a fortune by starting several banks, Robert Sarver became nationally known for owning the NBA’s Phoenix Suns. In addition to overseeing the Suns, he is also on the Board of Trustees of the Sarver Heart Center in Tucson. In December 2022, Robert reached a deal to sell the Suns to a group of investors led by mortgage tycoon Mat Ishbia at a $4 billion valuation. Mat’s billionaire brother Justin Ishbia was reportedly a financial backer behind the deal. At the time of the sale, Sarver owned 35% of the Suns, meaning his stake in the sale would be worth $1.4 billion pre-tax. It’s very likely that Justin and Mat bought Robert’s stake alone for $1.4 billion. In other words, they did not buy the entire team for $4 billion.
Early Life
Robert Gary Sarver was born on October 31, 1961, in Tucson, Arizona. His father was a successful businessman, banker, and hotel developer, and Robert went to work for his company, American Savings and Loan, at just 16 years old. Sarver graduated from the University of Arizona with a degree in Business Administration. In 1983, he became a certified public accountant. When Robert was twenty-three, he founded the National Bank of Arizona, formerly known as the National Bank of Tucson. He sold it 12 years later after it had grown to become the largest independent bank in Arizona. A year later, he bought Grossmont Bank, the largest bank in the San Diego area.
Sports Ownership
A lifelong basketball fan, Robert purchased the Phoenix Suns with a group of investors in 2004 for $400 million. At his peak of control, he owned 35% of the team. He also owns the WNBA’s Phoenix Mercury.
In 2016, Sarver bought the Spanish second-division football team RCD Mallorca for over $20 million.
His tenure as a team owner of the Suns has been met with harsh criticism for his “penny-pinching” ways regarding his handling of the team and interventionist style of ownership, which led to instability and division within the organization.
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2022 Suspension and Fine
On September 21, 2022, Sarver announced the beginning of the process to sell the Phoenix Suns and Phoenix Mercury basketball teams after star players such as LeBron James , Chris Paul , and Draymond Green came forward saying his punishment was too lenient, and PayPal threatened to not renew their sponsorship with the team if Robert remained owner.
Team Sale
For months there were rumors of numerous parties who were apparently interested in buying the Suns. For example, at one point, Shaq and Jeff Bezos were reported to be the leading candidates . Then another report claimed Disney CEO Bob Iger was closing in on a deal . In December 2022, Robert reached a deal to sell the Suns to a group of investors led by Mat Ishbia for $4 billion.
Real Estate Fortune
Sarver co-founded Southwest Value Partners with Millard Seldin in 1990, and in 1995 the company purchased the Emerald Plaza in San Diego. In 2004, Southwest Value Partners sold the Emerald Plaza and two San Diego office buildings to real estate firm Triple Net Properties for $274.5 million.
Personal Life
In 1996, Robert married Penny Sanders, a native of Kansas City, Missouri. The couple lives in Paradise Valley, Arizona, and they have three sons together.
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- Next Season The Phoenix Suns Will Pay Just Four Players A Ridiculous Amount Of Money
Next Season The Phoenix Suns Will Pay Just Four Players A Ridiculous Amount Of Money
ByJoey Heldon June 28, 2023inArticles›Sports News
Earlier this year, the Phoenix Suns shook up the NBA with a massive trade to acquire Kevin Durant . The move didn’t result in postseason success, as the team never fully gelled and lost to the eventual champion Denver Nuggets in the second round.
Now, the Suns are back at it again. They traded Chris Paul , Landry Shamet, multiple second-round picks and a pick swap to the Washington Wizards in exchange for Bradley Beal , Isaiah Todd, and Jordan Goodwin.
The Suns, a team that reached the NBA Finals in 2021, are clearly trying to win a championship before their window closes. Beal joins Durant, Devin Booker , and Deandre Ayton to create an impressive group of stars. Although it’s going to cost the Suns a LOT of money to field this roster.
Bradley Beal (L) shooting over Devin Booker. (Patrick Smith/Getty Images)
All four players are on max contracts. This upcoming season, the Suns will owe Durant (about $47.6 million), Beal (about $46.7 million), Booker (about $36 million), and Ayton (about $32.4 million). All together, next season these four will earn a collective…
$163 million
Adding to the complexity, the upcoming collective bargaining agreement will impose strict penalties on teams that go over the second apron of the luxury tax. That threshold currently sits at $179.5 million. To avoid going past that number, the Suns will have to figure out a way to split about $16.5 million between ten players.
This isn’t a one-year issue, either. Beal still has $207 million and four years remaining on his contract. Durant has about $149.5 million over three seasons, plus a few extra million in likely incentives. Ayton will make a shade over $102 million in the next three seasons. Booker is in the final year of his deal, but at just 27 years old and still in his prime, the Suns will try to do all they can to retain him.
It’s almost a given that most of the Suns’ bench will consist of players on veteran minimum contracts. The only other players currently under contract are backup guard Cameron Paine; Ish Wainright, who averaged about 15 minutes per game last season; Goodwin, who was productive with the Wizards; and Todd, who’s played 135 minutes total in two seasons.
With the free agency period kicking off on June 30, the Suns probably have more moves to make. If it leads to the first championship in franchise history, all the spending will be worth it.
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