Forbes: Suns’ value sees highest percent increase in 2022
Oct 27, 2022, 1:09 PM
(Photo by Christian Petersen/Getty Images)
The Phoenix Suns in 2022 are valued by Forbes at $2.7 billion, which ranks 13th in the NBA but comes with the largest increase in value compared to the publication’s valuation in 2021.
Phoenix’s value increased by 50% from last year, when it was estimated to be worth $1.8 billion.
In 2020, the Suns were evaluated to be worth $1.6 billion.
The franchise is set to be sold by owner Robert Sarver, who owns less than 40% of the team but can sell either his portion or the entire team for what is expected to set a new NBA record for a team’s sales price.
Sarver opted to seek buyers for the Suns and Phoenix Mercury after the NBA suspended him after an investigation found evidence he violated workplace standards with behavior that included racist language, unequal treatment of women and bullying.
The Suns franchise, which had an operating income of $87 million in the past year, is not alone in terms of seeing its franchise valuation gain quickly, especially with the COVID-19 pandemic likely in the rear-view mirror. A new media deal that would begin in 2025-26 is expected to elevate every team’s value.
The average value of teams in 2022 is $2.86 billion, 15% up from 2021.
For the first time, the Golden State Warriors ($7 billion) surpassed the New York Knicks ($6.1 billion) as the most valuable franchise.
The New Orleans Pelicans are 30th in value at $1.6 billion.