In 2004, Robert Sarver paid $401 million for the Phoenix Suns; 18 years later, he sold the team to Mat Ishbia for $4 billion

How Robert Sarver’s record Suns purchase led to a historic $4 billion sale.

by Miracle Dimwesh

Oct 30, 2026

Phoenix Suns Former owner Robert Sarver

Mark J&period; Rebilas-USA TODAY Sports

In 2004, Robert Sarver joined a group that bought the Phoenix Suns for $401 million, setting a record for an NBA franchise. Nearly two decades later, ownership changed hands in a deal valued at $4 billion, marking a chapter in the professional basketball business.

Sarver’s purchase came from Suns owner Jerry Colangelo. The banker took control during an era when franchise valuations were far below today’s levels. Over the years, the Suns remained a presence in the Western Conference, reaching the NBA Finals in 2021.

The franchise’s value grew alongside the league’s expanding commercial reach. Media agreements, sponsorships and the appeal of owning a major sports team helped reshape basketball economics. The Suns became a valuable asset in a growing sports marketplace.

In September 2022, Sarver announced he would sell the Suns and the WNBA’s Phoenix Mercury after the NBA suspended him for one year and fined him $10 million following an investigation into workplace misconduct. The decision set the stage for a record transaction.

Phoenix Suns Former owner Robert Sarver

Mark J. Rebilas-USA TODAY Sports

Mortgage executive Mat Ishbia agreed in December 2022 to purchase a majority stake in both teams for a combined $4 billion. The NBA’s board of governors approved the sale in February 2023, officially ending Sarver’s tenure.

The price represented nearly 10 times the amount Sarver’s group paid for the Suns in 2004. It also reflected how dramatically the business of owning a professional basketball franchise had changed.

For Ishbia, the acquisition offered a chance to lead two teams into a new era. For Sarver, it closed a chapter that began with a record purchase and ended with one of the most expensive transactions in NBA history.

The deal’s significance reaches beyond Phoenix. It illustrates how professional sports franchises have become prized investments, with values shaped by growth, loyal fan bases and the expanding business surrounding games.