Net Worth Ranker
What Is Robert Sarver’s Net Worth
Robert Sarver, an American sports team owner and businessman, possesses a net worth estimated at $800 million. This substantial fortune has been accumulated through a successful career in banking and strategic investments, most notably his ownership of the Phoenix Suns, a prominent NBA franchise. Sarver’s financial acumen extends beyond sports, as he also serves on the Board of Trustees of the Sarver Heart Center in Tucson, showcasing his commitment to philanthropy.
Robert Sarver’s Fortune: Banking and Sports Ventures
Sarver’s journey to immense wealth began with his foray into the banking sector. At the young age of 23, he founded the National Bank of Arizona, originally known as the National Bank of Tucson. Over a period of 12 years, he built it into the largest independent bank in Arizona, a testament to his entrepreneurial skills. He subsequently sold the National Bank of Arizona and, a year later, acquired Grossmont Bank, the largest bank in the San Diego area, further solidifying his presence in the financial industry.
In 2004, Sarver expanded his business interests into the realm of professional sports. He led a group of investors to purchase the Phoenix Suns for $400 million. At the height of his involvement, he owned 35% of the team, giving him significant control over the franchise’s operations. His sports portfolio also includes ownership of the Phoenix Mercury, a WNBA team, demonstrating his diversified interests within the basketball world. Furthermore, in 2016, Sarver ventured into European football by acquiring RCD Mallorca, a Spanish second-division team, for over $20 million. However, his tenure as owner of the Suns faced criticism due to perceived cost-cutting measures and an interventionist management style, leading to internal instability.
A significant turning point in Sarver’s sports ownership came in September 2022 when he faced suspension and a $10 million fine from the NBA. This disciplinary action stemmed from an investigation that revealed his use of a racial slur on at least five occasions. The investigation, conducted by Baxter Holmes and based on interviews with over 70 current and former Phoenix Suns employees, also uncovered allegations of racist and misogynistic behavior within the team’s front office. While the report acknowledged that Sarver’s use of the slur occurred while “recounting the statements of others” and was not motivated by racism, the incident sparked widespread condemnation.
Following the suspension and fine, mounting pressure from prominent figures such as LeBron James, Chris Paul, and Draymond Green, who deemed the initial punishment too lenient, and the threat of sponsorship withdrawal from PayPal, Sarver announced his decision to sell the Phoenix Suns and Phoenix Mercury in September 2022. After months of speculation involving potential buyers such as Shaquille O’Neal, Jeff Bezos, and Disney CEO Bob Iger, Sarver reached an agreement in December 2022 to sell the Suns to a group of investors led by Mat Ishbia, a mortgage tycoon, for $4 billion. Given Sarver’s 35% ownership stake in the team, this sale translated to a pre-tax windfall of $1.4 billion. It’s highly probable that Mat Ishbia and his brother Justin Ishbia acquired Sarver’s stake for that amount.
Real Estate and Business Partnerships Contributing to Robert Sarver’s Net Worth
Sarver’s business acumen extends beyond banking and sports. In 1990, he co-founded Southwest Value Partners with Millard Seldin. Five years later, the company made a notable real estate investment by purchasing the Emerald Plaza in San Diego. In 2004, Southwest Value Partners sold the Emerald Plaza, along with two other office buildings in San Diego, to Triple Net Properties for a sum of $274.5 million, demonstrating the company’s successful real estate ventures.
Personal Life
In 1996, Robert Sarver married Penny Sanders, originally from Kansas City, Missouri. They reside in Paradise Valley, Arizona, with their three sons. This aspect of his life provides a glimpse into the personal side of the businessman and sports team owner.
