Robert Sarver is an American businessman, majority owner of the Phoenix Suns and co-founder of Southwest Value Partners who has made a name for himself in the world of sports and real estate . Robert Sarver net worth is thought to be around $ 800 million and his career has been marked by both success and controversy . Let’s dive into it .
A Career in Banking and Real Estate
Sarver’s journey began in Tucson Arizona where he was born in October . His father was a prominent Tucson banker and hotel developer who played a significant role in shaping Sarver’s entrepreneurial spirit . After his father’s passed away Sarver took over the family business American Savings and Loan .
Educated at Sabino High School and the University of Arizona Sarver earned a degree in Business Administration and became a certified public accountant . In 1984 he established the National Bank of Tucson which eventually grew into the National Bank of Arizona . After selling the bank to Zions Bancorporation in 1994 Sarver continued to make strategic moves in the banking industry like the acquisition and sale of Grossmont Bank .
Parallel to his success in banking Sarver undertook into the real estate sector . In 1990 he cofounded Southwest Value Partners which is a prominent real estate development company . The company’s notable acquisition of Emerald Pizza which was later sold for a substantial sum showed Sarver’s astute business insight .
From Real Estate to Sports Ownership
Sarver’s passion for sports led him to pursue the ownership of an NBA team . After a conversation with University of Arizona’s basketball coach Lute Olson Sarver connected with Steve Kerr who assisted him in purchasing the Phoenix Suns in 2004 for $ 401 million . Under Sarver’s ownership the Suns have undergone significant organizational developments including the expansion and renovation of the Footprint Center with an investment of $ 230 million .
In addition to the Phoenix Suns Sarver also owns the Phoenix Mercury which is a WNBA team and the football team RCD Mallorca which he acquired in 2016 for € 20 million . These ventures set Sarver’s involvement in the sports industry and his commitment to supporting various teams .
Controversy and the Decision to Sell
In November 2021 Sarver faced serious allegations of racism, misogyny and sexual harassment which were brought to light in a report by ESPN’s Baxter Holmes . Over 70 current and former employees of the Suns collaborated on the report which resulted in an investigation and subsequent actions from the NBA . Sarver and his legal team strongly denied most of the accusations and cited a lack of evidence and disputing the negative portrayal of the organization by all 70 employees involved .
On September 13 2022 Sarver was fined the maximum penalty of $ 10 million and suspended for a year in both the NBA and WNBA . In response Sarver made the decision on September 21 to start the process of selling both the Phoenix Suns and the Phoenix Mercury .
A Legacy of Wealth and Controversy
As of 2023 Robert Sarvers personal wealth is estimated to be around $ 800 million . His success in the banking industry real estate investments and ownership of sports teams have contributed to his substantial fortune . However Sarver’s career has been marked by controversy and the recent decision to sell his NBA teams due to the allegations against him .
