Moelis will lead sale of Phoenix Suns and WNBA's Mercury

Moelis has been tapped to lead the sale of the Phoenix Suns, according to news reporters.

Why it matters: The hiring of the respected M&A boutique means the auction for the franchise is a step or two from the paint, in a deal that could fetch between $2 billion and $4 billion. A price at the high end of that range would set a record for sports team sales.