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.
- Robert Sarver is selling the Suns and WNBA's Mercury after the NBA suspended him for a year following an investigation into his behavior.
Details: "The sale will be run by Moelis co-founder and co-president Navid Mahmoodzadegan. The company recently advised Todd Boehly and Clearlake Capital on their $2.21 billion acquisition of Chelsea [F.C.] Moelis also recently assisted Diamond Sports Group, the country's largest family of regional sports networks (RSNs), with a capital raise," Sportico reported.
The big picture: The Suns are one of three major professional teams on the sales block, joining the Washington Nationals and Los Angeles Angels.
- The Suns are already attracting high-profile interest, including a pair of ex-media CEOs in Disney's Bob Iger and Amazon's Jeff Bezos.