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

Two Moelis bankers, Navid Mahmoodzadegan and Craig Wadler, stand side by side for a photo in Los Angeles in 2015

Moelis bankers Navid Mahmoodzadegan and Craig Wadler in Los Angeles, 2015. Photo credit: Getty Images

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.

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