Robert Sarver is an American businessman who is a majority owner of Phoenix Suns. He is also the co-founder of a real estate development company, Southwest Value Partners. As of 2023, Robert Sarver net worth is roughly around $800 million.
Besides Phoenix Suns, he also owns a WNBA team, Phoenix Mercury, and a football team, RCD Mallorca. On September 21, Sarver announced his plans to sell his two Phoenix-based NBA teams, Suns and Mercury after racism and misogyny allegations.
|Full Name||Robert Sarver|
|Birthday||October 31, 1961|
|Net Worth||$800 million|
Robert Sarver was born in October 1961 in Tucson, Arizona. He was born to Jack and Irene Sarver. His father, Jack was a famous Tucson banker and hotel developer. He lost his father due to a heart attack in 1979. Following his father’s demise, he started working for his father’s company, American Savings, and Loan.
Robert studied at Sabino High School and completed his graduation in 1979. Later, he attended the University of Arizona and earned a bachelor’s degree in Business administration in 1982. Following University graduation, he became a certified public accountant in 1983.
Robert Sarver Net Worth & How He Made His Money?
Sarver established the largest independent bank, National Bank of Tucson in 1984. He expanded the bank statewide and also changed its name to the National Bank of Arizona. After a decade in 1994, he eventually sold the National Bank of Arizona to Zions Bancorporation. Then, Sarver acquired Grossmont Bank in 1995. Nevertheless, after two years, he sold Grossmont Bank to Zions Bancorporation. Sarver became the chairman of Western Alliance Bancorporation in 2003.
Along with his association with the largest independent and community banks, he is also involved in the real estate business. He along with Millard Seldin co-founded the real estate company, Southwest Value Partners in 1990. Later, his real estate company bought Emerald Pizza in 1995, which was later sold to Triple Net Properties for a whopping $274.5 million.
Sarver has also been a lifelong sports fan. His quest to buy an NBA team started after he had a conversation with the University of Arizona’s basketball coach, Lute Olson. Arizona’s coach referred him to Steve Kerr, who assisted him in purchasing an NBA franchise. He eventually bought the Phoenix Suns for $401 million in 2004. Since he purchased the Suns, the NBA team has overseen massive organizational developments. He and the Suns oversaw a $230 million expansion and renovation of Footprint Center.
Phoenix Suns made it to the NBA Finals for the first time in 2021. However, in the final, the team lost to the Bucks. Besides owning the Phoenix Suns, he also owns the WNBA team, Phoenix Mercury. He purchased the WNBA team in 2004. Likewise, he owns a football team, RCD Mallorca. He bought the team in January 2016 for €20 million.
In November 2021, Sarver was accused of racism, misogyny, and sexual harassment. The subject of an accusation report was written by Baxter Holmes on ESPN. Over 70 former and current employees of the Suns corroborated the report. However, Sarver and his legal team completely denied the majority of accusations clarifying that the article lacks evidence on all 70 employees have spoken negatively of the organization. On September 15, Sarver was called by the Suns’ vice chairman to resign from the team saying that there should be zero tolerance for racist conduct, lewd and misogynistic in any workplace.
Sarver was fined a maximum of $10 million on September 13, 2022. He was also suspended by the NBA for a year in both the NBA and WNBA. Following the suspension, he made an announcement on September 21 that he would start the process of selling both Phoenix-based basketball teams.
Robert Sarver has been married to Penny Sanders since 1996. Together, they share three sons Max, Jake, and Zach. Currently, the Sarver’s family lives in Paradise Valley, Arizona.
After he announced the sale of his two NBA teams on Wednesday, September 21, he said in a statement that he is unable to separate personal controversy from the NBA and the WNBA teams. He blamed an unforgivable climate and wrote that whatever good he had done, or could still do is outweighed by things he had said in the past.
Robert Sarver Net Worth
Robert Sarver’s personal wealth is estimated to be around $800 million as of 2023. He has earned a huge fortune by starting several banks and owning the real estate company, Southwest Value Partners. Sarver sold his Paradise Valley House for $19.25 million in November 2019. It was the highest price ever paid and recorded in Arizona for a single-family home.
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