Robert Sarver Net Worth, Early Life, Career

0
235
Robert Sarver Net Worth

Who controls the Phoenix Suns’ rich empire? It is Robert Sarver, of course. He is a fascinating character who has enthralled basketball fans and generated arguments. Sarver’s influence on the Suns is evident, from guiding them through difficult times to bringing them close to greatness.

But what is Robert Sarver net worth? Come along as we solve the puzzles surrounding Robert Sarver’s basketball dynasty.

Who Is Robert Sarver?

Robert Sarver is a prominent American businessman. He is the principal owner of the Phoenix Suns. Suns is a renowned NBA basketball team. During his tenure, Sarver ruled over both highs and lows. Fans and detractors of his leadership have engaged in heated discussion. However, Sarver’s impact on the Suns makes him a significant figure in the world of basketball.

Robert Sarver Net Worth

Robert Sarver Short Bio

Full Name Robert Gary Sarver
Date of Birth October 31, 1961
Birthplace Tucson, Arizona,
Profession Real estate developer, owner
Education University of Arizona
Spouse Penny Sanders

What Is Robert Sarver Net Worth?

Robert Sarver net worth is summed up to be around $850 million. His primary income source is his successful business ventures. His ownership of the Phoenix Suns also adds to his overall net worth.  In late 2022, Sarver sold his 35% stake in Phoenix Sun.

Early Life

Robert Sarver was born on October 31, 1961. He was raised in Tucson, Arizona. His father, Jack Sarver, was a successful businessman. Sarvar was also the CEO of American Savings & Loan Ass’n. Sadly, Jack Sarver passed away in 1979 due to a heart attack.

Robert’s journey into the business world started early. He used to work for his father’s company at the age of 16. He completed high school at Sabino High School in Tucson. Then he completed his undergraduate in business administration from the University of Arizona in 1982.

Early Career

Establishing National Bank of Tucson

After working at his father’s company, he founded the National Bank of Tucson at the age of 23. It  makes him one of the youngest individuals in American history to establish a financial institution. Under his leadership, the bank grew and became the largest independent bank in Arizona.

Sarver’s financial acumen led to the rebranding of the bank as the National Bank of Arizona before selling it in 1994, generating a significant profit. He then used the proceeds to purchase Grossmont Bank, a community bank in San Diego, which he further improved and eventually sold to Zions Bancorporation.

Robert Sarver Net Worth

Throughout his career, Sarver’s reputation for making wise business decisions continued to grow. In 2003, he became the chairman of Western Alliance Bancorporation, a Phoenix-based financial institution, further enhancing his wealth and influence.

Real Estate Company

In 1990, Robert Sarver and Millard Seldin teamed up for business. They started a real estate company called Southwest Value Partners. Five years later, they bought Emerald Plaza in San Diego. Then, in 2004, they sold two office buildings and Emerald Plaza in San Diego to Triple Net Properties. The sale was for $274.5 million.

Sports Team Ownership: Primary Source of Robert Sarver Net Worth

Ownership of NBA Teams

This Arizona native businessman is a lifelong sports fan. He was friends with Lute Olson, who coached at Arizona for a long time. When Sarver expressed his interest in owning a team, Olson introduced him to Steve Kerr.

In 2004, Sarver bought the Suns from Jerry Colangelo . He bought it for $401 million. It was a record for the NBA at that time.

Shortly after becoming the owner, Sarver made a big move by signing free agent Steve Nash. This marked the start of several successful years for the Suns. Sarver also promoted Steve Kerr to be the team’s general manager in 2007.

The innovative Verizon 5G Performance Center was developed under the direction of Sarver. Additionally, he was in charge of the Footprint Center’s $230 million restoration. One of the greenest stadiums is this one. The Suns reached the NBA Finals in 2021 under Sarver’s direction.

In 2004, Robert Sarver purchased the Phoenix Mercury. It was a WNBA team that played women’s basketball. Three WNBA titles have been won by the Mercury under Sarver’s ownership. They’ve won the league title four times.

Owning A Football Team

Sarver alongwith Steve Nash purchased RCD Mallorca in January 2016.  He bought it for €20 million.This football team used to be in the Spanish second division. However, it was briefly demoted to the Spanish third division when he purchased it. The following season, they made a comeback and returned to the second division.

 

In the 2019-20 season, RCD Mallorca successfully made it back to La Liga. It is the top division in Spain. Although he has sold his share of the NBA team, Sarver still owns  the football team.

Controversies Surrounding Him

Sarver has faced criticism for his actions and misconduct. He has been criticized for interfering excessively. Instability had resulted in the office. Sarver and some front-office staff allegedly engaged in racist and misogynistic behavior in 2021. It contained remarks made indiscreetly in staff meetings. The NBA conducted an investigation and fined Sarver $10 million. They also suspended him for one year in both the NBA and WNBA.

Suns and Mercury Sell

During the 2022-23 season, Sam Garvin took over the responsibilities of Sarver. He was also one of the owner and vice chairman of the Suns. However, some NBA players and former players expressed their dissatisfaction with the punishment given by Sarver. They believed it was too lenient.

Moreover, PayPal threatened to terminate its partnership with the Suns if Sarver continued to be the owner. Green even demanded that Sarver’s removal as an NBA owner be put to a vote by the league. As a result, Sarver made the decision to give Mat Ishbia the teams of the Suns and Mercury. Although Sarver’s sanctions were officially lifted in February 2023, they nevertheless stand until September 2023.

Charity Works

In February 2023, Robert Sarver made a huge donation of $5 million to Phoenix Suns Charities. It was the biggest single donation the company had ever gotten. Additionally, Sarver granted a bonus of $20,000 to each individual who had been with the organization for at least one year. This action honors and acknowledges the team members’ dedication to their work.

Personal Life

Since 1996, Robert has been married to Sanders, his wife. In 1990, Sanders graduated with a bachelor’s degree in business from the University of Oklahoma.

Sanders had relocated to Arizona after her studies. Then they first met in Scottsdale. Sanders was working for Prentice-Hall at the time. Sarver and she ran into each other there. They finally became close after they met. They got married after 4 years. Together, they have three sons.

FAQs

How much is Sarver net worth?

His current net worth is $850 million

Is Robert Sarver a billionaire?

Sarver net worth is over $800 million. So, he is a billionaire.

How much did Sarver buy Mercury for?

Phoenix Mercury was purchased by Robert Sarver for $401 million.

Final Thoughts

Robert Sarver is an impressive entrepreneur with various business ventures. He has achieved considerable success with the Phoenix Mercury and Phoenix Suns. Robert Saver net worth is evidence of his astute reasoning and original concepts. His commitment to excellence and helping others has earned him respect. Sarver is a true leader in basketball.

LEAVE A REPLY

Please enter your comment!
Please enter your name here