Have you ever fantasized about owning your own sports team? If you are a sports fan, this dream is likely to have come up at least once over the years. However, most popular sports teams cost millions of dollars and are out of reach for the average person.
The secret to making your dreams come true is to become a millionaire. Of course, this is much easier said than done. But to give you some ideas, let’s take a closer look at Robert Sarver net worth and discover how this prominent figure made his millions.
Robert Gary Sarver was born in Tucson, Arizona, in 1961. His father, Jack Sarver, was a well-known Tucson banker, businessman, and hotel developer. Jack was responsible for several high-profile building projects like the Plaza International Hotel and the Plaza International Hotel in the early ‘70s.
Robert Sarver went to work for his father’s company, American Savings and Loan, at the age of sixteen. In 1979, Jack Sarver died of a heart attack when his son was just eighteen years old. He graduated from Sabino High School in Tucson the same year and enrolled at the University of Arizona.
He graduated with a bachelor’s degree in business administration in 1982. A year later, he became a certified public accountant. He spent several years studying financial business practices and gaining an understanding of the financial sector.
He founded the National Bank of Tucson in 1984 when he was just twenty three years old. This makes him one of the youngest people in American history to found and run their own financial institution. Under his guidance, it became the largest independent bank in the whole of Arizona.
As part of a rebranding campaign, the name of the financial institution was changed to the National Bank of Arizona. Sarver sold the financial institution in 1994 for a tidy profit. It was purchased by the Zions Bancorporation, which was founded in 1873.
In 1995, Sarver used the profits from the sale to purchase the Grossmont Bank. This community bank was one of the largest financial institutions in San Diego. Once again, he was able to work his magic and make the community bank even more profitable.
Just two years later…
Sarver sold Grossmont Bank to Zions Bancorporation. This is a testimony to the strong relationship he had formed with the bank holding company. He then went on to lead Zions Bancorporation’s acquisition of Sumitomo Bank of California.
Sarver’s reputation for making smart business decisions continued to grow over the years. In 2003 he was invited to become the chairman of Western Alliance Bancorporation. This financial institution is based in Phoenix, and the role allowed Sarver to gain more wealth and power.
Real estate development
In 1990, Robert Sarver decided to follow in his father’s footsteps by expanding into real estate. Along with Millard Seldin, he co-founded the Southwest Value Partners real estate company. The couple used their knowledge of local real estate to make a number of profitable acquisitions over the next two decades.
This includes the acquisition of the Emerald Plaza in San Diego in 1995. In 2004, Southwest Value Partners sold the Emerald Plaza along with two other office buildings to Triple Net Properties. This Santa Ana real estate firm paid a reported $274.5 million for the three buildings.
Phoenix Suns Acquisition
Robert Sarver has been a lifelong sports fan and has fond memories of attending games with his father. In 1999, he embarked on a quest to purchase an NBA team. He spent time making valuable connections, including forming a relationship with University of Arizona basketball coach Lute Olson.
Olson introduced him to former Arizona player Steve Kerr and the pair struck up a friendship. He was also introduced to a 15-year NBA veteran, who helped him put together the deal to purchase the Phoenix Suns, which was completed in 2004 for a record-breaking $401 million.
Steve Kerr was coaching the NBA championship Golden State Warriors and was chosen to run the Phoenix Suns. During his impressive career, Kerr won championships with the Chicago Bulls in the 1990s. He also went on to win a championship with the San Antonio Spurs. Kerr learned the basketball business under the head coaches of the Chicago Bulls and the San Antonio Spurs.
Taking practice to another level…
In 2020, Sarver made a deal with Verizon Wireless to build a 53,000 square foot, state-of-the-art practice arena. It was named the Verizon 5G Performance Center and cost $45 million to complete. The practice arena provides players and coaches with precise performance information through 5G technology.
The Footprint Center, originally known as the Talking Stick Resort Arena, was extensively renovated in 2021. The renovation cost $230 million and includes new suites, themed bars, and premium seating options. The lighting, sound, and video systems have also been upgraded to provide significant improvements.
In 2021, the Phoenix Suns made headlines when they reached the NBA Finals for the first time since 1993. Although they eventually lost to the Bucks, the team had proven they were on the rise. Sarver, along with coach Monty Williams and general manager James Jones made them one of the strongest teams in the NBA.
Suspension and Sale
Over the years, a lot of controversy has surrounded Robert Sarver’s involvement with the Phoenix Suns. Many people have criticized his larger-than-life personality and various decisions he made. Things came to a head in September of 2022, and the entrepreneur was suspended for a year and fined $10 million.
After a 10-month investigation, it was revealed that he had been using racist language and had bullying tendencies. He was also charged with making sexually suggestive and crude comments to employees. This includes stating his preference for extra-large condoms during a staff meeting and instructing a coach to fire a minority agent. The investigation also found that he had used the N-word several times in meetings and made other crude comments.
Time to get out…
After the results of the investigation came to light, Sarver received a lot of public criticism. This ultimately caused several sponsors, such as PayPal and Verizon Wireless, to cut their sponsorship deals. Shortly afterward, Sarver publicly announced his decision to sell the Phoenix Suns.
The deal to sell the team was concluded in February of 2023. The acquisition was made by brothers Mat and Justin Ishbia, who paid Sarver a reported 2.28 billion for a 57% controlling stake. It was also reported that he sold his remaining 37% share for an additional $1.48 billion.
This WNBA team was founded by former Suns owner Jerry Colangelo in 1997. This is one of only three of the original twelve teams created for the first 1997 WNBA season. Sarver acquired the team in 2004 when he was still the owner of the Phoenix Suns.
Under Sarver’s leadership, Phoenix Mercury won the WNBA championships in 2007, 2009, and 2014. They have also won conference titles during the 2007, 2009, 2014, and 2021 seasons. Like his leadership of the Phoenix Suns, the entrepreneur’s influence has helped this WNBA team to flourish.
Sarver purchased the football team RCD Mallorca in January 2016. At the time of the acquisition, the team were in the Spanish second division. The purchase of RCD Mallorca cost Sarver a reported 20 million Euros.
Sarver was unable to work the same magic he had displayed with the Phoenix teams straight away. RCD Mallorca was briefly demoted to the Spanish third division for the 2017-18 season. However, the team returned to the second division the following season. Sarver remains the owner of the team and has not announced any plans to sell it.
Although Sarver has sold his ownership of the Phoenix Suns, the team remains close to his heart. In 2023 he and his wife donated an impressive $5 million to Phoenix Suns Charities. This is believed to be the largest donation that the organization has ever received.
He also used part of the profits from the sale to making sure the team’s employees were taken care of. Each team employee that had worked for the organization received a bonus of $20,000. It is believed that both he and his wife have also made regular contributions to Phoenix Suns Charities since then.
Phoenix Suns Charities was founded in 1988 and is focused on improving the lives of children in Arizona. As a result of the donations made by partners and fans, the charity distributes more than $1.5 million each year. This has a positive impact on more than 400,000 children along with local communities.
Since it was established, Phoenix Suns Charities has donated more than $41 million to people in need. The charity also arranges programs for people to take part in. These programs focus on healthcare, career development, education, and recreation.
Until recently, the entrepreneur lived in a 28,000-square-foot mansion with his wife. He purchased the estate in 2006 for a reported $6.2 million. The couple expanded this impressive five-acre property, which boasts an indoor sport court, a spa, and a huge outdoor swimming pool.
The mansion boasts seven bedrooms and eleven bathrooms. The master suite features a private exercise studio, sitting room, twin closets, a salon, and a private spa with an outdoor shower. The mansion also boasts a large game room, a home theatre, an office, and a casual dining area.
The property also comes complete with a large two-bedroom guesthouse. While the guesthouse can be connected to the mansion, it also comes with separate entrances. This provides guests with plenty of privacy if they need it.
The mansion can be found in the Paradise Valley city of Arizona. In 2023, Sarver sold the mansion for an impressive $19.5 million, netting him a tidy profit. This shows that the entrepreneur has not lost his touch when it comes to the real estate market.
Robert Sarver married Penny Sanders in 1996. His wife hails from Kansas City, Missouri, and the couple have three sons together.
They are known for their charity work, which is mainly performed through their family foundations. They often donate money to educational institutions throughout the state and further afield. One of the most significant donations was to the University of Arizona’s heart research center, which was made for Sarver’s later father. This institution was renamed the Sarver Heart Center in 1998 as a tribute to the late businessman.
Net Worth and Salary
Robert Sarver is currently sixty two years old and is worth an estimated $850 million. His income mainly comes from his collaborations, business ventures, and investments. This brings him a reported salary of around $25 million per year.
The vast majority of the entrepreneur’s wealth comes from his acquisition and sale of sports teams. After taxes, the sale of Phoenix Suns made him hundreds of millions of dollars. He also made millions from sponsorship deals while he was the owner of the team.
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Ok, back to…
What is the Robert Sarver Net Worth?
Currently, the estimated net worth of Robert Saver is $850 million.
The story of Robert Sarver shows that anything is possible with hard work and determination. He managed to use his investment skills and entrepreneurial spirit to build his empire. He became a millionaire through his career in banking, real estate, and private equity.
This allowed him to realize his dream of owning a sports team and becoming a prominent figure. While he has not always been the most popular person, there is no denying the impact he has had. This is particularly noticeable in the positive impact his charity work has had on the community.
How did Robert Sarver make his money?
Robert Sarver made his money through investments in banking and finance, private equity, real estate, and sports teams. He founded a successful investment firm, Southwest Value Partners, which has made significant investments in a diverse range of properties and sports franchises.
What other sports teams does Robert Sarver own?
In addition to owning the Phoenix Suns, Robert Sarver also owns the Spanish soccer team, Real Mallorca.
How much did Robert Sarver pay for the Phoenix Suns?
Robert Sarver bought the Phoenix Suns in 2004 for $401 million.
What is Robert Sarver’s involvement in the Arizona Diamondbacks?
Robert Sarver is a minority owner of the Arizona Diamondbacks.
What are some of Robert Sarver’s philanthropic activities?
Robert Sarver and his family are known for their philanthropic activities through their family foundation. They have made significant donations to educational institutions and charities in Arizona and beyond.
What is Robert Sarver’s involvement in the redevelopment of downtown Phoenix?
Robert Sarver’s investment firm, Southwest Value Partners, was involved in the redevelopment of the Phoenix Convention Center and the development of the CityScape complex, which has helped to revitalize the city’s downtown area.
What is the value of Robert Sarver’s real estate portfolio?
The exact value of Robert Sarver’s real estate portfolio is not publicly disclosed, but it is estimated to be in the billions of dollars.
What is Robert Sarver’s management style as an owner of the Phoenix Suns?
Robert Sarver has been described as a hands-on owner who is deeply involved in the day-to-day operations of the Phoenix Suns. He is known for his focus on analytics and his desire to build a winning team.
What is the relationship between Robert Sarver and the Phoenix Suns fans?
Robert Sarver’s tenure as owner of the Phoenix Suns has been marked by controversy and criticism from some fans. His management decisions and the team’s on-court performance have been the subject of scrutiny and debate.
How has Robert Sarver impacted the city of Phoenix?
Robert Sarver’s investments in real estate and civic buildings have helped to revitalize the city of Phoenix. His philanthropic activities have also made a significant impact in the community.
How does Robert Sarver rank among NBA team owners in terms of wealth?
Robert Sarver is among the richest NBA team owners, with an estimated net worth of $500 million.
What is Robert Sarver’s relationship with the NBA?
Robert Sarver is an active and influential member of the NBA, serving on several committees and playing a key role in shaping the league’s policies and decisions.
What are Robert Sarver’s plans for the future of the Phoenix Suns?
Robert Sarver has expressed his commitment to building a winning team and investing in the long-term success of the Phoenix Suns franchise.
What is the future of Robert Sarver’s investment firm, Southwest Value Partners?
Southwest Value Partners is expected to continue to invest in real estate, private equity, and sports franchises, guided by Robert Sarver’s leadership and vision.