Reports: Robert Sarver donating $5 million as charity and added bonuses to Phoenix Suns staff
Earlier this month, Robert Sarver officially sold his share of the Phoenix Suns to Matt Ishbia. While things did not end on a good note for the longtime owner, he is attempting to rectify his mistakes.
Over the summer, an investigation uncovered years of evidence that Sarver was creating a hostile work environment. After being suspended for a year, he came to the decision to sell the team.
A recent report from ESPN just emerged that Robert Sarver is doing one last act of charity on his way out. He is giving out $20,000 bonuses to a large number of Suns employees and is donating five million dollars to the team's charity. The story cited that close to 300 workers will be receiving this bonus.
NEWS: Former Phoenix Suns owner Robert Sarver is giving $20,000 bonuses to hundreds of Suns employees and is donating $5 million to the team's charity, sources tell ESPN. Employees learned of the news this morning. espn.com/nba/story/_/id…
How much money did Robert Sarver make in his sale of the Phoenix Suns?
Given all the findings from the investigation, it is a classy move by Robert Sarver to try and end his story on a good note. The bonuses are sure to go a long way for countless families who work for the organization.
It's also worth noting that Sarver has a lot of new money to work with. Back in 2004, he was part of the group that paid $401 million to buy the Phoenix Suns from Jerry Coangelo. ESPN's report cited that Sarver is expected to walk away with more than double his original investment.
"In total, Ishbia bought a 57% controlling stake of the Suns for $2.28 billion, sources said, with Sarver personally selling his 37% stake to Ishbia for $1.48 billion."
It further noted:
After taxes, Sarver is expected to clear nearly double the amount that he and a group paid for the team in 2004 -- then a record $401 million from former Suns owner Jerry Colangelo."
It's no surprise that the value of the team has skyrocketed over the past two decades. They have regularly been a top team in the Western Conference, and have had countless elite talents suit up for the team. The most recent was Kevin Durant, who was acquired from the Brooklyn Nets in a blockbuster move before the NBA trade deadline.
This donation certainly does not wipe away everything Robert Sarver did, but it's still a nice gesture to try and help those impacted.