Who is Jahm Najafi and what is his net worth right now? Taking a closer look at his portfolio and his relationship with Phoenix Suns
Phoenix Suns' partial owner and vice chairman Jahm Najafi has been in the limelight lately. Najafi has called for the resignation of Suns owner Robert Sarver following his suspension due to workplace misconduct. Najafi has kept a low profile over the years, so he wasn't as popular among NBA circles, especially the fans.
He runs Najafi Companies, which is his primary source of income. It is a private equity firm founded in 2002, located in Phoenix. According to The Paddock Magazine, the Iranian-American businessman has a net worth of $3.5 billion as of July 2021.
Najafi has the second-largest stake in the Phoenix Suns behind owner Robert Sarver. He has several other investments as well, most prominently in Formula 1. He has invested in the McLaren F1 team, collaborating with MSP Sports Capital and UBS O’Connor LLC.
Najafi invested $248.5m, giving them an initial 15% shareholding rising to 33% at the end of 2022.
A fund led by Jahm Najafi and Jeff Moorad is paying $300 Million for part of McLaren Racing. The aim: U.S. Style F1 Franchise Value Growth sportico.com/business/finan… via @sportico
He is also one of the two vice-chairmen for McLaren racing. Bahrain investor Shaikh Mohammed bin Essa Al Khalifa is another VC in the organization.
Jahm Najfi calls for Phoenix Suns majority owner Robert Sarver's resignation
Phoenix Suns vice-chairman Jahm Najafi joined many notable NBA personalities by calling for Robert Sarver's ejection from the league. The NBA suspended Sarver from all league activities and handed him a $10 million fine following their recent investigation. The Suns' majority owner's countless acts of workplace misconduct were revealed.
Phoenix Suns minority owner Jahm Najafi, who owns the second-largest stake in the team behind majority owner Robert Sarver, just released a statement.
In it, Najafi writes, in part:
"I am calling for the resignation of Robert Sarver."
Many deem this punishment as insufficient, including Najafi. In an open letter to the Suns' organization's employees and players, Najafi wrote:
"I cannot in good judgment sit back and allow our children and future generations of fans think that this behavior is tolerated because of wealth and privilege. Therefore, in accordance with my commitment to helping eradicate any form of racism, sexism and bias, as Vice Chairman of the Phoenix Suns, I am calling for the resignation of Robert Sarver.
Najafi clarified that he has no intentions of replacing Robert Sarver upon his comments on the situation.
"While I have no interest in becoming the managing partner, I will work tirelessly to ensure the next team steward treats all stakeholders with dignity, professionalism and respect."
Phoenix Suns and Mercury governor Robert Sarver has been fined $10M and suspended for one year after an NBA investigation.
The probe found Sarver used racially insensitive language, made sex-based statements, treated female employees unequally and engaged in bullying https://t.co/WrsMsKT1Wd
The league's investigation revealed Sarver used a racial slur at least five times when relaying statements from black people. He made inappropriate comments about women within the organization and also misbehaved with fellow employees on several occasions.