Phoenix Suns, Mercury Sold In Record $4B Deal

December 20, 2022 – Media Mention

Co-chair of Herrick's Sports Law Group, Irwin Kishner, was quoted in Law360 in an article about the reported record-breaking $4 billion sale of the NBA's Phoenix Suns following the previous owner's one-year league suspension. The Suns and the WNBA's Phoenix Mercury are being purchased by a group.

The article noted that the current sale price is reportedly 10 times the amount of the 2004 record-breaking purchase price, setting another league record. However, as Kishner previously noted to Law360, owners of major American team sports aren't in it simply to turn around and make a big profit by selling.

"It's supply and demand,'' Irwin explained. "There's a limited number of teams, and when people get into the fraternity or sorority, they don't want to leave it. They want to remain members of the club.''

Read the entire article in Law360 here. Access may require a subscription.