Phoenix Suns, Mercury Sold In Record $4B Deal
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.''
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