When billionaire mortgage lender Mat Ishbia agreed to purchase the Suns for $4 billion Tuesday, it marked the highest sale price of an NBA franchise. The Suns’ purchase also ranks second among the highest sale prices for North American sports franchises, trailing only the NFL’s Broncos, who were sold for $4.65 billion in June.
Prior to the Suns’ purchase, the second-highest franchise sale price came from the baseball ranks, as the Mets were sold for $2.4 billion in 2020. The sale prices for professional sports franchises have skyrocketed in recent years. With the recent purchase of the Suns in mind, let’s take a look at the list of the 10 highest sale prices for North American sports franchises.
Walmart group heir Rob Walton, daughter Carrie Walton Penner, son-in-law Greg Penner and businesswoman Mellody Hobson, made the record-setting purchase for $4.65 billion. As Pat Bowlen’s successors, the group purchased the team for more than double what David Tepper paid for the Panthers ($2.275 billion) in 2018. Walton boasts a net worth of $59.2 billion, making him the wealthiest NFL owner, according to Bloomberg.
2. Phoenix Suns, $4 billion
Ishbia’s purchase of the Suns marked the highest sale price ever for an NBA franchise, topping the Nets’ $2.35 billion purchase in ’19. Ishbia, the CEO of Michigan-based company United Wholesale Mortgage, played college basketball at Michigan State from ’98 to ’02. In addition to the Suns, the WNBA’s Mercury also was included in the transaction.
Steve Cohen became the owner of the most expensive MLB team when he purchased the Mets in ’20 for $2.4 billion. The hedge fund manager purchased the team from Fred Wilpon, who owned the franchise for more than three decades. In acquiring the team, Cohen had to secure the approval from then-New York City mayor Bill de Blasio, who had final say because Citi Field sits on city property.
4. Brooklyn Nets, $2.35 billion
Staying in New York City, we move over to Brooklyn, where the Nets rank as the fourth most-expensive North American franchise. Joseph Tsai secured full acquisition of the team in ’19 when he purchased the franchise for $2.35 billion. Prior to ’19, Tsai owned 49% of the Nets under former majority owner Mikhail Prokhorov.
The Panthers are the fifth most-expensive North American franchise and the second most-expensive NFL team. David Tepper, another billionaire hedge fund manager, purchased the team for $2.275 billion in ’18. Tepper, who also owns MLS franchise Charlotte FC is the founder of the Florida-based hedge fund firm Appaloosa Management. Former NFL player Jerry Richardson had previously owned the team since its inception.
6. Houston Rockets, $2.2 billion
When Tilman Fertitta purchased the Rockets from Leslie Alexander in September ’17 for $2.2 billion, it was the highest purchase price for a North American team. At the time, Forbes valued the Rockets at $1.65 billion, which ranked eighth in the NBA. Fertitta also owns the Landry’s restaurant chain and the Golden Nugget casinos.
Frank McCourt agreed to sell the iconic MLB franchise to the Guggenheim Baseball Management group, which includes NBA legend Magic Johnson, in March 2012. Under current ownership, the Dodgers have reached the postseason 10 consecutive years. During that span, the team has won three National League pennants and captured the 2020 World Series title.
7. Los Angeles Clippers, $2 billion
Former Microsoft CEO Steve Ballmer purchased the Clippers for $2 billion in 2014 from disgraced ex-owner Donald Sterling. The NBA forced Sterling to sell after a tape in which he used racial slurs was made public. Sterling also disparaged African Americans and minorities, directed a female acquaintance not to associate publicly with African Americans and criticized African Americans for not supporting their communities.
Terry and Kim Pegula purchased the Bills in October ’14 for $1.4 billion following the death of original owner Ralph Wilson. Wilson founded the Bills as an AFL team in 1959 and oversaw the franchise until his death, although he relinquished control of the franchise’s operations in 2013. The Pegulas’ purchase also signified that the franchise would stay in Buffalo, as other potential bidders were rumored to have interest in relocating the team.
MLB approved the sale of the Mariners to wireless communications magnate John Stanton and retired Microsoft executive Chris Larson for $1.4 billion in August ’16. Previously, the franchise was owned by Nintendo of America. The deal marked the first transfer in control of an MLB team since Ron Fowler orchestrated the purchase of the Padres in August ’12.
