Robert Sarver, who announced yesterday he is selling the Phoenix Suns, is telling those inquiring about buying the NBA team he wants $4 billion, according to sources.
. Part of the discrepancy is due to who owns the teams. Under James Dolan and the Dolan family, the Knicks have one playoff appearance in the past nine seasons and last won an NBA championship when gasoline sold for 39 cents a gallon. That’s despite a loyal fan base and the advantages of playing in Midtown Manhattan, adjacent to Madison Avenue and Wall Street.
Christopher Marangi, co-chief investment officer at GAMCO Investors, which owns some 635,000 shares of MSG Sports, reckons that a $4 billion sale price for the Suns implies a valuation for the Knicks of more than $6 billion. Markets like New York, of course, likely command a higher multiple than Phoenix. So it’s safe to say that should Dolan ever decide to part with the Knicks, given the Suns’ $4 billion scenario, he could get much more than $6 billion.
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