Putting Phoenix Suns team owner Robert Sarver's $10 million fine and one-year suspension by NBA into perspective.
and fined $10 million after an independent investigation into the toxic workplace culture he fostered over the last two decades, the NBA announced Tuesday.
Sarver, 60, led an ownership group that purchased the Suns for about $400 million in 2004. He is the managing partner and owned about a 30% stake in the franchise at the time of the transaction, a percentage that’s worth about $540 million today. In 2002 he became chairman and chief executive officer of Western Alliance Bancorporation, leading banks in Arizona, California and Nevada. He retired from the company and stepped down from its board of directors in April amid the NBA investigation.The league’s investigation was conducted by the law firm of Wachtell, Lipton, Rosen and Katz after allegations of racism, misogyny and bullying were detailed in an ESPN report in November 2021.
But the investigation “made no finding” about whether Sarver’s workplace misconduct “was motivated by racial or gender-based animus.”The NBA said it will donate Sarver’s $10 million fine to “organizations that are committed to addressing race and gender-based issues in and outside the workplace.”
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