Valuation snapshotSource: Forbes NBA Valuations, Oct 2025
Latest estimated value
$5.425B
Estimated annual revenue
$455M (Forbes 2025, 2024-25 season)
Implied revenue multiple
11.9x (calc.)
YoY change
+26% (1-yr)
Most recent transaction
Recapitalization
Implied valuation, last tx
$6–7B claimed; settlement terms not public
Ownership
Controlling ownerMat Ishbia (~96%+ after minority consolidation)
Ownership stake—
Owner since2023
Acquisition price$4.0B valuation (57% stake, 2023, incl. WNBA Mercury)
Transaction history
2 on file| Date | Type | Buyer | Seller | Stake | Price | Implied Val | Mult. | Conf. |
|---|---|---|---|---|---|---|---|---|
| 2026-06-01 | Recapitalization | Mat Ishbia (LP buyout consolidation) | Holdout LPs (Kisco WC Sports, Kent Circle et al.; mediation settlement) | Consolidation toward ~96%+ | Disputed — holdouts sought $825M (~$6B valuation) | $6–7B claimed; settlement terms not public | — | Medium |
| 2023-02-07 | Control Sale | Mat Ishbia (with Justin Ishbia) | Robert Sarver | ~57% (Suns + Mercury) | ~$2.28B | $4.0B | — | High |
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Valuations and revenue estimates on this page are sourced from publicly available reporting and are presented for informational purposes only. SportsCapIQ is not affiliated with the Phoenix Suns, the NBA, or any party referenced. See full methodology and disclaimer.