On the latest Sporticast episode, hosts Scott Soshnick and Eben Novy-Williams discuss some of the biggest sports business stories of the week, including the record-setting sale of the Phoenix Suns. Mat Ishbia has reached an agreement to buy the NBA team in a transaction that values the club at $4 billion.
It’s the highest valuation ever for an NBA team, and one that has shocked a lot of people in the industry. Sportico is aware of bidders in the mid-$2 billion and low-$3 billion range—it’s possible that Ishbia paid ~$800 million more than the next closest offer. The transaction will have wide-ranging effect throughout the NBA, and in wider U.S. sports, where there are already billions of dollars worth of franchises on the market. The impact is especially notable in the private equity world (Dyal HomeCourt invested in the Suns 18 months ago at a $1.55 billion valuation).
The hosts also talk about Mets owner Steve Cohen. The richest owner in MLB by a wide margin, Cohen has spent lavishly in his short tenure with the team. His latest acquisition is infielder Carlos Correa, whose $315 million contract was announced early Wednesday morning. The Mets have committed to $806 million in contract money this offseason, more than the lowest 22 teams combined ($753 million).
Lastly, the hosts discuss the latest in the negotiations for the NFL’s Sunday Ticket package. The last piece of the league’s media rights to be sold, it appears the popular offering will land with Google’s YouTube starting next season. Google is discussing payments around $2.5 billion per year, according to multiple reports.