Robert Sarver has chosen Moelis & Company to oversee the sale of the Phoenix Suns.
"It'll be the highest price ever paid for an NBA team," one investment bank official said.
The previous high for an NBA franchise came when Joe Tsai bought the Brooklyn Nets for $2.35 billion in 2019.
Moelis served as a financial adviser in the May 2022 sale of Chelsea Football Club to a consortium led by Todd Boehly and Clearlake Capital, which bought the team for $5.3 billion. Moelis also acted as a financial adviser in the 2015 sale of the Atlanta Hawks to a group led by Tony Ressler for $850 million.
The sale is expected to take six to nine months.