Robert Sarver could potentially sell the Suns for around $2 billion.

Embattled Phoenix Suns owner Robert Sarver announced Wednesday that he will sell the team and the WNBA’s Phoenix Mercury. The decision comes after Sarver received a one-year suspension and a $10 million fine by the league on Sept. 13 for violating workplace standards.

There had been calls for Sarver to relinquish his ownership after an investigation found he used the N-word at least five times in private conversations as well as engaged in inappropriate behavior toward employees.

“As a man of faith, I believe in atonement and the path to forgiveness,” Sarver said in a statement.

“I expected that the commissioner’s one-year suspension would provide the time for me to focus, make amends and remove my personal controversy from the teams that I and so many fans love.

“But in our current unforgiving climate, it has become painfully clear that that is no longer possible — that whatever good I have done, or could still do, is outweighed by things I have said in the past. For those reasons, I am beginning the process of seeking buyers for the Suns and Mercury.”

The Suns could sell for over $2 billion. Sarver reportedly owns about 35% of the team. Co-owner Jahm Najafi is the second-largest investor in the Suns.

Prior to the start of last season, Forbes estimated the Suns to have a valuation of $1.8 billion. Phoenix ranked 18th among the league’s 30 teams, sandwiched in between the Milwaukee Bucks ($1.9 billion) and Utah Jazz ($1.75 billion).

Utah’s valuation increased to $2.25 billion this summer, according to Forbes, when Arctos Sports Partners purchased a minority stake in the Jazz. Owner Ryan Smith bought 80% of the Jazz for a reported $1.66 billion in late 2020.

If Utah’s valuation last season was short, the case could be the same for the Suns. A similar increase would give the Suns a valuation north of $2.3 billion.

The Brooklyn Nets were valued at approximately $2.35 billion when the team was sold along with Barclays Center for a combined $3.3 billion in 2019. Billionaire Tilman Fertita bought the Houston Rockets for a reported $2.2 billion five years ago.

The Suns are in the No. 11 media market in the U.S. and have been one of the best regular-season teams in the league over the past two seasons. Phoenix was eliminated in Game 6 of the 2021 NBA Finals. The Suns had the league’s best record last season before being upset in the second round of the playoffs.

Phoenix is projected to have a payroll north of $165 million next season. All-Stars Chris Paul and Devin Booker are due to make $62 million in combined salary. Deandre Ayton signed a four-year, $132.9 million contract with the Suns in the summer.

When former Los Angeles Clippers owner Donald Sterling was forced out of the league in 2014, the team was later sold for $2 billion. Los Angeles is the No. 2 media market but the Clippers share the market and an arena with the Lakers.