Jahm Najafi, the vice chairman and partial owner of the Phoenix Suns, has received recent attention. Robert Sarver, the owner of the Suns, was suspended for misbehaving at work, and Najafi has demanded that he resign. Najafi wasn’t as well-liked in NBA circles, especially among the fans, because he maintained a low profile over the years.
Jahm Najafi Net Worth
Jahm Najafi’s primary source of income comes from his ownership of Najafi Companies. It is a Phoenix-based private equity business that was established in 2002. The Paddock Magazine estimates that the Iranian-American entrepreneur’s net worth was $3.5 billion as of July 2021.
After team owner Robert Sarver, Najafi is the Phoenix Suns’ second-largest shareholder. He also has other investments, with Formula 1 being his most notable. He collaborated with MSP Sports Capital and UBS O’Connor LLC to invest in the McLaren F1 team.
Najafi contributed $248.5 million, granting them a 15% initial stake that would increase to 33% by the end of 2022.
|Source of wealth||Najafi Companies|
|F1 involvement||Team shareholder+|
A fund led by Jahm Najafi and Jeff Moorad is paying $300 Million for part of McLaren Racing. The aim: U.S. Style F1 Franchise Value Growth https://t.co/EV3WK15YzZ via @sportico
— Brendan Coffey (@bpcoffey) January 26, 2021
He is also one of McLaren racing’s two vice-chairmen. Another VC in the group is Shaikh Mohammed bin Essa Al Khalifa of Bahrain.
Jahm Najafi wants Robert Sarver, who owns most of the Phoenix Suns, to step down.
Jahm Najafi, the vice-chairman of the Phoenix Suns, joined a long list of well-known NBA people calling for Robert Sarver to be kicked out of the league. After an investigation, the NBA banned Sarver from all league activities and gave him a $10 million fine. It was found out that most Sun’s owners did many bad things at work.
Phoenix Suns minority owner Jahm Najafi, who owns the second-largest stake in the team behind majority owner Robert Sarver, just released a statement.
In it, Najafi writes, in part:
“I am calling for the resignation of Robert Sarver.”
— Baxter Holmes (@Baxter) September 16, 2022
Many people, including Najafi, think that this punishment is not enough. Najafi wrote the following in an open letter to the Suns’ staff and players:
“I cannot in good judgment sit back and allow our children and future generations of fans think that this behavior is tolerated because of wealth and privilege. Therefore, in accordance with my commitment to helping eradicate any form of racism, sexism and bias, as Vice Chairman of the Phoenix Suns, I am calling for the resignation of Robert Sarver.
Najafi said that he has no plans to replace Robert Sarver based on what he said about the situation.
“While I have no interest in becoming the managing partner, I will work tirelessly to ensure the next team steward treats all stakeholders with dignity, professionalism and respect.”
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How does Jahm Najafi affect Formula 1?
- As his investment in McLaren, a reasonable amount was as much a vote of confidence in Liberty Media’s strategy as it was for the McLaren team.
- For F1’s business plan to work, it needs investors who are in it for the long haul.
- In a bit of Hollywood glitz that never fails to impress in F1, Moorad was in Jerry Maguire’s movie and worked as a technical consultant.
- The character of Jerry Maguire, played by Tom Cruise, was based on Moorad. His catchphrase, “Show me the money,” is perfect for F1.
- The last word goes to Najafi, who said, “How can you not be an F1 fan?” after the McLaren deal was done.
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