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Sarver was suspended by the NBA this week for one year and fined
$10 million after an independent investigation determined he
engaged in hostile, racially insensitive and inequitable conduct
toward female employees.
"We have reviewed the report of the NBA league's independent
investigation into Phoenix Suns owner Robert Sarver and have
found his conduct unacceptable and in conflict with our values,"
PayPal Chief Executive Officer Dan Schulman said in a statement.
"PayPal's sponsorship with the Suns is set to expire at the end
of the current season. In light of the findings of the NBA's
investigation, we will not renew our sponsorship should Robert
Sarver remain involved with the Suns organization, after serving
his suspension."
PayPal's jersey sponsorship deal with the Suns, which was
announced in 2018 and includes the Women's National Basketball
Association's Phoenix Mercury, saw the payment processor's logo
appear on the front of the team's uniform.
Sarver released a statement after the punishment was handed down
and said he disagreed with some of the particulars of the NBA
report but wanted to apologize for his words and actions that
offended employees.
(Reporting by Frank Pingue in Toronto, editing by Ed Osmond)
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