A new report from Phoenix Medical Instruments, a division of Arizona-based Phoenix General Hospital, indicates the team behind the Phoenix Suns medical devices acquisition has spent $500m on medical devices since January 2016, the beginning of the NBA season.
The report from the firm, which has been retained by the Suns, does not disclose the details of the agreement.
The Phoenix Suns have been working with the medical device company since February of last year, when the Suns announced a deal with the firm.
According to the report, the team spent $5.4m on “medical device-related goods and services,” a figure which was more than double the $3.6m the team has spent on goods and other revenue since then.
In the last six months of the 2016-17 season, Phoenix spent $11.7m on goods, services and facilities, which accounted for a total of $28.4million.
During the 2017-18 season, the Suns averaged an average of $22.6million in goods, and the team is expected to spend $20.2m this season.
Despite the $500-million purchase price tag, the Phoenix Sports and Entertainment Group will receive $30 million in return for the Suns’ medical device assets, according to the team’s announcement.
Phoenix General Hospital is a Phoenix-based medical device specialist and manufacturer.
Last year, the company signed a $500M deal with Dr. Jeffrey Minkin, a former assistant to Suns president Larry Brown, to oversee the Suns medical device business.
Minkin also serves as an adviser to the Suns.
Dr. Jeff Minko is expected as an advisor to the Phoenix sports and entertainment group.
Phoenix General Health and its subsidiary Phoenix General Health Corp. has received $5,500,000 from the NBA to purchase the Suns brand, team president Steve Nash told reporters at a news conference on Tuesday.
NBA Commissioner Adam Silver will be in attendance.
The team has a brand-new facility on the campus of the University of Phoenix Medical Center, which will include a practice facility, a gym and a team-wide wellness center.
The facility is expected be ready in about three years, with the new arena scheduled to open in 2020.
Phoenix’s medical device deals are the latest of several notable NBA deals announced by the team this week, including the signing of forward Chandler Parsons, center Dewayne Dedmon and center Jameer Nelson.
The Suns also made a $250,000 donation to the U.S. Holocaust Memorial Museum on Monday, and Nash announced the team would donate $500,00 to the National Football League Players Association for scholarships to players who attend Arizona State University.
The NBA will announce more deals on Tuesday when the league’s executive committee meets in Philadelphia.