Phoenix, Arizona - In wake of Robert Sarver's suspension by the NBA following an investigation into his conduct as owner of the Phoenix Suns, the franchise is in danger of losing big sponsorship dollars.

PayPal, which has one year remaining on its deal as Phoenix's jersey patch sponsor, announced on Friday it will not renew its deal if Sarver remains the owner.

The announcement comes just one day after Jahm Najafi, the Phoenix Suns' second-largest stakeholder, called for the resignation of owner Sarver via an open letter to Suns fans.

The 60-year-old businessman was found to have made a number of inappropriate comments to women in the workplace – including discussing oral sex at a business meeting as recently as 2021 – as well as repeating the n-word on five occasions in situations he claimed he was "recounting the statements of others."

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"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 President and CEO Dan Schulman said in a statement.

According to Schulman, PayPal will remain supportive of the basketball program and the minority leadership within the organization including head coach Monty Williams, general manager James Jones, assistant general manager Morgan Cato, and senior vice president of people and culture Kim Corbitt.

"PayPal is a values-driven company and has a strong record of combatting racism, sexism, and all forms of discrimination. 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," Schulman added.