Phoenix Suns owner Robert Sarver, banned for a year and fined $10 million by the NBA for racist and misogynist remarks and workplace bullying, said Wednesday, 22 September he will sell the team.

Following the punishments imposed last week, NBA players union executive director Tamika Tremaglio called for Sarver to be banned for life, and NBA stars LeBron James and Chris Paul declared the penalties too light.

Major sponsor PayPal said it would not renew its deal with the team if Sarver were still involved, and Suns vice chairman Jahm Najafi called for Sarver to resign.

"In our current unforgiving climate, it has become painfully clear… whatever good I have done, or could still do, is outweighed by things I have said in the past," Sarver said in a statement.

"For those reasons, I am beginning the process of seeking buyers for the Suns and (Women's NBA) Mercury."

Sarver's decision was welcomed by NBA commissioner Adam Silver as well as Sarver's co-owners and the NBA Players' Association.

"I fully support the decision by Robert Sarver to sell the Phoenix Suns and Mercury," Silver said in a statement. "This is the right next step for the organization and community."

Added NBPA president CJ McCollum: "We thank Mr. Sarver for making a swift decision that was in the best interest of our sports community."

Silver had said when the sanctions were announced that he didn't think the violations rose to the level of forcing Sarver, the Suns managing partner, to sell the club, as was done in 2014 with former Los Angeles Clippers owner Donald Sterling over racist remarks.

Los Angeles Lakers superstar James, a four-time NBA Most Valuable Player, had said the league "got this wrong" with that decision.

On Wednesday, he tweeted his approval that Sarver will sell.

"I'm so proud to be a part of a league committed to progress!" James said.