Report: Suns to be sold
Phoenix, AZ (Sports Network) – The Phoenix Suns are reportedly on the verge of
being sold to a new investment group with a major announcement scheduled for
According to the Arizona Republic, the Suns will be sold for more than $300
million by next week. The sale, though, has to be approved by the other NBA
owners and will be voted upon during an investors’ meeting on April 23.
Jerry Colangelo, chairman, managing general partner and CEO of the Suns, would
remain as head of the club but not as an owner after the sale. Colangelo owns
almost 20 percent of the franchise and will address the media on Friday.
In January, Colangelo hired Lehman Brothers to launch a plan for a proposed
sale. Colangelo said in March he hoped to land a buyer that would purchase a
minority share initially, with the right to buy the rest in several years.
The 64-year-old Colangelo came to Phoenix as general manager of the expansion
Suns in 1968. In 1987, he put together an investment group to buy the
franchise for $44.5 million.
Colangelo is also the chairman and chief executive officer of the Arizona
Diamondbacks. If the ownership transfer goes through as expected, Colangelo
would keep a similar role with the Suns.
Phoenix finished its 2003-04 season with a dismal 29-53 record — second-worst
in the Western Conference.