Friday , Apr , 16 , 2004 C.Y. Ellis

Colangelo announces future plan for Suns

Phoenix, AZ (Sports Network) – Phoenix Suns chairman and CEO Jerry Colangelo
announced a new plan for the future of the franchise during a Friday press
conference.

The 64-year-old Colangelo will continue in his current role, while a
transition in ownership will take place. Banking and real estate executive
Robert Sarver, an Arizona native, will head the new ownership group and the
transaction is valued at $401 million, a record price for an NBA franchise.

“A short time ago, I laid out a blueprint for the future of the Phoenix Suns
organization in the Valley,” said Colangelo. “Today, I can announce that we
have a plan in place that achieves every goal I set and secures the future of
this franchise.”

The 42-year-old Sarver will be the major investor and managing partner of the
new ownership group that will acquire the Suns over the next three years. The
purchase includes all of the Suns’ assets — the NBA franchise, the WNBA’s
Phoenix Mercury, the AFL’s Arizona Rattlers and the management agreement for
America West Arena.

Sarver introduced two members of the group on Friday — former University of
Arizona and NBA player Steve Kerr and current team president and GM Bryan
Colangelo. Additional investors will be revealed at a later date.

The sale will be voted upon during an investors’ meeting on April 23 and is
still subject to the NBA approval process.

Phoenix finished the 2003-04 season with a dismal 29-53 record — second-worst
in the Western Conference.

PHO