Sale of Suns to Sarver approved
Phoenix, AZ (Sports Network) – The current ownership group of the Phoenix
Suns headed by Jerry Colangelo approved the sale of the team Friday to
investor Robert Sarver.
Sarver, a banking and real estate executive, will head the new ownership group
and the transaction is valued at $401 million, a record price for an NBA
The deal is subject to NBA Board of Governors approval and is scheduled to
close on June 30, 2004.
The 42-year-old Sarver will be the major investor and managing partner of the
new ownership group that will acquire the Suns. 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 previously introduced two members of the new ownership group – former
University of Arizona and NBA player Steve Kerr and current team president and
GM Bryan Colangelo.
Phoenix finished the 2003-04 season with a dismal 29-53 record — second-worst
in the Western Conference.