Monday , Feb , 27 , 2006 C.Y. Ellis

Suns’ Colangelo resigns

Phoenix, AZ (Sports Network) – Phoenix Suns president and general manager
Bryan Colangelo resigned his position with the team on Monday and will
reportedly take a front office position with the Toronto Raptors.

“At the time we bought the team, we agreed to a new three-year contract with
Bryan,” said Suns managing partner Robert Sarver. “Dating back to last summer,
I assured Bryan of my intention to extend his contract. I’m disappointed with
Bryans decision but I wish him well.”

Colangelo, who was named NBA Executive of the Year last season, was
responsible for the Suns’ spectacular season in 2004-05, which saw the team
post a 33-win turnaround, after signing league MVP Steve Nash, guard Quentin
Richardson and forward Steven Hunter to offseason contracts.

The acquisitions were due in part to a 2003-04 trade that saw Colangelo
ship All-Star guard Stephon Marbury and Anfernee Hardaway to the Knicks to
clear salary cap room.

According to the Arizona Republic, Toronto is willing to give him more money
(more than $3 million a year and possibly an ownership stake), job security
(a four- or five-year contract) and more autonomy with basketball decisions
than Sarver allows.

Colangelo, who made nearly $1 million a year, was one of the lowest paid
general managers.