Colangelo announces future plan for Suns

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.