Report: Suns to be sold

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.