Suns’ Colangelo resigns

"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.