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Sale of Suns to Sarver approved

04.23.2004

Phoenix, AZ (Basketball News) - 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 franchise.

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.

PHO

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