Posted: April 16, 2004

Chairman and CEO Jerry Colangelo today unveiled a plan for the future of the Phoenix Suns that includes Colangelo continuing in his current role, and an ownership transition to a group headed by banking and real estate executive, Robert Sarver, an Arizona native. Colangelo made the announcement at a news conference at America West Arena. The transaction is valued at $401 million, a record price for an NBA franchise operation.

“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.”

Colangelo introduced Robert Sarver, 42, a banking and real estate executive who will be the major investor and Managing Partner of a new ownership group that will purchase the Suns over the next three years.

The plan calls for Colangelo to remain in his role as Chairman and CEO.

Sarver introduced two members of his new ownership group, former University of Arizona and NBA player and current TNT broadcaster, Steve Kerr, and Bryan Colangelo, the team’s current President and General Manager. Additional investors will be announced at a later date, and some current investors in the Suns are expected to join the new ownership group.

While terms of the sale are in place, Colangelo explained that the deal will be presented to current Suns ownership for their approval at a meeting next Friday, April 23, and is subject to the standard NBA approval process.

Both Colangelo and Sarver stressed that their goal was to go forward with a “business as usual” approach in operating the team. All members of the current management team and basketball staff will continue in their roles.

“When I announced my intention to seek new investors, I said I was doing so to address my family’s future, to guarantee that the Suns would remain a valuable part of this community and that I would continue to lead the organization for a number of years,” said Colangelo. As my discussions with Robert unfolded, it was clear we shared a common vision on all the issues that mattered the most to me. Today’s announcement fulfills my desire that the 36-year legacy of the Phoenix Suns will be in great hands in the future.”

Sarver commented, “This is a wonderful day for me and for my family. Having grown up in Tucson and lived many years in Phoenix, I never dreamed that I would someday be in a position to own such an important part of the history of this city and the state of Arizona. I have utmost respect for Jerry and what he has built here, and I have every intention of continuing the great tradition the Suns have established, especially their commitment to being a positive influence in our community.”

Sarver’s purchase includes all of the Suns’ assets – the Suns, the WNBA Phoenix Mercury, the AFL Arizona Rattlers and the management agreement for America West Arena.