Suns Ownership Approves Sale to Robert Sarver

by Jeramie McPeek
VP, Digital

Posted: April 23, 2004

The current ownership group of the Phoenix Suns approved the sale of the team to investor Robert Sarver today at a planned partnership meeting of the NBA franchise.

As announced last week by team Chairman, CEO and Managing General Partner Jerry Colangelo, the club has entered into a purchase agreement with Sarver and his investment partnership, Suns Legacy Partners. The deal was subject to current ownership and NBA Board of Governors approval and is scheduled to close on June 30, 2004.

There is no timetable set at this time for league approval or for release of a complete roster of new investors.