By Mike Tulumello
East Valley Tribune
June 30, 2004
On Tuesday, he signed the papers. Today, he’ll write the check.
"One big one," Robert Sarver said, with a laugh.
Sarver is incoming owner of the Suns, and today is the closing date for the $401 million sale of the club.
Sarver said he will own about 30 percent of the team. He has lined up a slate of investors that he said includes several local figures: Dale Jensen, a major investor in the Diamondbacks who is now increasing the size of his investment in the Suns; Steve Hilton, co-chief executive of The Meritage Corp.; Sam Garvin, CEO of Continental Promotion Group; Francis Najafi, CEO of The Pivotal Group; and Scott Seldin, whose father previously was a business partner of the Sarver family.
Other investors include Tom Rogers of Tucson, who heads R &R Products; Richard Heckmann of San Diego, CEO of K-2 Inc., a major sporting goods firm, plus two others from San Diego who wish to remain low-key, Sarver said.
Under terms of the deal, 65 percent of the price is set to be paid today, the rest in three years.
During those three years, a six-member management committee that includes Suns chairman Jerry Colangelo and Sarver will make decisions, with Colangelo having the right to break any ties.
The present day-to-day management of the club will remain the same for the next three years, Colangelo has said.
The $401 million sale price is an NBA record.
COPYRIGHT 2004, EAST VALLEY TRIBUNE. Used with permission.