Investment group to purchase Suns next week Posted: Thursday April 15, 2004 7:00PM; Updated: Thursday April 15, 2004 11:34PM PHOENIX (AP) -- The Phoenix Suns are expected to be sold to a new investment group next week, one of the team's current investors said Thursday. The new group would pay more than $300 million for the team, with Jerry Colangelo remaining as head of the franchise but not as an owner, the investor said, speaking on the condition of anonymity. "It is a very attractive offer. I don't see any stumbling blocks whatsoever," said the investor, who also plans to be part of the new ownership group. The sale is to be voted upon at an investors' meeting April 23. The purchasing group is a mix of new and current investors, some with local ties, the source said. It was not known how many investors are involved in the new purchase. The sale would have to be approved by a vote of the other NBA owners. Colangelo, who owns about 20 percent of the team, refused on Thursday night to confirm the proposed sale but said a news conference would be scheduled for Friday. Two Phoenix television stations, KSAZ and KNXV, reported that former NBA and University of Arizona player Steve Kerr would be a part of the new ownership group. Kerr works as an analyst for Turner Sports. Messages left at his home through Turner Sports were not returned. However, the proposal expected to be approved next week would transfer ownership now. Colangelo has built a sports empire and spearheaded the construction of America West Arena and Bank One Ballpark in downtown Phoenix. He came to Phoenix as general manager of the expansion Suns in 1968. In 1987, he put together an investment group to buy the franchise for $44.5 million. Colangelo also headed the move to bring major league baseball to Phoenix and until recently was managing general partner of the Diamondbacks. He remains the baseball team's chairman and chief executive officer after a restructuring of the franchise's ownership this year. Colangelo would keep in a similar role with the Suns if the ownership transfer goes through as expected. Colangelo's son Bryan, the Suns' president for basketball operations, apparently would remain on the job as well, the investor said. Colangelo has said he wants to divest his interests in the Suns and Diamondbacks for estate purposes. However, he said he would be selective in selling because he wants to protect his legacy. The team is in the midst of the latest in a series of rebuilding efforts and finished its 2003-04 season with a 29-53 record, second-worst in the Western Conference. By trading Stephon Marbury, Penny Hardaway and Tom Gugliotta, the Suns were able to get rid of some big salaries and get under the league's luxury tax. They also are positioned to have money to sign a big-name free agent, and will have a lottery pick in this year's draft. "They're in a perfect position to launch from here to whatever personnel we want to attract," the investor said. Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. --

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