Suns to Make Major Announcement

[mavs413]

From PhoenixSuns.com
Suns to Make Major Announcement
The Phoenix Suns have scheduled a press conference for Noon on Friday, in which Suns Chairman, Managing General Partner and CEO Jerry Colangelo will make a major annoucement.

Living in Phoenix, I already know the news:

An investor meeting will be held on April 23rd. Expects the investors to approve a deal which is around $300 Million and Colangelo would remain to run the team.

Former University of Arizona player Steve Kerr will be a part of the new ownership group, along with more with local ties.

[EricaLubarsky]

Maybe its because Im in the Phoenix area, but thats pretty old news.

A lot of the talking heads have been saying that the Starbury->NY trade only happened because of the sale.

[mavs413]

The sale itself is old news.
But I didnt hear anything about Steve Kerr being part of the ownership group, that was news to me.

[mavs413]

Suns to be sold to group headed by California banking executive

By BOB BAUM, AP Sports Writer
April 16, 2004
PHOENIX (AP) -- Real estate and banking executive Robert Sarver is heading an ownership group that plans to buy the Phoenix Suns for $401 million.

The amount is a record for an NBA franchise, the Suns said.

Sarver, who lives in San Diego but is a Tucson native, is chairman and chief executive of Western Alliance Bancorporation. He is also the founder of Southwest Value Partners, a major San Diego real estate investment company.

Jerry Colangelo will remain as the Suns' chairman and chief executive.

Two members of the new ownership group are former University of Arizona star and NBA player Steve Kerr and Bryan Colangelo, Jerry Colangelo's son and the team's president and general manager.

Additional investors will be named later, the Suns said.

Sarver, 42, will be the major investor and managing partner of the new group that will purchase the Suns over the next three years.

A 1982 graduate of the University of Arizona, Sarver founded National Bank of Arizona at age 23 in 1984 and served as its president until its sale to Zions Bancorporation.

Colangelo has talked for some time about easing out of the sports empire he built in the desert.

In January, he hired Lehman Brothers to put together a plan to sell the team. He hoped to find a minority owner that would have the right to buy full ownership in several years.

The prospective purchase will be voted on at an investors meeting next Friday.

Colangelo came to Phoenix 36 years ago as the 28-year-old general manager of the expansion Suns.

In 1987, he put together an investment group that bought 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 Arizona Diamondbacks.

He remains the baseball team's chairman and chief executive after a restructuring of the franchise's ownership this year.

Colangelo also spearheaded the move to build America West Arena and Bank One Ballpark, revitalizing long-neglected downtown Phoenix.

[EricaLubarsky]

yeah that was news. Pretty interesting although not vitally important.

[EricaLubarsky]

How much did Cuban pay for the Mavericks franchise? It wasnt nearly that much was it?

[mary]

Originally posted by: EricaLubarsky
How much did Cuban pay for the Mavericks franchise? It wasnt nearly that much was it?

Cuban paid a paltry $ 285 mil for the Dallas Mavericks. He must've found them on the clearance rack.

[EricaLubarsky]

thanks Mary.

Why is the Suns franchise worth that much? Phoenix is a comparably small city and since Arizona is the fastest growing state in the US, most of the fans that go to games are transplanted fans from elsewhere so the crowd isnt very devoted. Amare is great but I dont know why the franchise would go for that much. They are probably worth more than the Mavs before Cuban because Phoenix could very well get a playoff spot next year, but 400 mil?!?!?