Colangelo announced Friday that an ownership group will purchase the Suns over the next three years, but he will continue in his roles as CEO and chairman.
"A short time ago, I had laid out a blueprint for the future of the Phoenix Suns organization in the valley," said Colangelo, who owns 18 percent of the franchise. "Today, I can announce that we have a plan in place that achieves every goal I set and secures the future of this franchise."
Robert Sarver, a banking and real estate executive, will be the major investor and managing partner of the new ownership group.
"This is a wonderful day for me and my family," the 42-year-old Sarver said. "Having grown up in Tucson and lived many years in Phoenix, I never dreamed that I would some day be in a position to own such an important part of the history of this city and the state or Arizona."
Notable deaths of 2014 [PHOTOS]