PHOENIX, April 15 (UPI) -- The Phoenix Suns appear to be on the verge of being sold and an announcement could come as soon as Friday.
Put up for sale last month, the Suns are expected to be sold next week, the Arizona Republic reported Thursday. While the team has not made an announcement, it has scheduled a news conference for Friday at 3 p.m. EDT.
Suns CEO and chairman Jerry Colangelo will make "a major announcement," the club said in a statement.
The report stated that Colangelo still would operate the team following the sale to a group of investors. Colangelo, who owns 18 percent of the franchise, told the newspaper that an investor meeting is slated for April 23.
An investor who is close to Colangelo said he expects the deal of more than $300 million to be approved, the report said. The group includes "some individuals with local ties."
Phoenix television stations KSAZ and KNXV reported that former NBA and University of Arizona guard Steve Kerr would be a part of the new ownwership group. Kerr works as an analyst for Turner Sports.