The team's ownership group approved the sale Friday. There is no timetable for an NBA decision on the deal.
The Arizona Republic recently reported the sale price would exceed $300 million.
Suns CEO Jerry Colangelo, who owns 18 percent of the franchise, announced last week that the team would be sold to Sarver and his investment group, Suns Legacy Partners.
Phoenix television stations KSAZ and KNXV reported that former NBA player Steve Kerr would be a part of the new ownership group. Kerr is an analyst for Turner Sports.