PHOENIX, Feb. 27 (UPI) -- Phoenix Suns President-General Manager Bryan Colangelo resigned his position Monday and is expected take a front office position with the Toronto Raptors.
"At the time we bought the team, we agreed to a new three-year contract with Bryan," said Suns Managing Partner Robert Sarver. "Dating back to last summer, I assured Bryan of my intention to extend his contract. I'm disappointed with Bryan's decision but I wish him well."
Colangelo was named NBA Executive of the Year last season. The Suns' had a 33-win turnaround, after signing league MVP Steve Nash, guard Quentin Richardson and forward Steven Hunter.
The acquisitions were due in part to a 2003-04 trade that saw Colangelo send Stephon Marbury and Anfernee Hardaway to the Knicks to clear salary cap room.
The Arizona Republic reported Toronto is willing to give Colangelo, who was making $1 million a year, more than $3 million a year and possibly an ownership stake.
