"It's an investment in something I have supported since I've been in Arizona," Fitzgerald told NFL Network. "It gives me another connection in the community I love and always will live in. It's a long-term commitment I wanted to make for life after football."
Fitzgerald, 36, has spent his entire 16-year NFL career with the Arizona Cardinals. He signed a one-year, $11 million contract with the Cardinals Jan. 15. He signed a seven-year, $113 million pact with the team in 2011.
Fitzgerald previously served as a team ambassador for the Suns. He has also been a season-ticket holder since 2005. Sources told ESPN Fitzgerald doesn't plan to take a more active role with the Suns after he retires from the NFL.
Sources told NFL Network Fitzgerald was offered a chance to join the Suns ownership group two years ago. The Cardinals star is friends with Suns managing partner Robert Sarver.
Fitzgerald will serve as an adviser and resource to the Suns' staff and to Suns and Phoenix Mercury players.