The $401 million sale of the Phoenix Suns to San Diego banking executive Robert Sarver was completed Wednesday.

NBA owners unanimously approved the transaction.

Sarver owns about one-third of the franchise, with the remainder split among a group of investors including former NBA player Steve Kerr and Suns' president Bryan Colangelo.

In 1987, Jerry Colangelo put together an investment group that bought the franchise for $44.5 million. He will remain as Suns' chairman and chief executive.

Via ESPN

Phoenix Suns

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