April of 2004 was a significant month in Phoenix Suns history.
For an NBA record $401 million franchise selling price, businessman Robert Sarver and his investment partnership, Suns Legacy Partners, purchased the Suns from Jerry Colangelo.
“At the time, the Suns were considered one of the most elite NBA franchises around under Colangelo,” Arizona Republic reporter Craig Harris said. “He had built that franchise up from nothing. … He had built them up to that value.”
Sarver, a Tucson native, was a banking and real estate guru at the time of the purchase but had few ties to the basketball world.