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.

The Pistons have made signing Rasheed Wallace their number one priority.  

This move comes as no surprise, as signing Wallace would leave the Pistons with virtually the same team that dominated the Lakers in the 2004 championship series, sans Okur.

Okur has expressed repeatedly that he would like to remain a Piston, however if Wallace stays, Okur would likely sign for a team that has extra cap room and would give him more playing time.  Phoenix and Utah being the frontrunners.

As July 1st moves closer and closer, the Lakers are becoming slightly nervous that they will be unable to move Shaquille O'Neal.  With Mavericks owner Mark Cuban standing as firm as he can on not relinquishing Dirk Nowitzki, the Lakers are speaking to other clubs with even greater urgency.  Reports indicate that the Clippers, Pacers and even the Kings are in the running.

If O'Neal is not traded before July 1st, the Lakers situation with Kobe Bryant becomes that much trickier.  It is clear that it will take a small miracle for these two superstars to ever play together again and if O'Neal is still on the Laker roster, Kobe will likely test the open market with even greater tenacity.

The San Antonio Spurs are readying their summer courtship of a superstar, much in the same way they did last year for Jason Kidd.  Tim Duncan and Tony Parker will actively recruit Bryant to come to Texas, which is the place most suited for Kobe to win championships.  His goal this summer though, besides his Colorado trial, is to begin building a championship team up from scratch, a la his imitated idol Michael Jordan, with the Suns being the leading contenders in that category.

In the deal to acquire Stephon Marbury, Knick president Isiah Thomas traded away his team's first-round pick in tonight's Draft.

Now he may deal away the Knicks' second-round pick to a team that wants to build for the future, get more young talent, and dump salaries.

One of these such salaries may be added to the Knick payroll by tonight, and Phoenix could be the Knicks' trading partner.

Thomas is also aggressively shopping Othella Harrington and Dikembe Mutombo who are both in the final years of their contracts and are therefore attractive commodities on the NBA trading market.

"The trade, which won't be announced until Thursday, will give the Suns one of the Bulls' second-round picks (No. 31), a future first-rounder and an undisclosed sum of cash in return for the pick.

The move is no surprise on one front -- the Bulls have been looking for a second lottery pick. They have had an infatuation with Oregon's Luke Jackson for some time and sources believe Chicago likely will select Jackson with the No. 7 pick."

The Suns were offering the pick to the Magic in a deal involving Tracy McGrayd, but the Suns decided to trade the pick to the Bulls.

The future 1st the Bulls are trading is top-3 protected next  year and top pick protected the following year.

"Why would the Suns give up a high lottery pick for only a future first-rounder? The Suns didn't feel that any player left at No. 7 would help their team immediately. They also wanted the extra cap space. By getting the No. 7 pick off their books, the Suns are suddenly looking at $16.3 million in cap space this summer to make a run at free agents."

The Suns also claim the they are no longer in talks with the Magic for McGrady.

If the Rockets are not able to consummate a deal for Tracy McGrady, the Suns stand ready to jump in.

The Magic are believed to want either Amare Stoudemire or a combination of Shawn Marion and Joe Johnson off the Suns' roster.

A first-roud draft pick would almost certainly need to be included in a deal.

Mavs Pursue O'Neal; McGrady Deal Hits a Snag
By CHRIS BROUSSARD

Published: June 23, 2004

In a day when the Charlotte Bobcats fleshed out their inaugural roster through the expansion draft, the buzz around the National Basketball Association continued to revolve around Shaquille O'Neal and Tracy McGrady, the superstars who have asked their teams for trades.

More than 20 of the league's 30 teams have called the Los Angeles Lakers, inquiring about O'Neal, according to an Eastern Conference executive. Though Mitch Kupchak, the Lakers' general manager, has recently suggested that he wants to keep O'Neal, the club is entertaining several possible trades, most notably with the Dallas Mavericks.

The Mavericks are one of the more realistic landing spots for O'Neal, who will make $27.7 million next season, because they have the high-salaried stars necessary to make such a deal, and their owner, Mark Cuban, is a big spender. According to the Eastern Conference executive, Dallas is offering Dirk Nowitzki and Steve Nash for O'Neal. The Nets, who would be willing to part with Kenyon Martin and Kerry Kittles, are among the clubs pursuing O'Neal.

It was widely believed that McGrady would be headed to Houston this morning in a trade for Steve Francis, Cuttino Mobley and Kelvin Cato. But that deal hit a snag yesterday. Though he is under contract for several years and has no veto power over trades, Francis made it clear that he did not want to play in Orlando, causing the Magic to reconsider the trade.

Several league executives and player agents were baffled by Orlando's hesitation because Francis would have no choice but to play for the Magic.

"John Weisbrod is setting a bad precedent by caving in to this guy," one agent said, referring to Orlando's general manager and speaking on condition of anonymity.

Looking elsewhere, the Magic entered into serious discussions with Phoenix yesterday, and the Suns are offering Shawn Marion, the up-and-coming Joe Johnson and this year's first-round pick (seventh over all), for McGrady. That would give Orlando an All-Star small forward in Marion, a potential All-Star shooting guard in Johnson and the first and seventh picks in tomorrow's draft.

It appears the blockbuster done deal may not be so done after all.  Just 24 hours after it was leaked that the Orlando Magic and the Houston Rockets had reached an agreement which would swap stars Tracy McGrady and Steve Francis, the New York Times is reporting that the deal may have it a snag.

Steve Francis, the Rockets All-Star guard, had made public his displeasure about the potential trade to Orlando, leading to the Magic reconsidering the deal.

Francis is under contract for several years and has no veto power over trades, meaning if traded to Orlando he'd have no choice but to play.  This is why, according to the New York Times, several league executives and player agents were baffled by Orlando's hesitation.

"John Weisbrod is setting a bad precedent by caving in to this guy," one agent said, referring to Orlando's general manager and speaking on condition of anonymity.

Looking elsewhere, the Magic entered into serious discussions with Phoenix yesterday, and the Suns are offering Shawn Marion, the up-and-coming Joe Johnson and this year's first-round pick (seventh over all), for McGrady. That would give Orlando an All-Star small forward in Marion, a potential All-Star shooting guard in Johnson and the first and seventh picks in tomorrow's draft.

Indiana has also shown major interest in McGrady offering anyone with the exception of Jermaine O'Neal, but the Magic has not been moved by any of its offers.

Many league executives believe the trade will still go through with Houston because of McGrady's wishes, but Orlando may move Francis on without him ever wearing a Magic jersey.

Mike Tulumello of the Tribune reports that the Suns and the expansion Bobcats are close to finalizing a deal that would send Jahidi White to Charlotte. Freeing up White's salary will allow the Suns to enter the Kobe Bryant sweepstakes.

Under the concept, which has been bandied about for months, the Bobcats would agree to take White, who has one year and $5.9 million left on his contract, if the Suns gave them at least a firstround draft pick and $3 million in cash.

Such a trade, which could be announced during Tuesday?s expansion draft, would give the Suns about $14 million to go after free agents.

The Tracy McGrady trade watch is now officially on.

NBA sources told the Orlando Sentinel that McGrady informed the Orlando Magic on Friday that he doesn't want to re-sign with them after next season when he plans to opt out of his contract.

The meeting today was between McGrady and team owner Rich DeVos.

"According to one source, the Magic have asked the (Indiana) Pacers for as many as four players - Ron Artest, Al Harrington, Jamaal Tinsley and Jonathan Bender - in exchange for McGrady. To make it fit under salary-cap rules, the Magic would have to send at least one other player, likely Juwan Howard."

Magic GM/COO John Weisbrod had pushed for a decision from Tracy McGrady and planned to not go into next season without one.

It is speculated that part of the rift was over the team's first overall selection in next Thursday's NBA Draft.

The Magic wanted to keep it and McGrady wanted them to trade it.

Other trade possibilities mentioned include the Houston Rockets and Phoenix Suns.