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.