Phoenix Suns' chairman and CEO as well as Basketball Hall of Fame inductee Jerry Colangelo will be operated on for prostate cancer on December 30th in a New York hospital.

"I've been advised that it's early, that it can be taken care of," 65-year-old Colangelo said Friday. "The good news is, I can start off the year with a clean slate, and that's the way I choose to look at it.

"One out of six males will get prostate cancer, so it's a big club out there. Life throws you hurdles, and this is my time."

Colangelo has been with the Suns since their inception to the league in 1968 and was, until recently, a managing partner of the Major League Baseball's Arizona Diamondbacks.  In June, upon the completion of the sale of the Phoenix Suns, he surrendered his 20% stake in ownership of the franchise.