PHOENIX (AP) Jerry Colangelo is looking to sell a minority share of the Phoenix Suns to an investor who would have the right to buy the remainder of the team in several years.

Colangelo, 64, said he hired Lehman Brothers two months ago and the sales plan has been completed, but he has no immediate plans to relinquish control of the Suns.

``My interest is being chairman and CEO for a long time to come,'' he said on Monday.

Colangelo, who also is chairman and chief executive officer of baseball's Arizona Diamondbacks, is the Suns' managing partner and owns 20 percent of the team. He has long said that he wants to prepare for an orderly transfer of ownership at some undefined point down the road, partly because of estate tax issues.

``It's not just about money,'' Colangelo said. ``It's about who do I feel comfortable with having this franchise after I'm gone. This is about legacy. This is about ownership that would share the same vision, commitment to community, charitable drive.''

Colangelo came to Phoenix as general manager of the expansion Suns in 1968. In 1987, he put together an investment group to buy the franchise for $44.5 million. Forbes magazine says the franchise is currently worth $282 million, but it no doubt would sell for much more than that.

Colangelo noted that the operation includes the WNBA's Phoenix Mercury, the Arizona Rattlers of the Arena Football League, an athletic club, team shops and America West Arena, which is undergoing a $70 million renovation.

Colangelo said he is in no hurry to identify a potential buyer.

Just last week, Colangelo completed a restructuring of the ownership of the Diamondbacks with four majority owners to infuse cash into that financially-strapped franchise. He was named a fifth majority owner.

Unlike the Diamondbacks, the Suns are in good financial health, although they have one of the league's worst records.

Colangelo's son Bryan is the Suns' vice president for basketball operations and is in the midst of a rebuilding plan. The team jettisoned several high-salaried players this season to get below the NBA's luxury tax and move into position to make some free-agent signings.

While the Diamondbacks gave Colangelo a World Series title in 2001, just their fourth year of existence, the NBA crown has eluded him.

``I am completely focused on the same goal I had when I first came to Phoenix 36 years ago _ winning an NBA championship,'' Colangelo said.