The Phoenix Suns are expected to be sold next week for more than $300 million, and two out-of-state buyers are the front-runners, current investors said.

Jerry Colangelo, the NBA team's chairman and managing general partner, would remain as chief executive officer, the investors said. But it was not clear whether he would retain any ownership. He now owns 18 percent of the franchise.

Colangelo plans to hold a news conference at noon today at American West Arena.

Colangelo, in New York on Thursday for an NBA board of governors meeting, declined to provide details. But he confirmed that current investors will meet next Friday to consider offers for the Suns.

"I will be presenting a state of the union and discuss some options with them. Above and beyond that, that is all I have (to disclose)," Colangelo said. "I don't want to go any further."

Steve Kerr, who was drafted by the Suns from the University of Arizona in 1988, said he is in one of the ownership groups.

"The deal hasn't gone through yet," said Kerr, a basketball analyst for TNT who lives in San Antonio. "There are some final things that have to be done. It's ongoing and has been for a few weeks. I'm part of the new ownership group. My role will be determined as we go along."