As a child, Robert Sarver's birthday gifts included tickets to Phoenix Suns basketball games from the team's owners, who did business with his father.

On Friday, the Tucson native took a step that will allow him to dole out the tickets.

The San Diego entrepreneur agreed to pay $401 million, a record price for an NBA franchise, to become the largest investor and managing partner of the Suns, the city's oldest big-league franchise.

"This is a once-in-a-lifetime opportunity," said Sarver, a banker and real estate developer who will own one-third of the team. "I don't know a lot about basketball, but I'm a competitor. I try to win at everything I do."

Sarver, 42, said he would bring in about 10 additional investors, including former Suns star Charles Barkley, to provide the financial muscle for luring big-name free agents, retaining talent and turning around a team that finished 29-53 this season.

Other new owners are Steve Kerr, a former University of Arizona basketball star who helped broker the deal, and Bryan Colangelo, Suns president and general manager. Colangelo is the son of Jerry Colangelo, who will step down as managing general partner but remain as chairman and chief executive officer for at least three years.

Jerry Colangelo picked Sarver's offer over one from another out-of-state suitor, whom he would not name.

"I will bring in wealthy investors, so if we need to spend more money, we will spend more money," Sarver said after a news conference Friday at America West Arena.

The investors also include former San Antonio Spurs great Sean Elliott, who also starred at the University of Arizona, Sarver's alma mater, and others with a current stake in the Suns. Sarver said he does not expect to bring in any companies as owners. The ownership group would have an "Arizona feel," he said.