page_title: 1987–88 Phoenix Suns season
section_title: Franchise sold
hierarchical_section_title: 1987–88 Phoenix Suns season / Offseason / Franchise sold
caption_attribution_description: English: Jerry Colangelo
context_page_description: The 1987–88 Phoenix Suns season was the 19th season for the Phoenix Suns of the National Basketball Association. The team was led by new head coach John Wetzel. Having missed the playoffs in each of the last two seasons, Suns management made a midseason trade with Cleveland in attempt to return the Suns to postseason play. The trade would in part send All-Star Larry Nance in exchange for rookie Kevin Johnson. All home games were played at Arizona Veterans Memorial Coliseum.
  Despite Nance's quality play, Suns director of personnel, Cotton Fitzsimmons, stated the reason for the trade. "It's obvious we are not happy with our current record and we are not happy with our record over the last few seasons. We talked to a lot of teams about Nance. We felt it was the best deal for us in regard to the youth of the players and draft choices involved." On February 25, the 29-year-old Nance, along with Mike Sanders and a 1988 draft first round pick, were sent to Cleveland in exchange for Johnson, Tyrone Corbin, Mark West, 1988 draft first and second round picks, and a 1989 second round pick. On the day of the trade, the Suns beat Cleveland.
context_section_description: On October 14, 1987, a group headed by Suns general manager and vice president Jerry Colangelo purchased the franchise from owners Richard Bloch, Donald Pitt and Don Diamond for a then-record $44.5 million. Colangelo headed JDM Sports Inc., the general partnership group that owned a controlling interest of the franchise. 10 other limited partners assisted the purchase, including the Greyhound Corporation, the El Dorado Investment Company, and the Phoenix General Basketball Partnership group, which included Suns legend and former interim coach Dick Van Arsdale, team physician Paul Steingard, team orthopedist Richard Emerson, and team podiatrist Michael Kates. Colangelo assumed the role of chief executive officer and team president. Van Arsdale replaced Colangelo as vice president.
  Twenty years ago, Donald Pitt, Don Diamond and Richard Bloch had the foresight to see that Phoenix had the ability to be a professional sports franchise despite the cynics back East. It has been a profitable and a successful endeavor. To own a team is a dream-come-true for me personally. This is going to be a good deal and it's going to work. We're going to re-dedicate this team to the community.
  — Jerry Colangelo, 
  In the wake of the damaging drug scandal, Bloch, Pitt and Diamond were prepared to sell the team. Colangelo feared potential buyers planned to relocate the franchise to another city. The sale was finalized on October 16, just before the October 19 "Black Monday" stock market crash. Colangelo later stated that if the deal had not been completed prior, it would not have happened, and that the team likely would've been sold and relocated.
caption: Jerry Colangelo
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