This Week in Phoenix Suns History: Jerry Colangelo Purchases Team
By Adam Maynes
The Phoenix Suns are one of the most historic organizations in the NBA. How they’ve become this storied franchise is something that takes years to breakdown. Here is this week in Phoenix Suns’ history.
Previous Weeks: Sept. 12 – 18; Sept. 19 – 25; Sept. 26 – Oct. 2; Oct. 3 – Oct. 9
October 10-16
October 10, 1973/1980 – Suns Regular Seasons Begin at Earliest Point in Franchise History – On two occasions the Suns’ regular season began on October 10, the earliest in franchise history. Playing both games at home, the 1973 matchup over the Seattle SuperSonics was a 115-111 victory and the 1980 opener against the Golden State Warriors finished as a 121-110 Suns victory as well.
From 1968-69 through the 1986-87 season, opening night began in October, though it shifted to the very end of the month beginning in 1981-82. Not playing a single game in October from 1987-88 through 1996-97, opening night has since regularly been played, home and away, in the final days of October.
October 12, 1995 – Suns Re-Sign Danny Manning to a Six-Year Contract Extension – Following a handshake deal with Jerry Colangelo, Danny Manning turned down a seven-year $35 million dollar contract extension with the Atlanta Hawks to sign a $1 million dollar contract in mid-1994 to play in Phoenix. The original deal, set well below market value, was accompanied with the expectation that Manning would receive a long-term contract extension the following season.
Signing his extension on the day of the first preseason game of the 1995-96 season, Manning – still rehabilitating from his major knee injury suffered in February ’95 – became the richest Sun in history, signing a seven-year $40 million dollar contract. In addition to the signing, he became a limited partner in with the Arizona Diamondbacks, making a $5 million investment in the organization.
Returning to the court on February 2, 1996, Manning played out four of seasons of his massive contract, remaining relatively healthy throughout. Finishing his Suns career appearing in 276 games (starting 56) averaging 13.4 points, 5.4 rebounds, and 2.3 assists, Manning was traded to the Orlando Magic with Pat Garrity and two first round picks for Anfernee “Penny” Hardaway in August of 1999.
October 14, 1987 – Jerry Colangelo Led Group to Purchase the Phoenix Suns for $44.5 Million Dollars – As the principal figure in an organized group called JDM Sports Inc., Jerry Colangelo purchased the Phoenix Suns, potentially preventing the franchise from re-locating. JDM Sports Inc., led by Colangelo and partner Eddie Lynch, purchased 25% of the team
and the controlling stake. Colangelo, Lynch, and Ross Farnsworth – another JDM member – each also purchased personal shares in the team, separate from the group.
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Additional limited partners included team physicians, Dr. Paul Steingard, Dr. Richard Emerson, and Dr. Michael Kates, as well as former Head Coach Dick Van Arsdale, Dave Hall, Charles Brewer, and Phoenix General Basketball Partnership, a group of several Phoenix residents.
Further partners included Greyhound Crop., El Dorado Investment Co., and Phoenix Professional Basketball, Inc. Members of the third group included former owners Richard Bloch, Don Pitt, and Don Diamond.
The purchase of the team came at a time when ownership restrictions had hampered General Manager Colangelo’s ability to improve the team, as former majority owner Don Pitt had power over the purse strings and public perception was that the team was unwilling to take a significant gamble.
“If I’m ready to pull the trigger on something now, I’ll just do it,” Colangelo said. “I won’t take any votes.” Dick Van Arsdale voiced similar readiness over the purchase stating that “the goal is always a championship, a ring.”
Next week we will have another review of the Phoenix Suns storied history.