|Casinofortune.com, has reportedly sent a letter of intent (LoI) to Hall of Famer Jerry Colangelo and contacted Lehman Brothers to discuss purchasing the Suns team.|
“There is bound to be a lot of speculation regarding the sale, but we can’t t comment,’ said Suns spokeswoman Julie Fie. However, the Casino Fortune has serious plans.
‘We are very serious about the offer. Right now, this is about who has the wherewithal to buy an NBA team,' he said. 'We've been thinking about it for a long time, longer than you might think. It was part of our business plan long ago, and in light of that, we never engaged in sports betting so there is no conflict of interest,’ says Kevin Mercuri, a spokesman for Casino Fortune.
The 8-year old Internet gambling operator, points out that a precedent exists for such an ownership arrangement. Joe and Gavin Maloof, who own the Palms Casino in Las Vegas, also own the Sacramento Kings.
Industry observers believe that Jerry Colangelo has been searching for an investor who will buy in now with the option to purchase a controlling interest at a future date.
‘Jerry [Colangelo] has had almost 40 years service in this area. He's definitely an asset that should not be discarded,’ adds Mercuri.