The $4 billion sale of NBA team Phoenix Suns and WNBA team Phoenix Mercury is imminent.
Accordingly, the deal with the new owner Mat Ishbia still has to be approved by the league, as the team announced on Tuesday evening (local time).
"We look forward to welcoming a new owner to the Valley," it said.
More information would be announced in due course.
Businessman and former college basketball player Ishbia and current owner Robert Sarver agreed on the purchase price that will make the Suns the most expensive team in the North American professional basketball league NBA.
Sarver was banned by the NBA for a year and fined $10 million for the way he ran the organization.
The 61-year-old then announced that he wanted to sell the club.
Sarver is said to have made racist and sexist comments and treated basketball team staff unprofessionally for years.
To date, the Brooklyn Nets have been the most expensive NBA team in the league.
In 2019, Joe Tsai paid $3.3 billion for the Nets and the Barclays Center in New York.
Sarver bought the Suns and Mercury, who play in the women's professional league WNBA, in 2004 for $401 million.
It can take several weeks for the sale to be completed.