It's actually not Jerry Colangelo but rather his son, Bryan Colangelo, who took the job with the Raptors. It was also Bryan who won executive of the year last year. I think its a shame that the Suns couldn't hold on to this valuable asset. This guy has seriously impressed with FA signings, shrewd trade proposals, and especially draft selections.
From the little I've read about the situation, apparently Bryan Colangelo and Robert Sarver did not agree in the general direction the Suns should go. Robert Sarver heads a group that has bought the Phoenix Suns from Jerry Colangelo, the sale will be complete by next season. I think Jerry will remain the CEO of the Phoenix Suns with a minor ownership stake. Bryan also had a very minor ownership stake in the Suns in addition to his $1 million per year salary. The Toronto Raptors offered him a $3 million per year salary but I haven't heard whether he'll get a piece of the team. Anyhow, this is going to be a good move for the Raps. Maybe their rabid fan base will have something to cheer about in the near future.
