The NBA Board of Governors on Wednesday approved the record sale of the Phoenix Suns to a group headed by Robert Sarver.

Sarver, a banking and real estate executive, signed a check for 65 percent of the 401 million U.S. dollars sale. He will own 30 percent of the club, while a group of investors he lined up will split the rest.

The Suns will continue to be run by current management, as the remainder of the sale is paid off over the next three years.

The new sale also includes the WNBA's Phoenix Mercury, the AFL's Arizona Rattles and the management agreement for America West Arena.