The news comes after the NBA announced the team owner will be suspended one year and was dealt a $10 million fine stemming from an investigation into workplace misconduct.

“Words that I deeply regret now overshadow nearly two decades of building organizations that brought people together—and strengthened the Phoenix area—through the unifying power of professional men’s and women’s basketball,” Sarver said, in part, in his written statement. “As a man of faith, I believe in atonement and the path to forgiveness. I expected that the commissioner’s one-year suspension would provide the time for me to focus, make amends and remove my personal controversy from the teams that I and so many fans love.

“It has become painfully clear that that is no longer possible—that whatever good I have done, or could still do, is outweighed by things I have said in the past. For those reasons, I am beginning the process of seeking buyers for the Suns and Mercury.”