Jerry Colangelo may often be confused with his son Bryan for the wrong reasons, but has had quite a career of his own without his son’s help. Since becoming a part of the Phoenix Suns as their first general manager, Colangelo has turned Arizona, specifically Phoenix, into a sports staple. Before the Suns were brought into the NBA during the expansion, Arizona didn’t have a single professional sports team. Since then, Jerry Colangelo had been a part of bringing five new professional sports teams to Phoenix.
Jerry Colangelo Net Worth 2019: $300 Million
The former owner of five professional Arizona sports teams, including the Phoenix Suns and Arizona Diamondbacks, Colangelo’s net worth come in at a staggering $300 Million.
In 1968, the Phoenix Suns set out to be the first major professional sports team in Arizona. Already a scout for the Chicago Bulls, Colangelo was tapped to be the Suns first General Manager. Colangelo became the head coach for the 1970, and 1972-74 seasons, proving he was a much better GM, posting a 59-60 overall record as the coach.
In 1984, Colangelo put a group together and bought the controlling stake of the Phoenix Suns, becoming the team’s owner and GM. He remained with the team until 1995 when he was succeeded by his son Bryan.
After stepping away from the Suns’ front office, Colangelo set his sights on the MLB. In 1995, Colangelo and his group were selected to be one of the MLB’s next expansion teams, becoming the Arizona Diamondbacks. With securing some big names like Buck Showalter and Randy Johnson, the Diamondbacks had won their first world series just four years after their first game. That 2001 world championship was the first major title to be won by a Phoenix-area team.
Around the same time of the Diamondbacks formation, Colangelo brought Arizona its first NHL team. Formerly the Winnipeg Jets, the Phoenix Coyotes were formed in 1996.
In 2004, Colangelo decided to sell. That year he sold his ownership of the Phoenix Suns, Mercury, and Rattlers as well as his ownership of the Arizona Diamondbacks. This decision cleansed him ownership in professional sports.
In December 2015, Colangelo made his return to the NBA as a special advisor and chairman of basketball operations of the Philadelphia 76ers. In 2016 he would once again give his role to his son, giving up his position as chairman of basketball operations, but choosing to stay on as an advisor.
Jerry Colangelo says “I am pleased to have helped bring you this February issue of In Business Magazine and hope you enjoy it”