Phoenix Suns majority owner Robert Sarver announced Wednesday that he will begin the process of selling the team, as well as the WNBA's Phoenix Mercury.

Sarver's statement comes after last week's announcement from the NBA that the longtime owner was suspended for one year and fined $10 million after a year-long league investigation showed a pattern of lewd, misogynistic and racist speech and conduct during his 18-year tenure as owner of the Suns.

"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 wrote. "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."

"But in our current unforgiving climate, 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," he added. "For those reasons, I am beginning the process of seeking buyers for the Suns and Mercury."

"I do not want to be a distraction to these two teams and the fine people who work so hard to bring the joy and excitement of basketball to fans around the world," Sarver wrote. "I want what's best for these two organizations, the players, the employees, the fans, the community, my fellow owners, the NBA and the WNBA. This is the best course of action for everyone."

On Wednesday afternoon, Suns Legacy Partners, LLC, posted a statement agreeing that Sarver’s decision to sell the organization “is in the best interest of the organization and community,” adding that the organization acknowledges “the courage of the people who came forward to tell their stories” and apologizes “to those hurt.”

Around the league, Los Angeles Lakers star LeBron James — who, alongside Suns star Chris Paul, was one of the few star players who commented in the wake of the report — said that he was “so proud to be part of a league committed to progress!” Previously, he had criticized the NBA, suggesting that Sarver's punishment of a suspension and a fine was too light for his transgressions.

NBA Players Association President CJ McCollum said in a statement that the NBPA thanked Sarver “for making a swift decision that was in the best interest of our sports community.” Previously, NBPA Executive Director Tamika Tremaglio had told ESPN that the players’ association wanted Sarver banned from the league.

The 43-page report, released by the NBA on Sept. 13, found multiple instances of Sarver using and repeating racial slurs when recounting comments or jokes made by other people.

As early as 2004, in a meeting with a prospective player signing, Sarver was recounted as repeating the slur, purportedly quoting a Black person. Sarver was then told that he could “never say the N-word, even when quoting someone else.”

In another case, a Black former Suns coach recalled Sarver bursting into his office after a game against the Golden State Warriors, complaining “why does [the Warriors player] get to say [N-word, N-word, N-word, N-word, N-word]?!” without being assessed with a technical foul. After the coach rebuked the team owner, Sarver replied, “I can’t say [N-word, N-word, N-word]?”

The report also found that Sarver used demeaning language female employees, including telling a pregnant employee that she would be unable to do her job because she would be “breastfeeding” and that her baby “needs their mom, not their father”; and questioning “why do all the women around here cry so much?” after intensely yelling at a female employee.

Sarver also made repeated comments about condoms, sexual acts, and his own genitals in front of employees; repeatedly stood naked in front of employees at team facilities; and bullied employees. In one case, the report found that Sarver had asked his players — who were working out in the team’s training facility — if they shaved their genitals. Sarver acknowledged having done so, also admitting that he discussed players sex lives and relationships with them.

“The statements and conduct described in the findings of the independent investigation are troubling and disappointing,” NBA Commissioner Adam Silver said in a statement released by the league. “Regardless of position, power or intent, we all need to recognize the corrosive and hurtful impact of racially insensitive and demeaning language and behavior,” Silver added.

The investigation, which the NBA handed off to outside legal firm Wachtell, Lipton, Rosen & Katz, also found that the Suns organization’s Human Resources department was historically ineffective, breaking employee confidences and poorly documented complaints.

After the punishment was handed down, sponsor PayPal announced it would no longer back the team if Sarver were to remain part of the franchise.

In a statement, PayPal President and CEO Dan Schulman pointed to his company’s “strong record of combatting racism, sexism and all forms of discrimination” and said Sarver’s conduct is “unacceptable and in conflict with our values.”

“In light of the findings of the NBA’s investigation, we will not renew our sponsorship should Robert Sarver remain involved with the Suns organization, after serving his suspension,” Schulman said.

The investigation report acknowledged that the Suns organization has “overhauled” its HR department, and that employee reports have since been “uniformly positive.”

In 2021, ESPN published a 7,200 word investigative report detailing allegations against Sarver by former players, staff and team employees, leading to the league’s investigation.

In a statement following the NBA’s announcement, the Phoenix Suns said Sarver is “taking responsibility for his actions,” and “recognizes that at times during his 18 years of ownership, his conduct did not reflect his, or the Suns’ values.” The team also expressed pride in the progress it has made building a “best-in-class” workplace.

Sarver said in a statement after the report was released that while he disagreed with some of the probe's findings, he apologized for "words and actions that offended our employees" and will "accept the consequences of the league’s decision."

“I take full responsibility for what I have done,” Sarver said. “I am sorry for causing this pain, and these errors in judgment are not consistent with my personal philosophy or my values."

The $10 million will be donated "to organizations that are committed to addressing race and gender-based issues in and outside the workplace," the NBA said in its announcement.

The Associated Press contributed to this report.