Robert Sarver, the owner of the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, announced in September that he was selling both of the teams.
He said it was because of the "current unforgiving climate."
Just weeks prior, Sarver was fined and suspended by the NBA following an independent investigation that concluded he used the "N-word" at least five times during his tenure with the teams and made repeated "sex-related" comments to female employees.
"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," Sarver said in a statement.
He added: "It has become painfully clear that that is no longer possible."