That is terrible. The Phoenix Suns have been a great franchise over last 50 years. It would be awful to see them leave Phoenix. They gotta stop these greedy owners.
The City owns the arena. It was built in 1992 the only major renovations were in 2003 and involved mostly exterior related improvements. It is an old arena. This idea that it shouldn't be updated is strange and since the City owns it, the City should in fact be on the hook for most of the improvements (the Suns have offered to pay 80 million in addition to the City's 150 million). If the Suns owned the arena, then sure, they should pay, but the reality is they don't, Phoenix does and Phoenix gets a nice long lease with the Suns to make back that money, they get the restaurant and hotel dollars, the gas dollars, etc. The Suns lease is up in 2022. They get the upgrades, they re-up the lease for at least 15 years. They don't, I expect them to leave (and to be fair Sarver has been talking about a new arena or at least significant upgrades for years, this isn't some new thing).