Wrong. Suns are worth upwards of 100 million more now than when they were purchased 9 years ago.
That's projected, but I think it quoted Forbes.
Suns were actually "worse" in public perception in 2003-04 and Colangelo was a motivated seller.
Suns had missed playoffs 2/3 seasons, were averaging like 43 wins a year for the last 8 seasons, had a few "scandals" with Dumars, Kidd, and Robinson, and had advanced past the first round only once since the 94-95 season.
For as down as they are, as you've said, they are still making money, and are more well regarded by fans, mostly from the "fun-n-gun" days.