Sarver was suspended for a year and fined $10million by the NBA as a result.
NBA Commissioner Adam Silver said Sarver's decision to sell was "the right next step for the organization and community".
Twelve-time All-Star Chris Paul and his Phoenix teammates arrived for NBA media day on Monday and were unsurprisingly asked about the situation.
"You know, that stuff going on in the workplace is really unfortunate - so just, like, I'm sure everybody felt, thoughts and prayers to all those involved," Paul told reporters.
"You try to control what you can control, and I can't speak for all the players or anything like that, but it was disturbing."
The independent investigation found that Sarver had "on at least five occasions during his tenure with the Suns/Mercury organization, repeated the N-word when recounting the statements of others."
Suns head coach Monty Williams was asked about Sarver's use of the N-word.
He said: "I don't like it, I never have, especially when I was younger and I learned what that word meant.
"When I saw the report, I was not happy about it - quite frankly disgusted. It is not a word you repeat anytime and when you read the report and you read the bullet points and you see it over and over again in that way, it bothers you."
Williams added: "Just a number of emotions and, at the same time, thinking about my own kids. I have a white wife. My stepson is white and I have five black children and just thinking about them living in a world where these kinds of things still happening, that bothered me.
"I'm no different than you all. There was a range of emotions, states of minds, that I dealt with."
Suns guard Devin Booker said: "That's tough for me because that's not the Robert Sarver that I know, not the Robert Sarver that welcomed me to Phoenix with open arms.
"But at the same time, I'm not insensitive to everybody that is involved in this situation, and I understand that everybody's personal experience with other people are always gonna be different."