The 25-57 mark was the worst in the Western Conference.
Blanks was hired by the Suns in August 2010 after five seasons as vice president of basketball operations and assistant general manager for the Cleveland Cavaliers. Blanks had a year left remaining on his contract.
“Lance has been a trusted friend and colleague,” said Suns President of Basketball Operations Lon Babby. “I thank him personally and professionally for his hard work on behalf of the Suns. We will continue to prepare for the offseason even as we look for his replacement.”