American billionaire Mat Ishbia has agreed to buy NBA and WNBA teams Phoenix Suns and the Phoenix Mercury in a historic deal worth $4 billion.
The 42-year-old mortgage executive agreed to a deal in principle with owner Robert Sarver, who has endured a tumultuous tenure after he was suspended for racist and sexist behaviour.
Ishbia graduated from Michigan State University, where he played on the team that won the NCAA championship in 2000 under the tutelage of legendary coach Tom Izzo.
The former owner, Sarver was fined $10 million and suspended from basketball activities for a year in September after he was found guilty of racist and misogynistic actions that clearly violated the league regulations and standards.
The 61-year-old was the recipient of a huge amount of scrutiny from players, fans, and fellow executives, leading to his decision to put the franchises up for sale.
Ishbia revealed in a statement that he is extremely excited about becoming the next governor of the Phoenix Suns and Phoenix Mercury, pending final league approval.
“Owning a sports franchise has been a lifelong dream of mine, and I am honored to be able to fulfill that dream. Both teams have an incredibly dynamic fan base, and I have loved experiencing the energy of the Valley over the last few months,” he said.
“Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University. I’ve spent the last two decades building my mortgage business, United Wholesale Mortgage, into the number one mortgage lender in America and I’m confident that we can bring that same level of success to these great organizations on and off the floor,” Ishbia continued.
“This amazing opportunity in no way changes anything for UWM or my life here in the metro Detroit area. I will continue to live and raise my three children here, continue building UWM day to day alongside the current leadership team, stay rooted in the local community and advocate for Independent Mortgage Brokers nationally.”
Official: Mat and Justin Ishbia reach agreement to buy majority stake of the Phoenix Suns and Mercury from Robert Sarver: pic.twitter.com/dEe6QGfZJP
— Shams Charania (@ShamsCharania) December 21, 2022
The deal for the takeover would be a record for the purchase of an NBA team, surpassing Jsoe Tsai’s 2019 purchase of the Brooklyn Nets and Barclays Center in a deal worth around $3.3 billion.
However, the historic deal is expected to be completed in the near future, as necessary formalities might take some time.
