Mat Ishbia, the CEO of United Wholesale Mortgage, will reportedly be the new owner of the Phoenix Suns. The purchase is expected to be announced in the coming days, with Ishbia agreeing to pay $4 billion for the NBA franchise.
If the number turns out to be correct, the Suns’ sale will set the record for the highest price paid for an NBA team. As part of the deal, Ishbia will also get the WNBA’s Phoenix Mercury. The previous record was the $2.35 billion that Joe Tsai paid for the Brooklyn Nets in 2019.
Ishbia spent his college career at Michigan State, where he was a walk-on for the Spartans. He was part of the 2000 championship team and later made several donations to the program. The 42-year-old businessman has been reportedly looking to buy an NBA or NFL team for a while now, being previously linked with the sales of the Denver Broncos and the Washington Commanders.
The Suns were put on sale by the current owner Robert Sarver earlier this year. The move came following the NBA’s investigation that found Sarver guilty of breaking the league’s conduct rules and creating an unsafe working environment. He was suspended for one year and fined $10 million as a result.
Sarver, acting as a leader of an ownership group, bought the Suns in 2004 for then-record $401 million. Under his ownership, the Suns made the playoffs seven times and were in the NBA Finals once. They also had three additional Western Conference Finals.
