Phoenix Suns and Mercury majority owner Mat Ishbia might not be done consolidating his ownership stake, Bloomberg recently reported.
PHOENIX — Phoenix Suns and Mercury majority owner Mat Ishbia has made a flurry of big investments into the two organizations since he took over in early 2023. He might not be done consolidating his ownership stake, Bloomberg recently reported.
The news outlet reported last week that Ishbia"has held exploratory conversations" about adding to his ownership group. The billionaire CEO of United Wholesale Mortgage, who spent $2.28 billion in February for a 57% stake in the Phoenix professional basketball teams, has"fielded interest from US and international investors seeking to purchase shares if or when he adds to his holdings," Bloomberg reported.
If any deal does occur, the expectation is that Ishbia would absorb additional shares from existing minority owners before bringing in new investors. The valuation of the NBA teams would likely be in excess of the $4 billion valuation at the time Ishbia assumed ownership, according to Bloomberg.
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