Mortgage executive Mat Ishbia has agreed in principle to buy a majority stake of the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, the sides announced Tuesday.
Mortgage executive Mat Ishbia has agreed in principle to buy a majority stake of the Phoenix Suns and Phoenix Mercury from theThe sale is expected to take several weeks to complete. Ishbia — who is chairman, president and chief executive of United Wholesale Mortgage, which bills itself as the nation's largest mortgage lender — will be subjected to a vetting process by the NBA, and once that is complete, the league's board of governors will have to approve the sale.
FILE -- Former Michigan State player Mat Ishbia laughs as he are introduced along with Michigan State's 2000 national championship NCAA college basketball team during halftime of the Michigan State-Florida game in East Lansing, Michigan. "I am extremely excited to be the next Governor of the Phoenix Suns and Mercury," Ishbia said in a statement Tuesday night.
The only other NBA franchise known to be sold for $2 billion or more was the Los Angeles Clippers to Steve Ballmer in 2014. Ishbia's company is built around team aspects, and he often speaks of the lessons he learned while playing for Tom Izzo and with Mateen Cleaves at Michigan State. His company even has an intramural basketball program with an on-site full-court gym.
"Mat is the right leader to build on franchise legacies of winning and community support and shepherd the Suns and Mercury into the next era," Sarver said."As a former collegiate basketball player and national champion, Mat has exactly the right spirit, commitment and resources to pursue championships."
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