The Phoenix Suns will soon have a new owner, and he is one who knows his way around a basketball court.
Billionaire mortgage lender Mat Ishbia is finalizing a deal to purchase the Suns, ESPN’s Adrian Wojnarowski reports. The purchase price is in the neighborhood of $4 billion, which would be a record for an NBA franchise. Joe Tsai purchased the Brooklyn Nets for a total of $3.3 billion in 2019.
Ishbia is the CEO of United Wholesale Mortgage, which is based in Pontiac, Mich. His father founded the company in 1986.
Ishbia was raised in Michigan and attended Michigan State from 1998-2002. He played basketball for the Spartans. Ishbia was part of three straight Final Four teams and won a national championship with MSU in 2000. He averaged 2.4 minutes per game over three seasons.
Current suns owner Robert Sarver bought the franchise in 2004 for $401 million. He was pressured into selling after the NBA sanctioned him for workplace misconduct.
There were believed to be several wealthy candidates in the running to buy the Suns. Ishbia was linked to potential sales with the Denver Broncos and Washington Commanders, but his interest in the Suns went largely unreported.
