Billionaire mortgage lender Mat Ishbia has agreed to purchase the majority ownership stake in the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury for a record price of $4 million, according to a joint statement from Ishbia and current owner Robert Sarver.
Once the deal goes through, it will end the chaotic tenure of Sarver as owner of the Suns. Ishbia’s acquisition of more than 50% of the two teams will include all of Sarver’s interest plus a portion of that of minority partners.
According to ESPN’s Adrian Wojnarowski, Ishbia is well-known and well-regarded within the league office and also with current NBA commissioner Adam Silver, while also having established relationships with a number of NBA owners.
As part of the process, Ishbia will have to undergo a background check and a vote of approval from the board of governors, but that’s expected to be a formality, according to the report.
Additionally, Justin Ishbia, Mat Ishbia’s brother and a founding partner in Shore Capital, will make a significant investment and serve as alternate governor.
“I am extremely excited to be the next Governor of the Phoenix Suns and Mercury,” Mat Ishbia said in an official statement. “Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months.”
“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,” Ishbia said in his statement.
“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 in his statement.