Billionaire mortgage lender Mat Ishbia’s purchase of a majority stake in the NBA franchise Phoenix Suns and the WNBA franchise Phoenix Mercury at a $4 billion valuation is expected to become official within the next two weeks, according to ESPN’s Baxter Holmes and Adrian Wojnarowski.
Ishbia is set to assume control prior to the February 9th NBA trade deadline, and the NBA’s board of governors is expected to ratify Ishbia’s purchase with a vote in early February, according to the report.
Additionally, a news conference to introduce Ishbia is currently scheduled for February 8th in Phoenix. The report states that Ishbia is eager to start his involvement with basketball operations and is expected to be a hands-on owner in matters of team building.