Report: Mat Ishbia finalizing purchase of Phoenix Suns, Mercury originally appeared on NBC Sports Chicago
Phoenix’s basketball franchises reportedly are on the verge of landing a new owner.
Mat Ishbia is finalizing the purchase of the NBA’s Suns and WNBA’s Mercury for $4 billion, according to The Athletic’s Shams Charania.
Current owner Robert Sarver purchased the Suns for just over $400 million in 2004. In September, he announced that he planned to sell his portions of the Suns and Mercury. The NBA had handed Sarver a one-year suspension and $10 million fine following an investigation into claims of a hostile workplace environment.
Ishbia previously showed interest in purchasing an NFL franchise. He bid on the Denver Broncos, who sold for a record $4.65 billion in June, and announced he was pursuing the Washington Commanders in November.
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Ishbia is the president and CEO of United Wholesale Mortgage. He has an estimated net worth of $5.1 billion, according to Forbes. At 42 years old, Ishbia would become the NBA’s youngest principal owner.
As for Ishbia’s connection to basketball, he played at Michigan State from 1999 to 2002 and won a national championship in 2000.
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Sportico estimated in December 2021 that the Suns had a franchise valuation of $1.92 billion.
