It looks like billionaire mortgage lender Mat Ishbia has won the bid to purchase the NBA’s Phoenix Suns from embattled owner Robert Sarver.
ESPN’s Adrian Wojnarowski is reporting that the deal is expected to be completed in the near future with Ishbia taking over as one of the newest owners in professional sports. Said deal is expected to be worth an NBA-record $4 billion.
There’s certainly a lot of moving parts to this. Ishbia is currently the CEO and chairman of United Wholesale Mortgage (UWM). The company was founded by his father back in 1986. He currently has a 71% stake in the company, which went public back in 2021.
According to Forbes, Ishbia is said to be worth a cool $5.1 billion. It was noted back in November that UWM Holdings had a net income of $325.6 million for the third quarter of the 2022 fiscal year. Obviously, Mat Ishbia has the financial backing to make a deal of this ilk.
As for the Phoenix Suns, it was reported a short while after Robert Sarver announced his intention to sell the NBA team that said deal would likely break an Association record.
Here’s a look at current team values around the NBA.
- New York Knicks: $5.8 billion
- Golden State Warriors: $5.6 billion
- Los Angeles Lakers: $5.5 billion
- Chicago Bulls: $3.65 billion
- Boston Celtics: $3.55 billion
They’ll now likely slot in to the No. 4 spot ahead of Chicago when Forbes comes out with its 2023 projections.
New Phoenix Suns owner Mat Ishbia
A native of Michigan, Ishbia graduated from Michigan State in 2002. He played college basketball for the Spartans under the legendary Tom Izzo, winning a title with the program in 2000 and making three appearances in the Final 4.
While Ishbia didn’t play much of a role during his time with Michigan State’s basketball program (0.6 points per game), his love for the game obviously impacted the news we’re seeing on Tuesday.
What we do know is that he will have the support of the NBA Board of Governors, which is needed for a deal of this ilk to be approved at the league level. Reports of the $4 billion sale would not have become public record if there was something likely set to hold things up behind the scenes.
As for his community service and outreach, Ishbia donated $32 million to Michigan State back in 2021, the largest one-time commitment to the university ever. He also donated $1 million to the V Foundation for Cancer Research in 2021.
NBA owners are likely going to be happy with this pending deal given the backlash soon-to-be former Phoenix Suns owner Robert Sarver received for allegedly overseeing widespread workplace misconduct during his time as their owner.
After the allegations broke, Sarver released a statement indicating his intention to sell the NBA’s Suns and WNBA’s Phoenix Mercury.
“I expected that the commissioner’s one-year suspension would provide the time for me to focus, make amends and remove my personal controversy from the teams that I and so many fans love. But in our current unforgiving climate, it has become painfully clear that that is no longer possible – that whatever good I have done, or could still do, is outweighed by things I have said in the past. For those reasons, I am beginning the process of seeking buyers for the Suns and Mercury.”
Robert Sarver statement on selling the Phoenix Suns and Phoenix Mercury
As part of this deal, Mat Ishbia will also take over as the controlling owner of the Mercury. Sarver initially bought the Suns for a mere $401 million back in 2004. Talk about a good return on investment.