Topline
United Wholesale Mortgage CEO Mat Ishbia is purchasing the Phoenix Suns, according to ESPN, three months after owner Robert Sarver announced plans to sell the NBA franchise amid racism allegations.
Mat Ishbia is purchasing the Phoenix Suns for $4 billion.
Key Facts
Forbes Mike Ozanian is reporting that the deal, which includes ownership of the WNBA’s Phoenix Mercury, is worth $4 billion.
Ishbia is the chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage and owns a 71% stake in the company.
Sarver, who purchased the Suns in 2004 for $401 million, was initially fined $10 million and given a one-year suspension by the NBA before announcing plans to sell the franchise.
Surprising Fact
Ishbia has a background in basketball, having played for Michigan State University between 1998 and 2002. He played in 48 games across three seasons and won a national championship in 2000, according to Sports Reference.
Forbes Valuation
Ishbia, who joined United Wholesale Mortgage—now UVM Holdings—in 2003, is worth $5.1 billion, according to our latest calculations. Forbes most recently valued the Phoenix Suns to be worth $2.7 billion.
Further Reading
Ishbia Brothers Buying Phoenix Suns For $4 Billion (Forbes)
Source: https://www.forbes.com/sites/tylerroush/2022/12/20/phoenix-suns-gets-new-billionaire-owner-ishbia-will-buy-from-embattled-sarver-in-4-billion-deal/