The Phoenix Suns are about to enter a new era. Billionaire Mat Ishbia is on the verge of a $4 billion purchase of the Suns, sources told Adrian Wojnarowski of ESPN. The sale would be an NBA-record and would end the rocky ownership period of Robert Sarver. Wojnarowski reports that the deal is expected to be finalized in the near future.
The Phoenix Mercury, the WNBA team also owned by Sarver, are reportedly part of the deal. Wojnarowski adds that Ishbia, a former walk-on and national champion at Michigan State, has been interested in the potential purchase of an NBA or NFL team for some time.
Now, the billionaire, who is the chairman and CEO of a Michigan-based mortgage lender called United Wholesale Mortgage, not only has an NBA team on the way, but also a WNBA team.
Mat Ishbia’s brother will reportedly be an investor and “alternate governor” for the Suns.
The new ownership will be a breath of fresh air for the Suns and their fans after the Sarver saga.
The embattled owner was suspended for a year and fined $10 million after an investigation found that Sarver used the N-word multiple times during his ownership tenures with the Suns and the Mercury.
Not only that, but the investigation discovered that there were “instances of inequitable conduct toward female employees.”
Now, the team will be rid of the stain that Sarver put on the entire organization.
It is a new era indeed in Phoenix, with Mat Ishbia set to purchase the Suns in the near future.