Mat Ishbia is set to be the next owner of the Phoenix Suns and Phoenix Mercury, with the billionaire mortgage lender's purchase of a majority stake expected to become official in the next two weeks, sources told ESPN on Wednesday.
The Suns and Mercury are valued at $4 billion, and Ishbia is set to assume control before the Feb. 9 NBA trade deadline. The NBA's board of governors is expected to ratify Ishbia's purchase with a vote early in February, sources confirmed.
Alhough former Suns owner Robert Sarver was suspended by the league in Sept. 2021, Sarver “still retained the authority over the signing, acquisition or trade of any player with a salary in excess of the league-wide average player salary,” according to Adrian Wojnarowski.
Ishbia becoming the team's official owner will allow him to oversee the team's deals with the front office before the trade deadline. Sources said he “is eager to start his involvement with basketball operations and is expected to be a hands-on owner in matters of team building.”
Sarver owned the team for nearly two decades, after he led a group to buy the Suns in 2004 for $401 million. Ishbia agreed to purchase controlling stakes in both teams on Dec. 20, in a group that includes his brother Justin, a founding partner of Shore Capital private equity.
Once the deal is complete, Ishbia will own more than 50 percent of the teams, which includes Sarver's stake as well as a portion of that of minority partners. Ishbia is the president and CEO of United Wholesale Mortgage, a Michigan-based company specializing in mortgage loans.
Mat Ishbia has been active in the Michigan community, being part of the Spartans' 2000 national championship team as a walk-on for Michigan State.
He will now look to be active in the Phoenix community, attending his first Suns home game since agreeing to purchase the team while sitting courtside during the team's win over the Brooklyn Nets on Jan. 19.
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