Photo by Kate Frese/NBAE via Getty Images
The Suns are going from one very rich banker to another because of course they are
After months of speculation, the Phoenix Suns and Phoenix Mercury look like they have a new majority owner, and his name is Mat Ishbia (not to be confused with the author of this article, Mat Issa). The selling price of two desert teams is reported to be $4 billion. That’s a lot of tacos.
BREAKING: Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns, sources tell ESPN. The deal, expected to be completed in the near future, would end the tumultuous tenure of owner Robert Sarver.
— Adrian Wojnarowski (@wojespn) December 20, 2022
For those unaware, Ishbia is the owner of the mortgage lending company United Wholesale Mortgage, which is headquartered in Pontiac, Michigan. Ishbia’s brother – Justin Ishbia – will also make a significant investment in the teams and serve as the alternate governor.
Justin Ishbia, a founding partner in Shore Capital, will make a significant investment and serve as alternate governor, sources told ESPN. He is Mat’s brother.
— Adrian Wojnarowski (@wojespn) December 20, 2022
Matt Ishbia is no stranger to the sport, as he was formerly a walk-on under Coach Tom Izzo at Michigan State University. In 48 total games, spanning three different seasons, he averaged 0.6 PPG in 2.4 minutes per contest.
During his freshman season in 1999-2000, the Spartans won their last national championship by defeating the University of Florida 89-76. In that game, Ishbia only played one minute and attempted one field goal – a layup just as time was expiring.
Ishbia joins Detroit Pistons owner Tom Gores and Cleveland Cavaliers owner Dan Gilbert (coincidentally, the owner of a different mortgage lending company) as the three Michigan State Alumni to be majority owners of an NBA team.
Up until now, Ishbia is still involved in his alumni mater’s program, donating 32-million dollars to Michigan State Athletics in 2021.
Over the last few years, Ishbia had been in the hunt for several NBA and NFL teams before finally having his bid for the Phoenix teams chosen.
See ya, Robert Sarver!
