Mat Ishbia, a billionaire mortgage lender, has agreed to buy a majority stake of the Phoenix Suns and Phoenix Mercury from the owner Robert Sarver for $4 billion who announced the sale of basketball teams in September.
Ishbia, who is chairman, president, and chief of United Wholesale Mortgage, will be subjected to a background check and a vote of approval from the board of governors before the completion of the sale. If the sale closes at $4 billion, it would be the largest purchase in NBA history. At 42 years old, Matt Ishbia is set to become the NBA’s youngest team owner.
“Mat is the right leader to build on franchise legacies of winning and community support and shepherd the Suns and Mercury into the next era. As a former collegiate basketball player and national champion, Mat has exactly the right spirit, commitment, and resources to pursue championships”, said Robert Sarver.
Mat said in a statement “I am extremely excited to be the next Governor of the Phoenix Suns and Mercury. Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months”. “Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University. I’ve spent the last two decades building my mortgage business, United Wholesale Mortgage, into the number one mortgage lender in America and I’m confident that we can bring that same level of success to these great organizations on and off the floor”, he added.
Justin Ishbia, Mat’s brother, will also make significant contributions and will serve as alternate governor.
Mat Ishbia is a huge basketball fan. He was a guard for the Michigan State Men’s Basketball Team, which won the national championship in 2000. According to Forbes, his net worth is $4.9 billion.
Source: Economic Times