Phoenix Suns Gets New Billionaire Owner: Ishbia Will Buy From Embattled Sarver In $4 Billion Deal
Owner Robert Sarver announced in September he would sell the franchise amid racism allegations.
Mat Ishbia has purchased the Phoenix Suns for $4B.Jacob Lewko/The Forbes Collection Forbes Mike Ozanian reports that the deal includes ownership of the WNBA’s Phoenix Mercury. Ishbia, who is also the chairman and CEO at Michigan-based mortgage lender United Wholesale Mortgage, owns 71% of the company. Ishbia is a basketball player with a history playing for Michigan State University from 1998 to 2002. According to our most recent calculations, Ishbia joined United Wholesale Mortgage (now UVM Holdings) in 2003 and is now worth $5.1 billion. Forbes recently estimated that the Phoenix Suns were worth $2.7 billion. Ishbia Brothers Buy Phoenix Suns for $4 Billion (Forbes).