Report: Mat Ishbia Finalizing $4 Billion Purchase of Phoenix Suns, Mercury

Report: Mat Ishbia finalizing purchase of Phoenix Suns, Mercury originally appeared on NBC Sports Bayarea

Phoenix’s basketball franchises reportedly are on the verge of landing a new owner.

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Mat Ishbia is finalizing the purchase of the NBA’s Suns and WNBA’s Mercury for $4 billion, according to The Athletic’s Shams Charania.

Sources: Billionaire Mat Ishbia is purchasing the Phoenix Suns and Mercury for $4 billion. Robert Sarver has agreed in principle to sell. Ishbia was a national champion on Michigan State‘s basketball team in 2000.
— Shams Charania (@ShamsCharania) December 20, 2022

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Current owner Robert Sarver purchased the Suns for just over $400 million in 2004. In September, he announced that he planned to sell his portions of the Suns and Mercury. The NBA had handed Sarver a one-year suspension and $10 million fine following an investigation into claims of a hostile workplace environment.

Ishbia previously showed interest in purchasing an NFL franchise. He bid on the Denver Broncos, who sold for a record $4.65 billion in June, and announced he was pursuing the Washington Commanders in November.

Ishbia is the president and CEO of United Wholesale Mortgage. He has an estimated net worth of $5.1 billion, according to Forbes. At 42 years old, Ishbia would become the NBA’s youngest principal owner.