In a landmark move for the NBA and WNBA, billionaire mortgage executive Mat Ishbia has agreed to purchase the majority stake of the Phoenix Suns and Phoenix Mercury from current owner Robert Sarver for a record $4 billion. The deal, announced on December 20, 2022, is set to be the largest ownership transaction in NBA history, surpassing previous high-profile sales such as Joe Tsai’s $3.3 billion acquisition of the Brooklyn Nets in 2019 .
A Record-Breaking Acquisition
The $4 billion price tag not only sets a new benchmark for NBA team sales but also underscores the growing financial value of professional basketball franchises. Sarver, who purchased the Suns in 2004 for $401 million, is set to make a significant return on his investment. The deal includes both the men’s NBA team and the women’s WNBA team, reflecting Ishbia’s commitment to supporting women’s sports .
Ishbia’s Vision for the Teams
Mat Ishbia, the chairman, president, and CEO of United Wholesale Mortgage, expressed his enthusiasm for the acquisition, stating, “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.” Drawing from his experience as a former Michigan State University basketball player and national champion, Ishbia emphasized his dedication to building championship-caliber organizations both on and off the court .
His brother, Justin Ishbia, is expected to join the ownership group as an alternate governor, pending NBA approval. The Ishbia family’s deep ties to basketball and business are anticipated to bring a new era of leadership to the franchises .
NBA Approval Process
The sale is contingent upon a thorough vetting process by the NBA, followed by approval from the league’s board of governors. While the board’s next scheduled meeting is in March, it could convene earlier if the vetting process is completed ahead of time .
Community and Legacy
Robert Sarver, the outgoing owner, expressed confidence in Ishbia’s leadership, stating, “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.” Sarver highlighted Ishbia’s philanthropic outlook and commitment to using sports as a platform to elevate and connect people, aligning with the community-focused values of the teams .
As the Phoenix Suns and Mercury prepare for this significant transition, all eyes will be on Mat Ishbia to see how his leadership shapes the future of these storied franchises.
