The Phoenix Suns and Phoenix Mercury have a new owner. Billionaire mortgage lender Mat Ishbia will purchase a majority stake in both franchises for a record total of $4 billion.
According to ESPN, the new deal will end the tenure of current owner Robert Sarvar.
Ishbia enters NBA/WNBA ownership with relationships with multiple NBA owners and will have to pass a vote by the NBA board of governors to finish the deal.
Mat Ishbia’s brother and a founding partner in Shore Capital, Justin Ishbia, will make a major investment and act as an alternate governor.
“I am extremely excited to be the next Governor of the Phoenix Suns and Mercury,” Mat Ishbia said in a statement. “Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months.”
The record sale of the Suns symbolizes a new era in the growing valuations of NBA clubs. In 2019, Joe Tsai purchased the Brooklyn Nets for an NBA record $2.35 billion. Tilman Fertitta bought the Houston Rockets for $2.2 billion in 2017, while Steve Ballmer bought the Los Angeles Clippers for $2 billion in 2014.
You can learn more about Ishbia below.
Mat Ishbia is purchasing the Phoenix Suns for $4 billion.
He’ll instantly become the NBA’s youngest owner (42).
But he also throws epic Christmas parties, takes care of his employees, and has an intense business rivalry with Cavaliers owner Dan Gilbert.
Here are the details
pic.twitter.com/oyTaSGJIWG
— Joe Pompliano (@JoePompliano) December 20, 2022
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