Michigan billionaire and president of United Wholesale Mortgage Mat Ishbia is reportedly finalizing a deal to buy the NBA’s Phoenix Suns franchise for around $4 billion.
The Suns are currently owned by Robert Sarver, who has been the subject of harassments and workplace misconduct allegations and lawsuits. He recently agreed to sell the franchise.
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ESPN’s Adrian Wojnarowski reports the deal is expected to be completed in the near future and would include the WNBA’s Phoenix Mercury.
BREAKING: Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns, sources tell ESPN. The deal, expected to be completed in the near future, would end the tumultuous tenure of owner Robert Sarver.
— Adrian Wojnarowski (@wojespn) December 20, 2022
Ishbia is the President and CEO of United Wholesale Mortgage, one of the nation’s biggest mortgage lenders, based in Oakland County.
Ishbia also played basketball for four years at Michigan State University, and was part of the 2000 national championship team. He also coached alongside Tom Izzo for one year.
Ishbia is also a major donor to Michigan State University, reportedly giving the school $14 million to secure a long-term contract for head football coach Mel Tucker.