Mat Ishbia Agrees to acquire Phoenix Suns from Robert Sarver for $4 billion
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Mortgage executive Mat Ishbia has agreed in principle to buy a majority stake of the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, the sides announced Tuesday.
The sale will be subject to NBA and U.S. Department of Housing and Urban Development (HUD) vetting before it goes to the league's board of governors.
The board isn't scheduled to meet until March, though it could convene virtually if the vetting process is completed beforehand.
Forbes recently listed Ishbia's net worth at $5.1 billion. Ishbia is a former Michigan State player under coach Tom Izzo, and was a member of the Spartans' NCAA championship team in 2000.
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.
"Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University.
I've spent the last two decades building my mortgage business, United Wholesale Mortgage, into the number one mortgage lender in America and I'm confident that we can bring that same level of success to these great organizations on and off the floor."