Billionaire mortgage lender Mat Ishbia has agreed to purchase the majority stake of the Phoenix Suns and the WNBA’s Mercury for a record price of $4 billion, Ishbia and current owner Robert Sarver announced on Tuesday.
The deal will end Sarver’s tumultuous tenure.
Ishbia is well-known and well-regarded within the league office, including with commissioner Adam Silver, and has developed relationships with a number of NBA owners. He will have to undergo a background check and a vote of approval from the board of governors, but that’s expected to be a formality, sources said.
Justin Ishbia, Mat Ishbia’s brother and a founding partner in Shore Capital, will make a significant investment and serve as 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.”
Ishbia’s acquisition of more than 50% of the teams will include all of Sarver’s interest plus a portion of that of minority partners.
The Suns’ record sale marks a new day in the escalating valuations of NBA teams. Joe Tsai bought the Brooklyn Nets for an NBA-record $2.35 billion in 2019. Prior to that sale, Tilman…
