Editor’s note: An earlier version of this story stated that Mat Ishbia was buying the Suns and Mercury for $4 billion. The official announcement clarified his group is buying more than 50 percent of the teams in a deal that values them at $4 billion.
By Shams Charania, Bill Shea, Sabreena Merchant and John Hollinger
Billionaire mortgage lender Mat Ishbia and his brother Justin have agreed to purchase a majority stake in the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury, the teams announced Tuesday. The agreement values the Suns and Mercury at $4 billion. Here’s what you need to know:
- The deal involves the sale of more than 50 percent ownership of the teams, including all of majority owner Robert Sarver’s interest and a portion of the minority partners’ interest.
- Sarver initiated the sale process for the teams in late September.
- The NBA suspended Sarver from both teams for a year following the league’s investigation into allegations he fostered a hostile and toxic work environment. Sarver was also fined $10 million and ordered to complete a training program focused on appropriate workplace conduct and respect.
- Ishbia, a national champion on Michigan State’s basketball team in 2000, is the chairman and CEO of Michigan-based mortgage lender United Wholesale…
