Another American sports franchise has been sold for yet another record price.
Mat Ishbia, a billionaire mortgage lender, is finalizing the purchase of the Phoenix Suns and the WNBA’s Phoenix Mercury for $4 billion, a record for an NBA team, sources told ESPN’s Adrian Wojnarowski on Tuesday.
Ishbia, president and CEO of United Wholesale Mortgage, a Michigan-based company, was a walk-on for Michigan State and part of the Spartans’ 2000 national championship team.
The sale could be approved as early as Tuesday and would end the tumultuous Robert Sarver era for the Suns, which dates to 2004 when Sarver bought the team from Jerry Colangelo. Sarver announced the sale in September 2022 after the NBA announced the findings of a 10-month investigation into Sarver’s conduct. In November 2021, ESPN reported allegations of racism and misogyny during Sarver’s 17 years as owner.
The sale of the Suns and Mercury is the second record-breaking franchise sale in 2022. In June, the Denver Broncos were sold for $4.65 billion, a record for a North American franchise.
They add to a recent surge in franchise sales prices. Here’s a list of some of the most expensive franchise purchases in U.S. sports:
Sale price: $4.65 billion
The Walton-Penner group’s pending $4.65 billion purchase of the Broncos breaks…
