Mat Ishbia is finalizing a purchase of the Phoenix Suns and WNBA’s Mercury for $4 billion, sources told ESPN’s Adrian Wojnarowski. The deal would end the tumultuous tenure of owner Robert Sarver.
Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns and the WNBA’s Mercury for a record price of $4 billion, sources told ESPN on Tuesday.
The deal, expected to be announced as soon as Tuesday, will end the tumultuous tenure of owner Robert Sarver.
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, a founding partner in Shore Capital, will make a significant investment and serve as alternate governor, sources told ESPN. He is Mat Ishbia’s brother.
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.
