Report: Billionaire Mortgage Lender Mat Ishbia Finalizing Purchase of Phoenix Suns
Phoenix Suns fans have long wondered how long the potential process would take to find a new owner for the team after Robert Sarver announced he would be placing the organization up for sale, a decision made after he decided to step down after an NBA investigation found a workplace environment full of racism and sexism.
It's been a few months since Sarver began the process of selling the Suns. Now, it appears we may have a winner.
On Tuesday, ESPN's Adrian Wojnarowski reported Billionaire mortgage lender Mat Ishbia was finalizing a purchase of the Suns. "The deal, expected to be completed in the near future, would end the tumultuous tenure of owner Robert Sarver," said Wojnarowski.
Potential names such as Larry Fitzgerald and Jeff Bezos were floated around, but were never serious.
In 2021, the Suns were valued at $1.8 billion by Forbes. The sale number is expected to be around $3-5 billion when all is said and done.
UPDATE: Purchase price is around $4 billion according to Wojnarowski.
From his Forbes.com profile, here's a few notes on Ishbia:
- Mat Ishbia is chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage, now UWM Holdings, founded by his father Jeff in 1986.
- He owns a 71% stake in the company, which went public through a merger with a blank check company in 2021.
- Launched as a side gig while Jeff worked as an attorney for his day job, UWM grew to become America's largest wholesale lender in 2015.
- Mat joined the firm in 2003 after graduating from Michigan State and became CEO in 2013.
- His brother Justin is also a billionaire thanks to his 22% stake in the company.
Ishbia, 42-years-old, also was on the Michigan State team that won the NCAA men's basketball championship in 2000 and worked alongside coach Tom Izzo for a year before joining UWM.
It appears he will be bringing his brother on as well as a "significant investor", according to Shams Charania:
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