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Update: It’s official. Brothers Mat and Justin Ishbia have completed the agreement to purchase a majority ownership stake of the Suns and Mercury from Robert Sarver, ending the embattled owner’s tenure with the franchise.
Official: Mat and Justin Ishbia reach agreement to buy majority stake of the Phoenix Suns and Mercury from Robert Sarver: pic.twitter.com/dEe6QGfZJP
— Shams Charania (@ShamsCharania) December 21, 2022
The Phoenix Suns will officially see an ownership change with billionaire Mat Ishbia set to complete his purchase of the franchise, according to Adrian Wojnarowski. The Suns and Phoenix Mercury were put up for sale by Robert Sarver, who was suspended for the season and fined after the NBA’s investigation into his workplace conduct revealed a pattern of harassment, discrimination and a culture of intolerance.
BREAKING: Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns, sources tell ESPN. The deal, expected to be completed in the near future, would end the tumultuous tenure of owner Robert Sarver.
— Adrian Wojnarowski (@wojespn) December 20, 2022
Ishbia is the CEO of United Wholesale Mortgage, which is also known as UWM Holdings. We don’t know the purchase price yet since the deal hasn’t officially been completed but this could be the largest dollar amount for a NBA team in history. The Brooklyn Nets, owned by Joe Tsai, currently hold that mark after going for $3.3 billion in 2019. According to Wojnarowski and Shams Charania, the purchase price is around $4 billion. The Mercury are also part of this sale.
ESPN Sources: Ishbia's purchase price is in the neighborhood of $4 billion. https://t.co/HzH2XSspHp
— Adrian Wojnarowski (@wojespn) December 20, 2022
The Suns will be the latest in a string of recent sales in the league which included the Utah Jazz and Minnesota Timberwolves.