Mat Ishbia, the billionaire president and CEO of United Wholesale Mortgage and a former Michigan State men’s basketball player, has reached a deal to buy the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury for nearly $4 billion, a person familiar with the deal told USA TODAY Sports.
The person requested anonymity because he was not authorized to speak publicly until the deal is official.
Ishbia will buy the team from embattled owner Robert Sarver whose workplace misconduct resulted in a $10 million fine and a one-year suspension.
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What is Mat Ishbia’s net worth and how did he make his money?
Ishbia began working for his dad’s mortgage firm in 2003 and helped turned into the nation’s largest wholesale lender. The company went public earlier this year at a valuation of nearly $16 billion. His net worth is $5 billion, according to Forbes, and is a prominent and influential Michigan State donor, giving the school’s athletic department $32 million in 2021. Ishbia said he gave the school another $14 million to help facilitate Spartans football coach Mel Tucker’s 10-year, $95 million contract.
“The reality is Michigan State changed my life,” Ishbia told HBO’s Real Sports. “(Michigan State basketball coach) Tom Izzo, particularly, changed my life. And how do you pay people back that change your life? You show love and you give back.”
Ishbia, 42, has been interested in purchasing a pro sports franchise and said last month he had interest in purchasing the NFL’s Washington Commanders. Ishbia also had interest in buying the Denver Broncos.
Why were the Suns for sale?
The NBA announced in September its findings from an investigation that detailed Suns owner Robert Sarver used racist and sexist language, engaged in unfair treatment of female employees, bullying, and distributed pornography via email. The league fined Sarver $10 million and suspended him for one year.
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