REPORTS – Billionaire Mat Ishbia is Buying Phoenix Suns, Mercury

(AP Photo/Al Goldis, File)

The Phoenix Suns and Mercury are going to have a new owner. According to ESPN, Robert Sarver is selling the franchises to 42-year-old Mat Ishbia for $4 billion.

Ishbia is the chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage and owns a 71% stake in the company. His net worth is estimated to be $5.6 billion. 

Forbes recently valued the Suns at $2.7 billion.

For Suns fans who wanted an owner who cares about basketball (and of course doesn’t have a 43-page report about his workplace misconduct), this seems like a win. Ishbia was a walk-on at Michigan State from 1998-2002. His head coach was Tom Izzo. Ishbia recently made a $32 million donation to the Spartans basketball program.

You can also see his highlights here.

He is set to be the eighth wealthiest owner in the NBA.