(WXYZ) — Mat Ishbia, the owner of Pontiac-based United Wholesale Mortgage, is finalizing a deal to purchase the Phoenix Suns and the Phoenix Mercury.
Ishbia released the following statement about the purchase Tuesday afternoon through his company, Pontiac based UWM:
I’m extremely excited about becoming the next Governor of the Phoenix Suns and Phoenix Mercury, pending final league approval. Owning a sports franchise has been a lifelong dream of mine and I am honored to be able to fulfill that dream. This amazing opportunity in no way changes anything for UWM or my life here in the metro Detroit area. I will continue to live and raise my three children here, continue building UWM day to day alongside the current leadership team, stay rooted in the local community and advocate for Independent Mortgage Brokers nationally. The success and growth of the wholesale channel is my passion as well as building great organizations and I’m looking forward to bringing my passion and expertise to the Phoenix Suns and Mercury organization as well as the Phoenix community.
The purchase was first reported by ESPN's Adrian Wojnarowski.
Ishbia, who was also a walk-on basketball player at Michigan State University during their 2000 NCAA championship season, has been looking into purchasing an NBA or an NFL team in recent years.
Wojnarowski reports that the purchase price for the teams is around $4 billion.
According to Forbes, Ishbia's real-time net worth is $5.1 billion.
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
The Suns are currently owned by Robert Sarver, and have been for the past 17 years, but a report from ESPN this year found allegations of racism and misogyny within the organization.
The NBA also conducted an investigation and suspended Sarver for a year and fined him $10 million.
