BREAKING: The Phoenix Suns Are Reportedly Being Sold For This Much
In November of 2021, ESPN's Baxter Holmes wrote an extensive article on the Phoenix Suns organization and owner Robert Sarver that prompted the NBA to open up an investigation.
On September 13, the NBA announced that Sarver had been suspended for a year and fined $10 million.
Following the punishment, Sarver announced that he was selling the Suns (and the WNBA's Mercury).
On Tuesday, Shams Charania of The Athletic and Stadium reported that Mat Ishbia is purchasing the Suns and Mercury for $4 billion.
Charania's first tweet: "Sources: Billionaire Mat Ishbia is purchasing the Phoenix Suns and Mercury for $4 billion. Robert Sarver has agreed in principle to sell. Ishbia was a national champion on Michigan State‘s basketball team in 2000."
Charania's second tweet: "Mat Ishbia will be bringing in his brother, Justin, as a significant investor and alternate governor for the Suns, sources said."
According to Forbes, Ishbia is worth over $5 billion, and the Suns were valued at $2.7 billion earlier this year.
After ten straight seasons of missing the NBA Playoffs, the Suns traded for Chris Paul in the summer of 2020.
In 2021, Paul helped lead them to the NBA Finals, and last season they had the best record in the NBA during the regular season.
The Suns are 19-12 in 31 games, which has them tied with the Denver Nuggets for the second seed in the Western Conference.
In addition to Paul, they have All-Star Devin Booker, who is only 26 years old and is arguably the best shooting guard in the league.
