Report: Billionaire Mortgage Lender Mat Ishbia Finalizing Purchase of Phoenix Suns

ESPN's Adrian Wojnarowski reported Mat Ishbia was finalizing a purchase of the Phoenix Suns.

Phoenix Suns fans have long wondered how long the potential process would take to find a new owner for the team after Robert Sarver announced he would be placing the organization up for sale, a decision made after he decided to step down after an NBA investigation found a workplace environment full of racism and sexism. 

It's been a few months since Sarver began the process of selling the Suns. Now, it appears we may have a winner. 

On Tuesday, ESPN's Adrian Wojnarowski reported Billionaire mortgage lender Mat Ishbia was finalizing a purchase of the Suns. "The deal, expected to be completed in the near future, would end the tumultuous tenure of owner Robert Sarver," said Wojnarowski.

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

Potential names such as Larry Fitzgerald and Jeff Bezos were floated around, but were never serious. 

In 2021, the Suns were valued at $1.8 billion by Forbes. The sale number is expected to be around $3-5 billion when all is said and done. 

UPDATE: Purchase price is around $4 billion according to Wojnarowski.

ESPN Sources: Ishbia's purchase price is in the neighborhood of $4 billion. https://t.co/HzH2XSspHp

— Adrian Wojnarowski (@wojespn) December 20, 2022

From his Forbes.com profile, here's a few notes on Ishbia:

• Mat Ishbia is chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage, now UWM Holdings, founded by his father Jeff in 1986.
• He owns a 71% stake in the company, which went public through a merger with a blank check company in 2021.
• Launched as a side gig while Jeff worked as an attorney for his day job, UWM grew to become America's largest wholesale lender in 2015.
• Mat joined the firm in 2003 after graduating from Michigan State and became CEO in 2013.
• His brother Justin is also a billionaire thanks to his 22% stake in the company.

Ishbia, 42-years-old, also was on the Michigan State team that won the NCAA men's basketball championship in 2000 and worked alongside coach Tom Izzo for a year before joining UWM.

It appears he will be bringing his brother on as well as a "significant investor", according to Shams Charania:

Mat Ishbia will be bringing in his brother, Justin, as a significant investor and alternate governor for the Suns, sources said. https://t.co/MQOl6t1Xu5

— Shams Charania (@ShamsCharania) December 20, 2022

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