What We Know on Potential New Phoenix Suns Owner Mat Ishbia

The Phoenix Suns are expected to be sold to billionaire Mat Ishbia. Here's what we know about the team's potential new owner.

The Phoenix Suns have been up for sale for merely months, and while the process of finding a new owner and finalizing a team sale can be a lengthy process, the organization appears to already have found a new suitor. 

Billionaire mortgage lender Mat Ishbia is finalizing a sale of the team, according to ESPN's Adrian 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

It's unclear exactly how long the process will take, although Wojnarowski says the deal will be completed in the near future. 

While the final logistics are worked out, here's everything you need to know about Phoenix's new owner:

Who is Mat Ishbia? 

Mat Ishbia is a 42-year-old chairman and CEO of mortgage lender United Wholesale Mortgage, one of the largest in the world. His father initially founded UWM and his brother also is a billionaire thanks to a 22% share according to Forbes. 

Ishbia himself owns a 71% stake in the company after joining the firm in 2003 after graduating from Michigan State. He became CEO in 2013.

How Much is Ishbia Worth? 

According to Forbes, Ishbia's net worth is currently $5.1 billion. 

How Much is Ishbia Purchasing the Suns for?

Ishbia is purchasing both the Suns and Phoenix Mercury for $4 billion.

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.

— Shams Charania (@ShamsCharania) December 20, 2022

Does Ishbia Have any Basketball Background?

He sure does. Ishbia played three seasons at Michigan State under Tom Izzo from 1999-2001, winning a national championship as a player and working with the program prior to joining his current company. He started just one game in his time at MSU and scored 28 total points. 

Is Anybody Else Joining Him?

Well, kind of. His brother Justin is expected to join as a "significant investor" and alternate governor according to Charania. 

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