The Phoenix Suns and Mercury have been sold for a much huge amount of $4 billion to Mat Ishbia
It was revealed on Tuesday that Mat Ishbia, the millionaire CEO of United Wholesale Mortgage, will purchase both the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury. The proposal is subject to NBA clearance, and the Phoenix Suns are sold for $4 billion.
The sale effectively puts an end to the controversial owner Robert Sarver’s reign. Sarver, who was suspended for a year by the NBA over the results of an independent investigation into the workplace cultures of the Suns and Mercury, announced in September that he would be selling his stakes.
Ishbia apparently had interest in buying the Washington Commanders and was a member of a group that attempted to acquire the Denver Broncos earlier this year. Ishbia, however, has a history in Basketball from 1999 to 2002, he played as a walk-on for the Michigan State Spartans, where he won a national title in 2000. He began working at UWM after earning his business degree from MSU, and in 2013 he was elected CEO, going to succeed his father, Jeff Ishbia, who established the Michigan-based mortgage lending business.
How did Ishbia react after the Phoenix Suns were sold to him for $4 billion?
“I am extremely excited to be the next Governer of the Phoenix Suns and Mercury…I appreciate Robert Sarver’s time and support throughout the process. We are so honored to be, with approval by the NBA, the next stewards of the Phoenix Suns and Phoenix Mercury.” Ishbia’s said.
Sarver managed the Suns for 18 years, buying the team in 2004 for $401 million.
ESPN commissioned a survey into the Suns’ organization under Sarver’s supervision in November 2021, which included charges that Sarver used the N-word on many occasions and made insensitive comments in meetings. The NBA launched an inquiry as a result of the story. When the NBA announced Sarver’s one-year punishment, players like LeBron James and Chris Paul of the Phoenix Suns criticised it for being too lenient.
