Ishbia
The Ishbia brothers have successfully shifted their focus from NFL to NBA. After a failed bid to acquire Denver Broncos, both Mat and Justin have not secured their acquisition upon Phoenix Suns. After Robert Sarver’s controversy, Mat Ishbia and Justin have gone onto acquire Phoenix Suns and WNBA’s Mercury on Tuesday.
As per the news released, the Ishbia brothers have sealed the deal for a whopping $4 billion. However, they haven’t taken over the ownership completely, but the sale involves more than 50% ownership of both mentioned by current owner Robert Sarver.
To those who aren’t aware – Mat Ishbia is the CEO of United Wholesale Mortgage. After Robert, the 60-year-old, was suspended by the league for an entire year, fined $10 million following an investigation into workplace culture. Sarver was accused of using racial slurs and inappropriately touching other employees among other allegations.
Mat Ishbia, the 42-yar-old, was a reserve player for Michigan State University men’s basketball team. Since graduating, Mat has been a major donor to its athletic program. Justifying just why he has such a keen eye for sporting teams.
Mat said in the release, “I’ve spent the last two decades building my mortgage business, United Wholesale Mortgage, into the No. 1 mortgage lender in America, and I’m confident that we can bring that same level of success to these great organizations, on and off the floor.”
On the other hand, Justin Ishbia owns a Chicago-based private equity firm – Shore Capitals Partners. He is also a major investor in Mat’s UWM. That being said, the exact amount of listed for the concerned sale was $4.65 billion.
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