Phoenix Suns set for NBA record takeover

Billionaire mortgage financier Mat Ishbia and the Phoenix Suns have reportedly reached an agreement for a $4 billion (£3.29 billion/€3.76 billion) purchase, which would be a record price for an NBA basketball team.

Ishbia, the chairman and CEO of United Wholesale Mortgage in Michigan, has a majority share purchase deal with Robert Sarver that includes the Phoenix Mercury of the WNBA.

All of Sarver's investment as well as some of the interest held by minority partners will be included in Ishbia's acquisition of more than 50% of the teams. “I am extremely excited to be the next governor of the Phoenix Suns and Mercury” Ishbia stated in a statement.

The reported US$3 billion amount would far exceed the US$1.6 billion co-founder of Qualtrics Ryan Smith paid in 2020 for the Utah Jazz, the previous majority NBA franchise to be sold, according to the stated figure.

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