Sarver selling Suns, Mercury for $4B to mortgage lender Ishbia


Longtime Phoenix Suns owner Robert Sarver reached an agreement to sell the majority stake of ownership to billionaire mortgage lender Mat Ishbia, the 61-year-old announced Tuesday.

Ishbia is paying $4 billion for more than 50% ownership of the Suns and WNBA’s Phoenix Mercury. Included in the deal is all of Sarver’s interest, as well as a portion of the interest of minority partners that were granted sale rights.

“Mat is the right leader to build on franchise legacies of winning and community support and shepherd the Suns and Mercury into the next era,” Sarver said. “As a former collegiate basketball player and national champion, Mat has exactly the right spirit, commitment and resources to pursue championships.”

The deal is pending league approval.

Ishbia has basketball connections dating back to his time in college. The Michigan native was a walk-on player on the Michigan State squad that won the 2000 national championship, appearing in 18 games that season. He remained at the school for another two seasons, playing a combined 48 games over three years.

He already publicly expressed a desire to purchase a North American sports franchise; after missing out on the NFL’s Denver Broncos this year, he said in November that he was considering a bid for the Washington Commanders, according to Mark Maske and Nicki Jhabvala of The Washington Post.

His brother, Justin Ishbia, is also joining his bid as a significant investor and will become an alternate governor of the Suns, sources told The Athletic’s Shams Charania.

Mat Ishbia has been president and CEO of UWM Holdings since 2013, when he succeeded his father, Jeff, who founded the company in 1986. Mat’s net worth is $5.59 billion, according to Bloomberg.

Sarver has been trying to sell the Suns since the NBA suspended him in September for workplace misconduct, including hostile behavior toward employees and racist speech.

He’s three months into the one-year suspension levied by the NBA after an outside law firm investigated his 18-year tenure at the helm of the Suns. Sarver was also fined $10 million. A week after his ban, Sarver announced he was seeking buyers for both the Suns and the Mercury as it was “no longer possible” for him to remain owner of both franchises.

Sarver bought the Suns and Mercury for a total of $401 million in 2004, then a record price in the NBA. The pending sale of about $4 billion would set another all-time mark in the league, surpassing the $3.3 billion Joe Tsai paid for the Brooklyn Nets in 2019.

Got a story or tip for us? Email Sports Gossip editors at tips@sportsgossip.com 

Want More From Sports Gossip? 

For all the latest breaking Sports Gossip, be sure to follow SportsGossip.com on FacebookInstagram, and Twitter.

You can view the original article HERE.

Diddy Claims Prosecutors Showed Judge Edited Cassie Video to Make Him Look Dangerous
Diddy Claims Prosecutors Showed Judge Edited Cassie Video to Make Him Look Dangerous
Kacey Musgraves, Lainey Wilson, Luke Bryan and more step out in style to celebrate country music’s biggest night
Kacey Musgraves, Lainey Wilson, Luke Bryan and more step out in style to celebrate country music’s biggest night
Kim Zolciak, Kroy Biermann Told by Cops to Stay Away From Each Other
Kim Zolciak, Kroy Biermann Told by Cops to Stay Away From Each Other
The joy of the celebrity look-alike contest
The joy of the celebrity look-alike contest
Black Harvest Film Festival 2024: Disco Afrika, It Was All a Dream, Dreams Like Paper Boats | Festivals & Awards
Black Harvest Film Festival 2024: Disco Afrika, It Was All a Dream, Dreams Like Paper Boats | Festivals & Awards
Dawsons Creek Had a Perfect Spin-Off, But No One Watched It
Dawsons Creek Had a Perfect Spin-Off, But No One Watched It
'Bad Sisters' Exclusive Clip – Wednesday November 20th Episode
'Bad Sisters' Exclusive Clip – Wednesday November 20th Episode
Tokyo International Film Festival 2024: Daihachi Yoshida on Prize-Winning “Teki Cometh” | Festivals & Awards
Tokyo International Film Festival 2024: Daihachi Yoshida on Prize-Winning “Teki Cometh” | Festivals & Awards
Jelly Roll on his battle with food addiction: “It’s like an avalanche”
Jelly Roll on his battle with food addiction: “It’s like an avalanche”
Here’s every song on the ‘Cruel Intentions’ TV series soundtrack
Here’s every song on the ‘Cruel Intentions’ TV series soundtrack
Zayn Reunites With One Direction at Liam Payne’s Painful Funeral
Zayn Reunites With One Direction at Liam Payne’s Painful Funeral
There is money being made in live music – give it back out to the people
There is money being made in live music – give it back out to the people
Fun and Frugal DIY Christmas Ornaments
Fun and Frugal DIY Christmas Ornaments
Draymond fires back at ‘janky’ Jenkins, Edey over foul
Draymond fires back at ‘janky’ Jenkins, Edey over foul
Skenes’ rookie award traps Pirates in uncomfortable situation
Skenes’ rookie award traps Pirates in uncomfortable situation
Jones: McCarthy hasn’t lost Cowboys’ locker room
Jones: McCarthy hasn’t lost Cowboys’ locker room
‘Gladiator 2’ Director Explains Why the Twin Emperors Are “So F**King Crazy”
‘Gladiator 2’ Director Explains Why the Twin Emperors Are “So F**King Crazy”
Chicago PD Season 12 Episode 8 Review: Torres’ Guilt & Reid’s Mysterious Agenda Result in Tense Midseason Finale!
Chicago PD Season 12 Episode 8 Review: Torres’ Guilt & Reid’s Mysterious Agenda Result in Tense Midseason Finale!
The Untold Story’ Trailer Unearths the Dark Crimes Behind the Scenes
The Untold Story’ Trailer Unearths the Dark Crimes Behind the Scenes
Is the ‘Friday Night Lights’ Reboot Necessary?
Is the ‘Friday Night Lights’ Reboot Necessary?
The Best Fashion and Grooming Men’s Gifts
The Best Fashion and Grooming Men’s Gifts
Miley Cyrus For Harper’s Bazaar, Louis Vuitton Taps Callum Turner, & More!
Miley Cyrus For Harper’s Bazaar, Louis Vuitton Taps Callum Turner, & More!
Meredith Marks Loves Caviar, Jewelry, & Being On Time!
Meredith Marks Loves Caviar, Jewelry, & Being On Time!
Charli XCX Takes Over Times Square With H&M
Charli XCX Takes Over Times Square With H&M