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.

N.Y. Assemblyman Introduces ‘Peanut’s Law,’ Says Investigation Request Ignored
N.Y. Assemblyman Introduces ‘Peanut’s Law,’ Says Investigation Request Ignored
‘B.M.F.’ Big Meech Gets Porcelain Veneers After Prison Bid
‘B.M.F.’ Big Meech Gets Porcelain Veneers After Prison Bid
How TV news anchors gear up for election night
How TV news anchors gear up for election night
NBA Reopens Jaxson Hayes Investigation After TMZ Video of 2021 Incident
NBA Reopens Jaxson Hayes Investigation After TMZ Video of 2021 Incident
Nothing Left to Prove: Quincy Jones (1933-2024) | Tributes
Nothing Left to Prove: Quincy Jones (1933-2024) | Tributes
Daryl Dixon – The Book of Carol Ending, Explained
Daryl Dixon – The Book of Carol Ending, Explained
Every TV Series Coming to Major Streaming Services in November 2024
Every TV Series Coming to Major Streaming Services in November 2024
The Unloved, Part 131: Dark City | MZS
The Unloved, Part 131: Dark City | MZS
Kneecap to headline alongside CMAT, English Teacher and more
Kneecap to headline alongside CMAT, English Teacher and more
I was crying at a certain point because I felt that I had hurt him
I was crying at a certain point because I felt that I had hurt him
Gina Zollman To Perform Her Show “ORI gina LS” At The Arthur Newman Theatre, Palm Desert, CA, Sunday 11/24/24
Gina Zollman To Perform Her Show “ORI gina LS” At The Arthur Newman Theatre, Palm Desert, CA, Sunday 11/24/24
Iggy Pop announces “landmark” 2025 London and Glasgow shows
Iggy Pop announces “landmark” 2025 London and Glasgow shows
The 3 Biggest Scandals in Sports History
The 3 Biggest Scandals in Sports History
Kiss918 on the Edge: Pushing the Boundaries of Digital Casino Innovation
Kiss918 on the Edge: Pushing the Boundaries of Digital Casino Innovation
Patriots’ Maye clears concussion protocol, will play vs. Titans
Patriots’ Maye clears concussion protocol, will play vs. Titans
Silver: NBA looking at ‘other formats’ for 2025 ASG
Silver: NBA looking at ‘other formats’ for 2025 ASG
The End Trailer Arrives for 2024’s Most Audacious Film
The End Trailer Arrives for 2024’s Most Audacious Film
Taylor Sheridan is Correct: Critics Have Become Irrelevant
Taylor Sheridan is Correct: Critics Have Become Irrelevant
Silence of the Lambs Influenced Daisy Ridley’s New Movie Magpie
Silence of the Lambs Influenced Daisy Ridley’s New Movie Magpie
Emilia Clarke’s ‘The Night Before Christmas in Wonderland’ Gets Release Date
Emilia Clarke’s ‘The Night Before Christmas in Wonderland’ Gets Release Date
Banana Republic’s Holiday Campaign, Burberry’s Stock Rises
Banana Republic’s Holiday Campaign, Burberry’s Stock Rises
The Best-Dressed Stars at LACMA Art + Film Gala 2024
The Best-Dressed Stars at LACMA Art + Film Gala 2024
Beauty Made In Italy Brings A Big Crowd To The West Hollywood EDITION Hotel
Beauty Made In Italy Brings A Big Crowd To The West Hollywood EDITION Hotel
The Best-Dressed Stars At The 2024 WSJ Innovator Awards
The Best-Dressed Stars At The 2024 WSJ Innovator Awards