NBA approves the sale of Phoenix Suns to Mat Ishbia / News - Basketnews.com

Billionaire mortgage lender Mat Ishbia was approved as a governor by the NBA Board of Governors. The deal is expected to be completed this week. Mat Ishbia would buy both the Phoenix Suns and the Phoenix Mercury.

Credit: AP - Scanpix Credit AP - Scanpix

The sale of the Phoenix Suns organization is getting closer and closer. The NBA Board of Governors made a crucial step toward the change in ownership on Monday.

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The Board has approved the sale of the team. Billionaire mortgage lender Mat Ishbia was approved as a governor by a 29-0 vote with the Cleveland Cavaliers abstaining.

The sale is expected to be completed this week.

Ishbia is the chairman and CEO of United Wholesale Mortgage, now UWM Holdings, founded by his father Jeff in 1986. His net worth is estimated at $5.5 billion by Forbes.

The deal will end Robert Sarver's tenure at the club. The value of the purchase is expected to be around $4 billion, Adrian Wojnarowski from ESPN reports.

As part of purchasing the Suns, WNBA's Phoenix Mercury are also included in the package.

Before becoming a businessman, Ishbia was a basketball player at Michigan State University. Together with coach Tom Izzo, the new Suns' owner played in three straight Final Fours, winning a championship in 2000.

Former owner Sarver got into a racism and sexism scandal and was subsequently suspended by the league. The club has been on sale ever since.

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