Mat Ishbia to buy Phoenix Suns / News - Basketnews.com

The deal that's worth around $4 billion is expected to be completed soon. WNBA's Phoenix Mercury are also part of the agreement.

Credit: AP - Scanpix Credit AP - Scanpix

Ever since Phoenix Suns owner Robert Sarver got into a racism and sexism scandal and was subsequently suspended by the league, the club has been on sale. It seems like the next owner of the team is finally known.

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According to Adrian Wojnarowski from ESPN, billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Suns.

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 $5.1 billion by Forbes.

The deal is expected to be completed in the near future, ending Robert Sarver's tenure at the club. The value of the purchase is expected to be around $4 billion, Wojnarowski 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.

Ishbia will be bringing his brother Justin as a significant investor and alternate governor, Shams Charania from The Athletic reports.

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