NBA approves sale of Phoenix Suns, Mercury to Mat Ishbia

PHOENIX (AP)— Mortgage executive and former Michigan State guard Mat Ishbia isthe new majority owner of the Phoenix Suns and WNBA’s PhoenixMercury, after the NBA’s board of governors approved his plan topurchase the controlling stake of those franchises from RobertSarver.

The leagueannounced the approval Monday night, saying the transaction will befinalized later this week. The vote was 29-0, with the ClevelandCavaliers abstaining, according to a person who spoke to TheAssociated Press on condition of anonymity because the finaldecision had not yet been announced publicly.

Ishbia agreedon Dec. 20 to the deal, one that put the total value of the Sunsand Mercury at $4 billion. Ishbia and his brother Justin said thenthat they would be acquiring more than 50% of the franchises, whichincludes the entirety of the embattled Sarver’s share as well assome holdings from minority partners.

Mat Ishbiawill be the Suns’ governor, Justin Ishbia will be alternategovernor. They now can assume those roles just days beforeThursday’s NBA trade deadline, and with the Suns squarely in themiddle of the Western Conference playoff race.

There aretentative plans to introduce Mat Ishbia on Wednesday at a newsconference in Phoenix.

No other salein NBA history has been completed with a $4 billion valuation ofthe franchise involved. Joe Tsai bought the Brooklyn Nets andBarclays Center for $3.3 billion in 2019, and Tilman Fertittapurchased the Houston Rockets for $2.2 billion in 2017.

The sale wasfinalized hours after Jason Rowley — who was the Suns president andCEO — decided to leave the team in anticipation of the leadershipchanges, a person familiar with the matter told AP. That person,speaking on condition of anonymity because Rowley’s resignation wasnot shared outside of the organization, said Rowley’s departure was“shared internally” within the Suns organization on Monday.

Mat Ishbia isthe chairman, president and chief executive of United WholesaleMortgage, which bills itself as the nation’s largest mortgagelender. He had to successfully complete a vetting process by theNBA before the transaction could be finalized, and then theleague’s other owners cast their ballots for or against themove.

Forbesrecently listed his net worth as just over $5 billion. Ishbia’scompany went public in January 2021 and is a rival to Quicken Loans— the company that has Cavaliers owner Dan Gilbert as its founderand chairman.

Ishbia playedat Michigan State under coach Tom Izzo and was a member of theSpartans’ NCAA championship team in 2000.

The NBAsuspended Sarver in September for one year, plus fined him $10million, after an investigation found he had engaged in what theleague called “workplace misconduct and organizationaldeficiencies.”

Thepunishment came nearly a year after the NBA asked a law firm toinvestigate allegations that Sarver had a history of racist,misogynistic and hostile incidents over his nearly two-decadetenure overseeing the franchise.

Shortlyafterward, Sarver announced he would be looking to sell the Sunsand the Mercury. He bought the Suns in 2004 for $401 million, whichat the time was an NBA record.

Ishbia hasbeen mentioned before as a possible buyer of pro franchises — theNFL’s Washington Commanders, among them — and he is a prominentMichigan State donor.