Billionaire to Buy Phoenix Suns From Disgraced Owner Robert Sarver for $4 Billion: Report

Mat Ishbia, the CEO of United Wholesale Mortgage, is set to purchase the Phoenix Suns from disgraced owner Robert Sarver for $4 billion, according to reports.

In September, Sarver was suspended and fined $10 million by the NBA after a bombshell story in November 2021 reported he led a hostile work environment. An investigation found that he used racist and misogynistic language toward his employees.

Sarver announced a week later that he would look to sell the Suns and the WNBA team he owned, the Phoenix Mercury. He was the owner of the Suns for 18 years when he bought them for $400 million.

According to ESPN, Sarver owns a third of the organization but can sell the whole organization as the team’s managing partner.

ESPN reported that the sale would be announced sometime Tuesday. The NBA’s Board of Governors will conduct a background check on Ishbia and vote for ownership approval. He was a walk-on basketball player at Michigan State and was part of the National Championship team in 2000.

Ishbia’s brother, Justin, will also buy into the Suns and serve as an alternative governor.

Before the start of the 2022-2023 NBA season, Forbes valued the Suns at $2.7 billion, ranked 13th among the rest of the NBA.

The average value of all 30 NBA teams was $2.86 billion, with the Golden State Warriors leading the pack at $7 billion, and the lowest organization was the New Orleans Pelicans at $1.6 billion.

The $4 billion sale of the organization will be the most expensive deal in NBA history for sole ownership of an organization. The Los Angeles Lakers had a minority stake sold for $5 billion.

Joe Tsai bought the Brooklyn Nets for $2.35 in 2019, the record for the highest-valued sale of an NBA organization at the time.