Mat Ishbia, Chief Executive Officer of United Wholesale Mortgage, purchased the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury in a deal valuing the franchises at $4 billion, according to official team and NBA announcements. The transaction transferred control of the professional basketball teams from longtime owner Robert Sarver following league approval.
Transaction Details and Valuation
According to NBA statements, the acquisition included a controlling stake in both the Phoenix Suns and the Phoenix Mercury. The $4 billion valuation established a notable benchmark for sports franchise acquisitions during that period. Ishbia finalized the purchase after the NBA Board of Governors voted unanimously to approve the transfer of ownership.
Background on United Wholesale Mortgage
As chief executive of United Wholesale Mortgage, based in Pontiac, Michigan, Ishbia built his primary business operations within the residential mortgage lending sector. According to company financial reports, the lender operates primarily through the wholesale broker channel, working with independent mortgage brokers rather than retail consumers directly.
Leadership Transition in Phoenix
The ownership change followed an investigation by the NBA into workplace conduct under Robert Sarver, which resulted in a suspension and fine before Sarver announced plans to sell the teams. Upon taking over operations, Ishbia assumed control of both basketball and business operations for the franchises, working alongside existing team management executives to oversee day-to-day administration at the Footprint Center.
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