Who Is Mat Ishbia? Phoenix Suns, Mercury Reportedly Bought By Ex-Basketball Player For $4 Billion

A former college basketball player is going to become the next owner of the Phoenix Suns in a record sale. According to multiple reports, Mat Ishbia has agreed to purchase the Suns and the WNBA's Phoenix Mercury for $4 billion.

Ishbia is chairman and CEO of United Wholesale Mortgage, a mortgage lender based in Michigan. At age 42, he is set to become the youngest owner in the NBA.

Ishbia isn't simply a basketball fan or a billionaire who was looking to make a splashy purchase. The new Suns owner was part of the 2000 national champion Michigan State basketball team.

Although he was a walk-on, Ishbia was a member of multiple Michigan State teams that made it to the Final Four. A 5'10" guard, Ishbia scored a total of 28 points in 48 career games.

In early 2021, Ishbia made a $32 million commitment to Michigan State to benefit the school's athletic department. Part of that commitment was used to sign Spartans football coach Mel Tucker to a 10-year, $95 million contract.

Forbes estimates Ishbia's net worth to be $5.1 billion. The mortgage lender is No. 505 on Forbes' real-time billionaire list.

According to Forbes, Ishbia owns a 71% stake in UWM Holdings, which was founded by his father in 1986. Mat Ishbia's brother, Justin Ishbia, has a 22% stake in the company and is also a billionaire.

The Athletic's Shams Charania reports that Justin Ishbia will be a significant investor and alternate governor for the Suns.

Suns owner Robert Sarver announced in September that he would sell the team after receiving a one-year suspension and a $10 million fine by the league for violating workplace standards. An investigation found that Sarver used the N-word at least five times in private conversations and engaged in inappropriate behavior toward employees.

The reported $4 billion sale is the richest in league history. The Brooklyn Nets were sold for $2.35 billion in 2019, setting the previous record.