Ishbia Will Buy From Embattled Sarver In $4 Billion Deal

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United Wholesale Mortgage CEO Mat Ishbia is purchasing the Phoenix Suns, according to ESPN, three months after owner Robert Sarver announced plans to sell the NBA franchise amid racism allegations.

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forbes Mike Ozanian is reporting that the deal, which includes ownership of the WNBA’s Phoenix Mercury, is worth $4 billion.

Ishbia is the chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage and owns a 71% stake in the company.

Sarver, who purchased the Suns in 2004 for $401 million, was initially fined $10 million and given a one-year suspension by the NBA before announcing plans to sell the franchise.

Surprising fact

Ishbia has a background in basketball, having played for Michigan State University between 1998 and 2002. He played in 48 games across three seasons and won a national championship in 2000, according to SportsReference.

Forbes Valuation

Ishbia, who joined United Wholesale Mortgage—now UVM Holdings—in 2003, is worth $5.1 billion, according to our latest calculations. forbes most recently valued the Phoenix Suns to be worth $2.7 billion.

Further Reading

Ishbia Brothers Buying Phoenix Suns For $4 Billion (forbes)

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