Mat Ishbia agrees to buy Suns, Mercury for $4 billion
TIM REYNOLDS AP Basketball Writer
Mortgage executive Mat Ishbia has agreed in principle to buy a majority stake of the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, the sides announced Tuesday.
The sale is expected to take several weeks to complete. Ishbia — who is chairman, president and chief executive of United Wholesale Mortgage, which bills itself as the nation’s largest mortgage lender — will be subjected to a vetting process by the NBA, and once that is complete, the league’s board of governors will have to approve the sale.
The board isn’t scheduled to meet until March, though it could convene virtually if the vetting process is completed beforehand.
Forbes recently listed Ishbia’s net worth at $5.1 billion. Ishbia is a former Michigan State player under coach Tom Izzo, and was a member of the Spartans’ NCAA championship team in 2000.
“I am extremely excited to be the next Governor of the Phoenix Suns and Mercury,” Ishbia said in a statement Tuesday night. “Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months.
“Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University. I’ve spent the last two decades building my mortgage business, United Wholesale Mortgage, into the number one mortgage lender in America and I’m confident that we can bring that same level of success to these great organizations on and off the floor.”
If the sale closes at $4 billion, it would be the largest purchase in NBA history. Joe Tsai bought the Brooklyn Nets and Barclays Center for $3.3 billion in 2019, and Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017.
The only other NBA franchise known to be sold for $2 billion or more was the Los Angeles Clippers to Steve Ballmer in 2014.
“I had a great call with fellow Spartan Mat Ishbia congratulating him on his purchase of the Phoenix Suns,” Magic Johnson, another Michigan State alum, tweeted Tuesday. “He’s going to do great things not only for the Suns organization, but for the entire league. All of the other 29 NBA teams better watch out because Mat’s a winner!”
Justin Ishbia, Mat’s brother, also will be part of the ownership group, pending approval. Mat Ishbia will be the team’s governor, Justin the alternate governor.
Suns coach Monty Williams said he didn’t want to comment until the move is official.
“Google-searching people and trying to make assessments about who they are, I think that’s dangerous,” Williams said. “People have done that with me and I just kind of laugh.”
Ishbia’s company is built around team aspects, and he often speaks of the lessons he learned while playing for Tom Izzo and with Mateen Cleaves at Michigan State. His company even has an intramural basketball program with an on-site full-court gym.
“This is not that complicated,” Ishbia recently told HBO’s “Real Sports with Bryant Gumbel” for a profile, discussing his strategy with people. “Get the best people to join your team, just like in sports. Train them, coach them to be the best version of themselves, like Izzo used to do with us. And then treat them so well that they never want to leave.”
The NBA suspended Sarver in September for one year, plus fined him $10 million, after an investigation found he had engaged in what the league called “workplace misconduct and organizational deficiencies.”
Source: Lakers’ Davis has foot injury, set to miss weeks
Godofredo A. Vásquez
Commissioner Adam Silver has made clear, especially after the league went into the 2020 season restart bubble at Walt Disney World because of the pandemic, that the NBA needs to do even more to pay tribute to its greatest players — particularly some of the league’s Black players from a generation or two ago, whose stories may not necessarily resonate among younger fans of today.
Rebranding and redesigning is not an easy process, particularly in a league that considers itself to be steeped with tradition.
It was not a coincidence that the six new division championship trophies introduced late last season were named for Black pioneers of the game — Nat “Sweetwater” Clifton, Wayne Embry, Earl Lloyd, Willis Reed, Sam Jones and Chuck Cooper.
“I know that what we do in this league is important symbolically, not just for sports but for other industries, and people watch us all around the world,” Silver said at last season’s NBA Finals.
Godofredo A. Vásquez
Commissioner Adam Silver has made clear, especially after the league went into the 2020 season restart bubble at Walt Disney World because of the pandemic, that the NBA needs to do even more to pay tribute to its greatest players — particularly some of the league’s Black players from a generation or two ago, whose stories may not necessarily resonate among younger fans of today.
Rebranding and redesigning is not an easy process, particularly in a league that considers itself to be steeped with tradition.
It was not a coincidence that the six new division championship trophies introduced late last season were named for Black pioneers of the game — Nat “Sweetwater” Clifton, Wayne Embry, Earl Lloyd, Willis Reed, Sam Jones and Chuck Cooper.
“I know that what we do in this league is important symbolically, not just for sports but for other industries, and people watch us all around the world,” Silver said at last season’s NBA Finals.
Source: Lakers’ Davis has foot injury, set to miss weeks
John Swart
No, this is not a conflict for Jordan even though he owns the Charlotte Hornets. Jordan rarely enters the spotlight anymore and picks his spots very carefully; he did not want this trophy to be in his likeness, did not speak out about Tuesday’s announcement and rarely offers public comment on any topic.
The MVP trophy tends to be presented by the commissioner; it wouldn’t seem likely that Jordan would be called upon to do so, even though there is no rule — tampering-related or otherwise — that would prevent it.
The NBA asked Bill Russell to present the NBA Finals MVP trophy that bears his name and he did for many years, until the pandemic and his health prevented him from continuing that tradition. Russell died earlier this year.
John Swart
No, this is not a conflict for Jordan even though he owns the Charlotte Hornets. Jordan rarely enters the spotlight anymore and picks his spots very carefully; he did not want this trophy to be in his likeness, did not speak out about Tuesday’s announcement and rarely offers public comment on any topic.
The MVP trophy tends to be presented by the commissioner; it wouldn’t seem likely that Jordan would be called upon to do so, even though there is no rule — tampering-related or otherwise — that would prevent it.
The NBA asked Bill Russell to present the NBA Finals MVP trophy that bears his name and he did for many years, until the pandemic and his health prevented him from continuing that tradition. Russell died earlier this year.
Source: Lakers’ Davis has foot injury, set to miss weeks
Amy Sancetta
It’s a lot. There’s the Larry O’Brien (NBA champions), the Jordan (MVP), the Russell (NBA Finals MVP), Red Auerbach (coach of the year), Joe Dumars (sportsmanship), Larry Bird and Magic Johnson (conference finals MVP’s), Kobe Bryant (All-Star MVP), and the six divisional trophies.
There’s also a slew of new or rebranded ones announced Tuesday -- Hakeem Olajuwon (defensive player of the year), John Havlicek (sixth man), Wilt Chamberlain (rookie), and George Mikan (most improved). A new trophy this year is the Clutch Player of the Year, named for “Mr. Clutch” himself, Jerry West.
“There are few greater thrills as a basketball player than coming through for your teammates and fans when they need it most,” West said. “This new trophy will be awarded to the player who best delivers in those moments.”
Kareem Abdul-Jabbar has the league’s social justice champion trophy bearing his name, David Robinson the NBA Community Assist Monthly Award one, and Bob Lanier has the Community Assist season-long trophy.
Amy Sancetta
It’s a lot. There’s the Larry O’Brien (NBA champions), the Jordan (MVP), the Russell (NBA Finals MVP), Red Auerbach (coach of the year), Joe Dumars (sportsmanship), Larry Bird and Magic Johnson (conference finals MVP’s), Kobe Bryant (All-Star MVP), and the six divisional trophies.
There’s also a slew of new or rebranded ones announced Tuesday -- Hakeem Olajuwon (defensive player of the year), John Havlicek (sixth man), Wilt Chamberlain (rookie), and George Mikan (most improved). A new trophy this year is the Clutch Player of the Year, named for “Mr. Clutch” himself, Jerry West.
“There are few greater thrills as a basketball player than coming through for your teammates and fans when they need it most,” West said. “This new trophy will be awarded to the player who best delivers in those moments.”
Kareem Abdul-Jabbar has the league’s social justice champion trophy bearing his name, David Robinson the NBA Community Assist Monthly Award one, and Bob Lanier has the Community Assist season-long trophy.
Source: Lakers’ Davis has foot injury, set to miss weeks
Godofredo A. Vásquez
This wasn’t one or two people. The league formed a group of about 20 people, from at least a half-dozen different departments, to meet and decide how to change the trophies and in some cases the namesake elements.
The process took several months, the league said.
Godofredo A. Vásquez
This wasn’t one or two people. The league formed a group of about 20 people, from at least a half-dozen different departments, to meet and decide how to change the trophies and in some cases the namesake elements.
Source: Lakers’ Davis has foot injury, set to miss weeks
Bebeto Matthews
It doesn’t seem right that David Stern — the league’s commissioner for 30 years, Silver’s predecessor and mentor and one of the people who basically helped saved the league from financial peril in the 1980’s — doesn’t have a trophy bearing his name.
If the league adds an in-season tournament, and there are plans in place to have one possibly as soon as next season, Stern would seem like a candidate for that trophy.
Bebeto Matthews
It doesn’t seem right that David Stern — the league’s commissioner for 30 years, Silver’s predecessor and mentor and one of the people who basically helped saved the league from financial peril in the 1980’s — doesn’t have a trophy bearing his name.
If the league adds an in-season tournament, and there are plans in place to have one possibly as soon as next season, Stern would seem like a candidate for that trophy.
Mat Ishbia agrees to buy Suns, Mercury for $4 billion
Al Goldis
FILE -Former Michigan State player Mat Ishbia laughs as he are introduced along with Michigan State's 2000 national championship NCAA college basketball team during halftime of the Michigan State-Florida game in East Lansing, Mich. Mortgage executive Mat Ishbia has agreed in principle to buy the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, a person with knowledge of the negotiations told The Associated Press on Tuesday, Dec. 20, 2022. (AP Photo/Al Goldis, File)
Al Goldis
FILE -Former Michigan State player Mat Ishbia laughs as he are introduced along with Michigan State's 2000 national championship NCAA college basketball team during halftime of the Michigan State-Florida game in East Lansing, Mich. Mortgage executive Mat Ishbia has agreed in principle to buy the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, a person with knowledge of the negotiations told The Associated Press on Tuesday, Dec. 20, 2022. (AP Photo/Al Goldis, File)
The punishment came nearly a year after the NBA asked a law firm to investigate allegations that Sarver had a history of racist, misogynistic and hostile incidents over his nearly two-decade tenure overseeing the franchise.
Shortly afterward, Sarver announced he would be looking to sell the Suns and the Mercury.
Sarver bought the Suns in 2004 for $401 million — then an NBA record, and roughly 10 times less than the price Ishbia agreed to pay.
“Mat is the right leader to build on franchise legacies of winning and community support and shepherd the Suns and Mercury into the next era,” Sarver said. “As a former collegiate basketball player and national champion, Mat has exactly the right spirit, commitment and resources to pursue championships.”
Ishbia has been mentioned before as a possible buyer of pro franchises, and he is a prominent Michigan State donor. He helped fund the $95 million deal that the Spartans gave football coach Mel Tucker last year. He played in 48 games for Izzo during his time as a walk-on guard in East Lansing.
Ishbia in November confirmed to The Associated Press his interest in buying the NFL’s Washington Commanders after owners Dan and Tanya Snyder hired a firm to explore potential transactions. It was not immediately clear if buying the Suns would take him out of the process with the Commanders.
“This is a dream come true for my entire family including my parents, my three children, and my brother Justin, who will be making a significant investment with me and bring his incredible business acumen and shared passion for basketball,” Ishbia said. “I appreciate Robert Sarver’s time and support throughout the process. We are so honored to be, with approval by the NBA, the next stewards of the Phoenix Suns and Phoenix Mercury.”
