Mat Ishbia consents to the record $4 billion Suns acquisition

By Nitin Singh

The Phoenix Suns and the WNBA's Mercury will be acquired by billionaire mortgage lender Mat Ishbia for a record $4 billion price.

The agreement puts an end to Sarver's turbulent tenure.

Ishbia has cultivated relationships with several NBA owners and is well-known and highly regarded within the league office. 

Ishbia  has also cultivated relationships with several NBA owners.

Mat Ishbia's brother Justin Ishbia, a founding partner of Shore Capital, will make a sizeable investment and act as an alternate governor.

United Wholesale Mortgage, now known as UWM Holdings, was founded by Mat Ishbia's father Jeff in 1986 and is a Michigan-based mortgage lender. Mat serves as chairman and CEO of the company.

Mat holds a 71% stake in the business, which went public in 2021 after merging with a blank check company.

Mat began working for the company in 2003 after graduating from Michigan State, and in 2013 he was named CEO.

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