Mortgage lender, Mat Ishbia, has agreed to purchase the Phoenix Suns and Phoenix Mercury for a record price of US$4 billion from current owner Robert Sarver.

Ishbia has already formed strong relationships with NBA commissioner, Adam Silver and several team owners, as he is set to undergo a background check and vote of approval from the board of governors.

Ishbia’s brother, Justin, is expected to make a significant investment and become an alternative governor.

Commenting on acquiring the organisations, Ishbia, said: “I am extremely excited to be the next Governor of the Phoenix Suns and Mercury.”

“Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months,” he said.

The takeover will see Ishbia purchase over 50% of the franchise, including Sarver’s stake as well as shares from some minority partners.

Additionally, the acquisition will surpass the NBA-record held by Joseph Tsai, when he purchased the Brooklyn Nets for US$2.35 billion in 2019, Tilman Fertitta’s acquisition of the Rockets in 2017 for US$2.2 billion and the US$2 billion buyout of the LA Clippers in 2014 by Steve Ballmer.

The buyout comes after Rob Walton acquired the Denver Broncos earlier this year.