HomeBasketballMat Ishbia Agrees To Suns Acquisition

Mat Ishbia Agrees To Suns Acquisition

Mat Ishbia Agrees To Suns Acquisition

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.

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