The National Basketball Association’s (NBA) board of governors has approved Mat Ishbia’s US$4 billion (AUD$5.76 billion) bid to acquire the Phoenix Suns, making him the new majority owner of the Suns and Phoenix Mercury.

The league confirmed its approval of the deal was sealed by a 29-0 board vote, with the Cleveland Cavaliers abstaining.

Mat Ishbia will be officially named as the Suns’ governor, with his brother Justin serving as an alternate governor.

Ishbia and his brother will succeed current owner, Robert Sarver, where the pair takeover 57% of the team, with minority owners selling 25% of their stakes and only one minority partner selling the entirety of their share.

Additionally, three minority stakeholders including Jahm Najafi will not sell any of their stake in the team.

It also comes just hours after the resignation of Suns president and CEO, Jason Rowley, who left in the wake of misconduct allegations.

The sale will surpasses the NBA-record held by Joseph Tsai, who purchased the Brooklyn Nets for US$2.35 billion (AUD$3.39 billion) in 2019.

A formal announcement has not been made yet, however, there are plans to introduce Mat Ishbia in a news conference later this week once the transaction closes.

This news comes after Mat Ishbia agreed to acquire the Suns late last year.