Mat Ishbia, chairman and CEO of Pontiac’s United Wholesale Mortgage and his brother Justin Ishbia, have agreed to purchase The Phoenix Suns and Mercury for $4 billion from Robert Sarver, managing partner of Suns Legacy Holdings and owner of both franchises, pending approval from the NBA.
“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,” says Sarver, who acquired control of both teams in 2004.
“As a former collegiate basketball player and national champion, Mat has exactly the right spirit, commitment, and resources to pursue championships. Equally important, though, is his philanthropic outlook and commitment to using sports as a way to elevate and connect people. I know he shares my unwavering support for women’s basketball, and I look forward to watching him become a unifying force across the Valley of the Sun.”
The deal involves the sale of more than 50 percent ownership of the team including all of Sarver’s interest, and a portion of the interest of minority partners, who were also granted additional sale rights.
“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,” Mat Ishbia says.
Founded in 1968, the Phoenix Suns made seven playoff appearances, four trips to the western conference finals, and one NBA finals appearance. The Phoenix Mercury, founded in 1997, were one of eight founding members of the WNBA and the only remaining team to still be in business and operated by its original NBA team owner. The Mercury under Sarver’s ownership made 14 playoff appearances, including a current record 10 consecutive, appeared in four WNBA finals, and won three WNBA championships.
Mat Ishbia joins the ranks of Detroit families and business giants the Ilitches, the Fords, Dan Gilbert, and formerly Ralph C. Wilson Jr. in owning major sports franchises.
In 1982, Little Caesars Pizza founder Mike Ilitch purchased the Detroit Red Wings from Bruce Norris, and in 1992 purchased the Detroit Tigers from Domino’s Pizza founder Tom Monaghan. His son, Chris, took over Ilitch Holdings, which owns and operates both franchises.
In 1963, William Clay Ford Sr., son of Edsel Ford and longtime executive at Ford Motor Co., took full control of the Detroit Lions franchise. His wife, Martha Firestone Ford assumed control following his death, and subsequently passed team ownership to Sheila Ford Hamp, who is the current principal owner.
Gilbert, co-founder and majority owner of Rocket Cos., purchased the Cleveland Cavaliers in 2005 and continues to hold the team.
Wilson founded and owned the Buffalo Bills until his death in 2014, when the franchise was sold.
Read about how Ishbia is fighting to stay atop the mortgage lending business in the top mortgage market in the nation in DBusiness’ cover story on UWM and Rocket Mortgage.
