Mat Ishbia Expected to Become Suns Owner Before Trade Deadline
The Suns’ sale to Mat Ishbia is expected to be completed within the next two weeks, allowing the new owner to take control of the franchise before the Feb. 9 trade deadline, according to ESPN’s Baxter Holmes.
The NBA Board of Governors is expected to ratify the deal to make Ishbia the official owner in early February. He will then be able to oversee the front office, headed by Chairman James Jones, as it operates at the end of the term.
Ishbia is a former basketball player who was part of the Michigan State team led by Mateen Cleaves that won an NCAA championship in 2000. Holmes reported that Ishbia should be a hands-on owner.
Ishbia is president and CEO of United Wholesale Mortgage, the nation’s top mortgage lender, according to its website. He played college basketball at Michigan State.
Current Suns owner Robert Sarver has been suspended by the NBA following a pre-season malpractice investigation, announcing plans to sell the franchise in September.
Ishbia’s purchase price would be around $4 billion, ESPN’s Adrian Wojnarowski reported. It would also involve ownership of the WNBA’s Mercury.
Nets owner Joe Tsai paid $3.3 billion to buy the team in 2019, which would make anything above that the highest price to buy a team in NBA history.
The Suns (25-24) currently sit seventh in the Western Conference. They would seek help at the guardhouse before the trade deadline. (Full message.)