NBA: Phoenix Suns & Phoenix Mercury to be bought by Mat Ishbia for a record $4bn (€3.7bn)

Mat Ishbia, chairman and CEO of United Wholesale Mortgage, has agreed in principle to buy the majority stake in the Phoenix Suns (NBA) and Phoenix Mercury (WNBA) from Arizona-based franchise owner Robert Sarver for $4bn (€3.7bn), announced the two parties on 20/12/2022.

The acquisition must now be approved by the National Basketball Association. Mat Ishbia, the 2000 NCAA college basketball champion with the Michigan State Spartans, is expected to be named governor of both franchises while his brother Justin will serve as alternate governor.

"The deal involves the sale of more than 50% ownership of the team including all of Robert Sarver's interest, and a portion of the interest of minority partners, who were also granted additional sale rights," explained the two parties.

This is a new record deal for an NBA franchise acquisition, surpassing the $2.35bn (€2.1bn) invested by Joseph Tsai (co-founder and vice chairman of Alibaba Group) to acquire the Brooklyn Nets on 18/09/2019.

• Mat Ishbia's fortune is estimated at between $5.1bn (€4.8bn, according to Forbes) and $5.6bn (€5.2bn…