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HomeMarketPhoenix Suns sell to Mat Ishbia for record-setting $4 billion: report

Phoenix Suns sell to Mat Ishbia for record-setting $4 billion: report

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The NBA’s Phoenix Suns franchise will be sold to Mat Ishbia, billionaire CEO of the Michigan-based United Wholesale Mortgage
UWMC,
-0.49%,
for around $4 billion, according to a report from ESPN’s Adrian Wojnarowski.

The reported amount would be the most an NBA team has ever sold for, and the second-highest sale of a sports franchise in North American sports, only trailing the $4.65 billion sale of the NFL’s Denver Broncos franchise earlier in 2022.

Here are the top five most expensive sports franchise sales in the U.S., assuming the Suns will sell for the reported price:

  1. $4.6 billion, Denver Broncos, sold to the Walton-Penner group in 2022

  2. $4 billion, Phoenix Suns, sold to Mat Ishbia in 2022

  3. $2.4 billion, New York Mets, sold to Steve Cohen in 2020

  4. $2.35 billion, Brooklyn Nets, sold to Alibaba’s Joe Tsai in 2019

  5. $2.275 billion, Carolina Panthers, sold to David Tepper in 2018

See also: Sports bettor was set to turn his $26 wager into $557,770 if France beat Argentina. It lost. But he won. Here’s how.

Current Suns owner Robert Sarver put his teams, the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury, on the market after an investigation found evidence of a racially and sexually insensitive workplace. The $4 billion reported sale also includes the Phoenix Mercury, The Athletic reported.

United Wholesale Mortgage is one of the largest wholesale lenders of U.S. mortgages, and carries a market capitalization of $6.49 billion. Ishbia has a net worth of $5.1 billion, according to Forbes.

See also: The Masters golf tournament will allow players who joined LIV Golf to compete at Augusta in 2023

Ishbia played on Michigan State’s 2000 National Championship team. Over three years, he played in 48 games and had a total of 28 points, 13 assists, 12 rebounds and 7 steals.


Credit: marketwatch.com

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