Billionaire mortgage lender Mat Ishbia is in serious talks to buy the NBA's Phoenix Suns team for around $4 billion. Ishbia will be purchasing the team from its current owner, Robert Sarver. The announcement was made by Sarver and Ishbia Tuesday. The new owner must pass a background check and a vote from owners around the NBA for the deal to go through. Ishbia already has a positive relationship with NBA commissioner Adam Silver and some NBA owners.
The likely new owner of the Suns Mat Ishbia said,
"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."
After the sale, Ishbia will be the majority owner of the team owning over 50%. This marks the most expensive purchase for an NBA team. The previous record was Brooklyn Nets owner Joe Tsai purchasing his team for $2.35 billion in 2019.