Mat Ishbia Expected to Become Suns Owner Before Trade Deadline

The sale of the Suns to Mat Ishbia is expected to be complete within the next two weeks, allowing the new owner to take over control of the franchise ahead of the Feb. 9 trade deadline, per Baxter Holmes of ESPN.

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 president James Jones, as it operates at the deadline.

Ishbia is a former walk-on basketball player who was on the Mateen Cleaves-led Michigan State team that won an NCAA championship in 2000. Holmes reported that Ishbia is expected to be a hands-on owner.

Ishbia is president and CEO of United Wholesale Mortgage, the nation’s No. 1 overall mortgage lender, according to its website. He played college basketball at Michigan State.

Current Suns owner Robert Sarver was suspended by the NBA following an investigation into workplace misconduct before the season, announcing in September his intentions to sell the franchise.

Ishbia’s purchase price is believed to 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 in seventh place in the Western Conference. They reportedly are looking for some help at the guard position ahead of the trade deadline. (Full post.)

NEWS: Mat Ishbia's purchase of the Phoenix Suns and Phoenix Mercury at a $4 billion valuation is expected to become official in the next two weeks, with Ishbia assuming control prior to the Feb. 9 NBA trade deadline, sources told @wojespn and me. https://t.co/JIVYoVKkCW

— Baxter Holmes (@Baxter) January 25, 2023