A start of a new era is here for the Phoenix Suns and the NBA. An announcement is expected to come as early as Tuesday that the Suns, and WNBA’s Phoenix Mercury, have officially been sold, bringing an end to the tumultuous era of Robert Sarver as owner.
Mat Ishbia, a billionaire mortgage lender, is reportedly finalizing a deal to purchase the teams for a record-setting $4 billion. A background check and vote by the Board of Governors still awaits, but that is expected to be a mere formality as Ishbia has already developed a relationship with some of the owners in the league and commissioner, Adam Silver.
It will be a family affair as Mat’s brother, Justin Ishbia, will be the team’s alternate governor. Justin is the founding partner of Shore Capital and will be making a large investment into the franchise as well.
Prices for NBA franchises continue to rise as the league becomes a global entity. The last franchise sold was the Brooklyn Nets in 2019, and Joe Tsai bought them for a record $2.35 billion. The last three purchases before the Suns all went for at least $2 billion, starting with the LA Clippers in 2014 by Steve Ballmer and Tilman Fertitta in 2017, who bought the Houston Rockets for $2.2 billion.
LATEST NBA NEWS & RUMORS: Robert Sarver, Mat Ishbia & Phoenix Suns Updates
Sarver had owned the Suns since 2004 when he led a group that purchased the team for $410 million from Jerry Colangelo, which at the time, was a record as well. The process of selling began on September 21st as Sarver faced a lot of pressure after the NBA’s findings in its investigation into allegations of racism and misogyny during Sarver’s time as the owner.
Many people were disappointed in the punishment handed to Sarver, who was fined $10 million and hit with a one-year suspension. The negative backlash was a driving force behind his decision to sell, as many companies were pulling out of deals as long as Sarver was connected in any way to the franchise.
LATEST NBA NEWS & RUMORS: Robert Sarver, Mat Ishbia & Phoenix Suns Updates
This is a step in the right direction for a Suns franchise that has received a black eye from Sarver’s doings. Allegations of misconduct go beyond Sarver within the franchise, so hopefully, Ishbia and his group can help turn things around and improve the reputation of the Suns going forward with new people in power.
