The new owner of Phoenix Suns- Mat Ishbia

Mat Ishbia, a mortgage executive and former Michigan State basketball guard, is the new majority owner of the Phoenix Suns and WNBA’s Phoenix Mercury, after the NBA’s board of governors approved his plan to buy out Robert Sarver’s controlling stake in those teams, a person with knowledge of the situation said Monday night. According to a source who spoke to The Associated Press on condition of anonymity because the final decision had not yet been made public, the vote was 29-0, with the Cleveland Cavaliers, owned by fellow MSU graduate and rival mortgage billionaire Dan Gilbert, abstaining.

Mat Ishbia will be the Suns’ governor, while Justin Ishbia will be the alternate governor. They may now fill those positions only days before the NBA trade deadline on Thursday, with the Suns firmly in the thick of the Western Conference playoff chase. There are sketchy plans to present Mat Ishbia on Wednesday.

On December 20, 2022, Ishbia reached an agreement with majority owner Robert Sarver to purchase the Suns and Mercury for a record $4 billion. This process began when Sarver chose to sell the Suns and Mercury a week after the NBA published the conclusions of the 10-month study on September 14, 2022. Sarver was suspended from all activities involving both teams for a year and fined the maximum sum of $10 million for “workplace misbehavior and organizational shortcomings” discovered during the inquiry.

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