Who is Mat Ishbia: All you need to know about NBA’s youngest team owner
Take a detailed dive into the life of Mat Ishbia, the newest owner of the Phoenix Suns and Phoenix Mercury franchises.
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Mat Ishbia is the president and the CEO of United Wholesale Mortgage which is a Michigan-based company. In a recent report, Ishbia is buying both the NBA team Phoenix Suns and the WNBA team Phoenix Mercury. The news came after Robert Sarver decided to sell his teams in September, which he had owned since 2004.
Sarver was suspended and fined $10 million after he was found guilty of a pattern of inappropriate and abusive behavior toward his employees. The allegations also included racist remarks and sexual harassment. In 2004, Sarver purchased the Phoenix Suns for $401 million. As of October 2022, the Suns are valued at $2.7 billion in the market, according to Forbes.
Ishbia has been long been trying to buy NBA and NFL teams for his new business venture. The new deal includes his brother Justin Ishbia, who would also be holding a certain portion of the deal. Mat will also acquire Sarver’s interest plus a portion of that of minority partners in the deal where he acquires more than 50% of the team’s value.
Mat Ishbia’s net worth
United Wholesale Mortgage, Mat’s firm is the largest wholesale mortgage lender in the United States. According to Forbes, Ishbia is estimated to have a net worth of $4.7 billion. Most of his fortune comes from his 71% in the mortgage lending company, United Wholesale Mortgage. His company also trades in the New York Stock Exchange as UWM Holdings Corp.
Ishbia’s acquisition of more than 50% of the teams will include all of Sarver’s interests plus a portion of that of minority partners. After acquiring Suns and Mercury in the deal, Mat 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.”
Mat Ishbia family and personal life
Mat is married to Emily Ishbia and the couple has been married since 2014. He is a huge sports fan and was a walk-on for Michigan State. He was part of the Spartans’ 2000 national championship team. The new owner is extremely close to Hall of Fame coach Tom Izzo. Ishbia has also donated $32 million to the basketball program.
Ishbia said about his life as a basketball player that the game has been at the core of his life and his donation was to honor his former coach. “Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University,” Ishbia said.
Mat also has a brother, Justin Isibha who is a founding partner in Shore Capital. Justin has also joined his brother Mat Ishbia to make a significant investment in the Suns and Mercury deal. He is also set to serve as an alternate governor. According to Forbes Justin owns 22% of UWM and is worth $2.1 billion. Together, both Mat and Justin are taking up 60% of the Suns for $2.4 billion, valuing the team at $4 billion.
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Nandjee Ranjan
(488 Articles Published)