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Billionaire Mat Ishbia closed a deal at $4bn (£3.3bn) for Phoenix Suns and Mercury.

Basketball NBA

Posted 1 years ago
Billionaire Mat Ishbia closed a deal at $4bn (£3.3bn) for Phoenix Suns and Mercury.

According to the sources, Billionaire Mat Ishbia has agreed a deal to buy the Phoenix Suns and Mercury basketball teams at a valuation of $4bn (£3.3bn), which would be a record transaction for a National Basketball Association franchise.

The sale is expected to take several weeks to complete. The board isn't scheduled to meet until March, though it could convene virtually if the vetting process is completed beforehand.

The $4 billion sale breaks the previous mark set in 2019, when Joe Tsai purchased the Brooklyn Nets for $2.35 billion.

Mat Ishbia was a walk-on player for the Michigan State University college basketball team that won the National Collegiate Athletic Association title in 2000 and worked alongside head coach Tom Izzo for a year before joining UWM. He is also a major donor to Michigan State.


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