Months after being fined an unprecedented $10 million for his role in a workplace misconduct scandal alleging racism and misogyny, disgraced owner Robert Sarver will officially cede his controlling stake in the Phoenix Suns, selling the team to billionaire mortgage lender Mat Ishbia, who made his fortune as CEO and chairman of Michigan-based UWM (United Wholesale Mortgage) Holdings. The $4-billion sale is the largest in NBA history, surpassing the $2.35 billion Joe Tsai spent in purchasing the Brooklyn Nets from Russian oligarch Mikhail Prokhorov in 2019. Ishbia, along with his brother Justin (cofounder of the Chicago investment firm Shore Capital), are also buying the Suns’ sister team in the WNBA, the Phoenix Mercury, with whom they share an arena.
The name Ishbia is probably familiar to fans of Michigan State basketball. Not only did Ishbia play at MSU, contributing as a walk-on guard from 1999-2002, but the 42-year-old, since graduating with his degree in Business Administration, has been among the program’s biggest donors, recently contributing $32 million toward the school’s athletic facilities.
Largely employed as a victory cigar in blowouts, the 5’10” Ishbia played sparingly in East Lansing, totaling just 28 points over 48 career appearances for the Spartans (0.6 points per game). Ishbia carries the distinction of playing on MSU’s most recent National Championship team in 2000, sharing a locker room with future pros Mateen Cleaves, Morris Peterson and Jason Richardson.
The sale effectively ends Sarver’s career in the NBA, which began when he bought the Suns for a then-record $401 million in 2004. Sarver was the subject of a months-long investigation by the NBA, which determined he was guilty of bullying, mistreating and sexually harassing his employees while also using racial slurs. In addition to his $10 million fine, the maximum allowed under the league’s collective bargaining agreement, the Tucson-born real estate mogul is currently serving a yearlong suspension.
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