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 Michigan State alumnus Mat Ishbia, who made his fortune as CEO and chairman of Michigan-based United Wholesale Mortgage Holdings.
The reported $4-billion sale is the largest in NBA history, surpassing the $2.35 billion Joe Tsai spent in purchasing the Brooklyn Nets in 2019. Ishbia, along with his brother Justin (cofounder of the Chicago investment firm Shore Capital), is also buying the Suns’ sister team, the WNBA Phoenix Mercury. He had reportedly been pursuing several NBA and NFL teams in recent years before striking his deal to purchase the Suns.
Ishbia is a well-known name to Michigan State fans. Not only was he a three-year basketball walk-on under Tom Izzo, winning a national championship in 2000, but the 42-year-old has been among the athletic program’s biggest donors. He helped fund the $95 million deal the Spartans gave football coach Mel Tucker last year and recently contributed $32 million toward the school’s athletic facilities.
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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