Mortgage executive and former Michigan State guard Mat Ishbia 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 purchase the controlling stake of those franchises from Robert Sarver.
, saying the transaction will be finalized later this week. The vote was 29-0, with the Cleveland Cavaliers abstaining, according to a person who spoke to The Associated Press on condition of anonymity because the final decision had not yet been announced publicly.
Mat Ishbia will be the Suns’ governor, Justin Ishbia will be alternate governor. They now can assume those roles just days before Thursday’s NBA trade deadline, and with the Suns squarely in the middle of the Western Conference playoff race.Image 1 of 2DETROIT, MICHIGAN - FEBRUARY 04: Incoming Phoenix Suns owner Mat Ishbia smiles during the game between the Detroit Pistons and Phoenix Suns at Little Caesars Arena on February 04, 2023 in Detroit, Michigan.
The sale was finalized hours after Jason Rowley — who was the Suns president and CEO — decided to leave the team in anticipation of the leadership changes, a person familiar with the matter told AP. That person, speaking on condition of anonymity because Rowley’s resignation was not shared outside the organization, said Rowley’s departure was "shared internally" within the Suns organization on Monday.
Forbes recently listed his net worth as just over $5 billion. Ishbia’s company went public in January 2021 and is a rival to Quicken Loans — the company that has Cavaliers owner Dan Gilbert as its founder and chairman.
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