The purchase of the Phoenix Suns was finalized by Mat Ishbia. The time is 1:45.
According to sources, Mat Ishbia is close to buying the Phoenix Suns and the Mercury for a record price.
It is expected that the deal will be announced as soon as Tuesday.
Ishbia is well known within the league office and has developed relationships with a number of NBA owners. He will need a background check and a vote of approval from the board of governors, but that is expected to be a formality.
According to sources, a founding partner of Shore Capital will make a significant investment and serve as an alternate governor. His brother is Mat Ishbia.
There is a new day in the escalating valuations of NBA teams. The Brooklyn Nets were bought for a record amount of money. Steve Ballmer bought the LA Clippers for $2 billion in 2014, less than a year after Tilman Fertitta bought the Houston Astros for $2.2 billion.
The Lakers had a minority share sold for a higher price than the Suns did.
Ishbia, president and CEO of United Wholesale Mortgage, a Michigan based company, has been pursuing NBA and NFL teams in recent years and finally landed on a deal to own the Suns. Ishbia was a member of the 2000 national championship team. He made a $32 million donation to the basketball program in the past.
The sale will end the tenure of the man who led a group to buy the team in 2004.
The NBA announced its findings from a 10-month investigation into his conduct as majority owner of the Suns, and that's when he decided to sell the team.
The NBA commissioned that investigation, led by the New York-based law firm Wachtell Lipton, in the wake of an ESPN story in November 2021, detailing allegations of racism and misogynistic behavior by the team's owners.
The league fined him $10 million and suspended him for a year after he announced that he was selling the Suns.
Investment bank officials who have managed the sales of professional sports franchises previously said that they expect the final price to set a record.
Suns executive vice president and CFO Jim Pitman told team employees in September that a sale of the team could take up to nine months.
According to team employees, groups of prospective buyers toured the team facilities. According to sources, the managing partner of the team has the power to sell the entire team.
This report was contributed to by a person from the sports network.
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