The majority ownership of both the Phoenix Mercury of the WNBA and the Phoenix Suns will be acquired by American mortgage banker Mat Ishbia. His net worth is shown here.
Robert Sarver’s reign as owner of the Phoenix Suns will come to an end thanks to Matt’s agreement. He is well-known in business circles as well and gets along well with other NBA owners, according to ESPN.
After the announcement, Mat remarked, “I am beyond thrilled to be the future Governor of the Phoenix Suns and Mercury.”
Inside Mat Ishbia’s Net Worth
According to Bloomberg, Mat’s net worth is $5.26 billion.
For those who are unfamiliar, Mat serves as the chairman and CEO of the Michigan-based United Wholesale Mortgage mortgage lender. His father, Jeff, founded the business in 1986.
After assuming control of the business, Mat grew UWM Holdings from a 12-person team to one that now employs about 7,000 people.
Given his long history with the game, Mat’s planned takeover of the Phoenix Suns and Phoenix Mercury makes perfect sense.
He played for the basketball team at Michigan State University before becoming well-known in the business. He spent four years on the team. In addition to winning the National Championship in 2000, they together made it to three Final Fours.
Mat left his burgeoning basketball career to attend UWM in 2003 after earning his business degree from MSU’s Eli Broad College of Business. He joined the group as the 12th member.
How Much Are Phoenix Suns and Mercury Worth
On December 20, Mat and Robert each made a statement on the agreement.
According to Forbes, the Suns are valued at $2.7 billion while the Mercury is worth $1.8 billion in the WNBA.
The board of governors has not yet approved the UWM leader after a background investigation and background check. However, ESPN reports that this is only a formality.
Justin Ishbia, Mat’s brother, is expected to make a sizable investment and take on the role of acting governor.
Over half of the teams are now owned by the businessman. In addition to a percentage of the minority partners, his share will also include the prior owner Robert’s stake.
Matt Weighs in On the Deal
The 42-year-old spoke out about the transaction, saying: “Both teams have an extremely vibrant fan base, and I have loved witnessing the energy of the Valley over the previous few months.”
As he makes the pivotal decision of his career, he also reflected on his time spent playing basketball in the past.
“Basketball is at the core of my existence,” Mat stated. “It has been from my days as a player in high school. I also had the distinction of playing for Coach Izzo and winning a national championship at Michigan State University.”
He mentioned how his time at MSU under coach Tom Izzo taught him much about business and life in a tweet on November 24.