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Mat Ishbia is most known in the mortgage world, but is now making his way to the NBA. Amid recent reports, he is in the process of becoming the new owner of the Phoenix Suns.
This offseason, the Phoenix Suns found themselves in a major scandal regarding their owner. After it was made apparent that Robert Sarver had made countless racist and misogynistic remarks, he was suspended for a year from the NBA.
Following this suspension, Sarver decided to sell his stake in the Phoenix Suns. Now, it appears the franchise has found a buyer.
ESPN's Adrian Wojnarowski recently reported that Mat Ishbia is finalizing a deal to purchase the Phoenix Suns. Ishbia is expected to pay roughly four billion dollars, and things are expected to be completed in the "near future."
Ishbia is a billionaire mortgage lender and CEO of United Wholesale Mortgage.
This mega-deal will involve Ishbia taking control of multiple pro sports franchises. Robert Sarver also owns Phoenix's WNBA franchise, the Mercury. That team is also part of the deal that will make Ishbia owner of the Suns.
What is Mat Ishbia's net worth?
As of last year, Mat Ishbia's net worth is projected to be roughly 5.59 billion dollars. Once this deal officially goes through, that is sure to see a significant increase.
Most of Ishbia's net worth stems from his ownership of United Wholesale Mortgage. While the company is now one of the largest wholesale lenders in the United States now, it did not start out that way.
Despite their meteoric rise is the mortgage world, UWM has always been a family business. Mat Ishbia's father, Jeff Ishbia, launched the company by in the mid 1980's. Now, he and his son are still the top owners. A company controlled by Mat and Jeff Ishbia currently owns 94% of United Wholesale Mortgage since it became publicly traded two years ago.
Mat Ishbia has a basketball past
Some owners purchase teams as a business move, but that isn't the case for Ishbia. For him, it's about getting back involved in a sport he loved. In fact, Ishbia even played the sport at the collegiate level.
While he was far from an impact player, Ishbia was a member of the Michigan State basketball team from 1999 to 2002. His stats aren't eye-grabbing in any sense, but he did manage to be part of a title team during his freshman season.
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