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The Phoenix Suns will have a new majority owner in Mat Ishbia, according to reports on Tuesday. The team is owned by the embattled Robert Sarver, who was suspended by the league for one year after an investigation into allegations of racism and misogyny at the organization.
One person who is happy about the sale is LA Lakers icon Magic Johnson.
"All of the other 29 NBA teams better watch out because Mat’s a winner!" Johnson said.
Johnson is a five-time NBA champion and a Hall of Famer. He and Ishbia are both alumni of Michigan State. Ishbia was a walk-on for the 2000 national championship team (and played three seasons), while Johnson starred for the Spartans en route to the 1979 national title.
Ishbia will acquire the Phoenix Suns and WNBA Phoenix Mercury in the transaction. This is a record sales price for an NBA franchise and the second-highest sales price for a U.S. sports team behind the $4.65 billion sale of the Denver Broncos.
Ishbia is inheriting a good team as the Suns (19-12) are in third place in the Western Conference. Phoenix made the NBA Finals in 2021 and had the NBA's best record by going a franchise-best 64-18 last season.
Phoenix is currently on a three-game winning streak. The team has a veteran point guard in Chris Paul and a good coach in place with Monty Williams. Ishbia will get adjusted and make his own changes, but he has a good structure to work with.
Magic Johnson said that Ishbia is a winner, and he should know. Johnson is very familiar with the Western Conference, which he won nine times during his playing career. Who knows if Mat Ishbia will lean on his old friend for advice.
Who is Mat Ishbia?
The Phoenix Suns have a new owner, but what do we know about him? Mat Ishbia is a 42-year-old billionaire from Michigan. He is the CEO of United Wholesale Mortgage, a company his father founded in 1986. Ishbia attended Michigan State and was a member of the basketball team.
Ishbia was a member of the 2000 national championship team and part of Final Four squads in 1999 and 2001 as well. The 5-foot 10-inch guard was a walk-on who played in 48 games. So, he's not just a fan, he's a true basketball guy who understands what it is like to be on the court.
Being part of the Michigan State family, he will be able to lean on legendary coach Tom Izzo and Hall of Famer Magic Johnson for advice.
