Mat Ishbia-Dan Gilbert beef history: How the Suns and Cavs owners get in each other's ways in business and life

Mat Ishbia entered the NBA as the majority stakeholder of the Phoenix Suns and Phoenix Mercury on February 6, 2023. This move is seen as a way to irritate rival mogul Dan Gilbert of the Cleveland Cavaliers. The two business titans have been in the mortgage industry and their rivalry began even before Ishbia's time as an NBA team owner.

In February 2023, Ishbia made his vision for the team clear with his Phoenix Suns employees and at the same time highlighted his mortgage business. During his speech, he didn't shy away from comparing his mortgage company, United Whole Sale Mortgage, with Gilbert's Rocket Mortgage. This acquisition by Ishbia forced Gilbert to pull off his sponsorship with the Suns.

"We're the No. 1 mortgage company in America," Ishbia said. "The No. 2 mortgage company is a sponsor here, which won't be lasting long."

The feud between Dan Gilbert and Mat Ishbia was beyond business tactics as it became more personal in time. The two owners also made sure that they would not be doing business with each other.

Many see this acquisition of the Phoenix Suns by Ishbia as a payback to Rocket Mortgage. The purchase of the team was approved after a 29-0 vote by the NBA Board of Governors, with only Gilbert abstaining.

Mat Ishbia takes his rivalry with Dan Gilbert to new levels

Back in March 2021, the rivalry between UWM and Rocket Mortgage added an interesting chapter when Mat Ishbia issued an ultimatum during a Facebook live session to independent mortgage brokers that they could not work for both companies simultaneously.

Ishbia accused two companies, along with Fairway Mortgage Corp., of creating harm on the wholesale channels, indicating that it harmed the broker's livelihood. In return, Rocket Mortgage expanded its wholesale channel, giving a direct threat to UWM. Ishbia set a deadline of March 15 for brokers to choose and imposed a $5,000 penalty per loan for its violators.

Austin Niemiec, CRO of Rocket Mortgage, shrugged off Mat Ishbia's ultimatum saying that it was a desperate move because of his fear of losing more money. In return, Rocket Mortgage offered to cover the penalties and litigation costs to brokers who choose to defy UWM's agreement dubbing it as the 'Bully Shield' to combat Ishbia's dirty tactics.

This clash between Dan Gilbert and Mat Ishbia has been a battle of business maneuvers and is showing no signs of slowing down still and it is being closely monitored by brokers in the US.