The NBA Board of Governors has approved the sale of the Phoenix Suns and Mercury to an ownership group led by Mat Ishbia, Chairman, President and CEO of United Wholesale Mortgage. The transaction is expected to close this week.
Per ESPN.com, “Ishbia is buying a 57% controlling stake for $2.28 billion, sources said, with Robert Sarver selling his 37% stake for $1.48 billion. Even after taxes, Sarver is expected to clear nearly double the amount that he and a group paid for the team in 2004 — then a record-$401 million from former Suns owner Jerry Colangelo.”
