Robert Sarver is reportedly finalizing a deal to sell the Phoenix Suns to billionaire mortgage lender Mat Ishbia, according to NBA insider Adrian Wojnarowski.
BREAKING: Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns, sources tell ESPN. The deal, expected to be completed in the near future, would end the tumultuous tenure of owner Robert Sarver.— Adrian Wojnarowski (@wojespn) December 20, 2022
The deal is reportedly worth $4 billion per Woj. Ishbia will be bringing in his brother, Justin, as a significant investor and alternate governor for the Suns, per Shams Charania of The Athletic.
ESPN Sources: Ishbia’s purchase price is in the neighborhood of $4 billion. https://t.co/HzH2XSspHp— Adrian Wojnarowski (@wojespn) December 20, 2022
Sarver and Ishbia also released their own official statements. Sarver called Ishbia “the right leader to build on franchise legacies of winning and community support,” while Ishbia said that he’s “honored” to be the “next stewards of the Phoenix Suns and Phoenix Mercury.”
Official: Mat and Justin Ishbia reach agreement to buy majority stake of the Phoenix Suns and Mercury from Robert Sarver: pic.twitter.com/dEe6QGfZJP— Shams Charania (@ShamsCharania) December 21, 2022
Sarver has been looking to sell the Suns since he was suspended for a year and fined due to the League investigating allegations of a hostile workplace within the Phoenix front office. The fine and suspension were met with many mixed emotions from players, the players union, and even a chairman of the Suns’ ownership group.
Ultimately, Sarver’s decision to sell won’t go down as infamously as Donald Sterlings’ ouster, but it does clarify that the NBA won’t stand down to allegations of racism and allegations within franchise front offices in the League.