Robert Sarver is out. And Matt Ishbia is in.
Following a very controversial run as owner of the NBA’s Phoenix Suns and the WNBA’s Phoenix Mercury, Sarver appears to have finally sold the teams for a record price.
According to ESPN, former Michigan State basketball player and current CEO of United Wholesale Mortgage, Matt Ishbia, is set to buy both Phoenix-based basketball teams for a record $4-billion.
The deal is expected to be made official as soon as today, ending Ishbia’s long pursuit to purchase a professional sports franchise. He had previously attempted to purchase NBA and NFL franchises, but to no avail.
While the entire $4-billion purchase price includes the WNBA’s Mercury, the sale of the Suns still marks a new NBA record, beating the previous record of $2.35-billion that was set in 2019, when Joe Tsai purchased the Brooklyn Nets.
With the sale, Sarver will make nearly 10-times his money, as he purchased the Suns from Jerry Colangelo for $401-million back in 2004.
Back in September, Sarver announced his intentions to sell the team after the NBA concluded an investigation into the organization that resulted in the league suspending the Suns’ owner for one year and fining him $10-million.
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Despite the hefty punishment, NBA fans were still outraged by a report that was released earlier this year detailing the racism and misogyny that has taken place within the Suns’ organization under Sarver. Several NBA players, including LeBron James, Draymond Green and Baron Davis, have spoken out against the controversial owner in the time since.
With Sarver’s toxicity now behind them, the Suns and Mercury will move forward with Ishbia, who was a walk-on at Michigan State back in 1998, He would end up playing four seasons with the Spartans, winning a national championship with the team in 2000 while playing in three straight Final Fours.
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