Early Tuesday morning, it was announced that the Phoenix Suns were finalizing a deal with billionaire Mat Ishbia to purchase the franchise.
With this purchase, Ishbia would become the youngest owner in NBA history at age 42.
Mat is currently the CEO of United Wholesale Mortgage, which currently has a market cap of over $6 billion. At first, UWM only had 12 employees, however, this number has grown to over 7,200.
Joe Pompliano released an excellent thread on Twitter describing the details surrounding Ishbia’s personal life and rise to riches.
Mat Ishbia is purchasing the Phoenix Suns for $4 billion.
He'll instantly become the NBA's youngest owner (42).
But he also throws epic Christmas parties, takes care of his employees, and has an intense business rivalry with Cavaliers owner Dan Gilbert.
Here are the details 👇 pic.twitter.com/oyTaSGJIWG
— Joe Pompliano (@JoePompliano) December 20, 2022
This deal was the largest in NBA history, topping the previous record of $3.3 billion set by Joe Tasi and the Brooklyn Nets.
The Suns’ complete value jumped from $1.8 billion all the way to $4 billion in less than a year and a half.
Appears that Mat Ishbia would crack the top-10 of the NBA's wealthiest owners.
(source: Forbes) pic.twitter.com/EmxmlnOBhj
— Joey Artigue (@Joey_Artigue) December 20, 2022
And fans love this opportunity to really expand this franchise exponentially, given the money that is available.
The Suns suddenly have deep pockets. Mat Ishbia (Networth $5.59B) and Justin Ishbia (Networth $2.2B) now own the team. pic.twitter.com/Rus1REidCf
— Inside the Sun (@_insidethesun) December 20, 2022
Mat Ishbia is about to be the Phoenix Suns’ new owner. Seems like an ideal NBA owner, given his financial resources and love of and connections to the game. https://t.co/DsaHqg5xte
— Graham Couch (@Graham_Couch) December 20, 2022
Ishbia got some shoutouts from some pretty big names, including Hall of Famer Magic Johnson.
Johnson had some big praise for Mat; they played together at Michigan State and won the national championship in 2000.
What a time for Michigan sports fans! Ferris State won the DII Football Championship, the Lions won 6 of their last 7 games, a Spartan & one of the most successful entrepreneurs in the state Mat Ishbia bought the Phoenix Suns, & the school in Ann Arbor is in the CFP top four lol!
— Earvin Magic Johnson (@MagicJohnson) December 20, 2022
It is an exciting time to be a Phoenix Suns fan, and the future is looking extremely bright in the valley.