Mat Ishbia became the owner of the Phoenix Suns and its WNBA counterpart, Phoenix Mercury, in December 2022, acquiring both teams for $4 billion from Robert Sarver. This transaction made him the youngest controlling owner in the league at 42 years old, a title he continues to hold today.
The sale was approved by the NBA's Board of Governors in February 2023, and the billionaire did not waste time making his mark.
Taking a more hands-on role, Ishbia swiftly acquired star player Kevin Durant within 48 hours of officially becoming the owner.
In the recent summer, he further orchestrated moves to secure Bradley Beal, rebranded the team's uniforms, and shifted the broadcasting approach by removing games from cable, allowing fans to watch the games for free on local channels. Additionally, he went the extra mile by providing free antennas to fans.
Ishbia is worth $7 billion as of December 2023, according to the latest figure from Forbes.
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Mat Ishbia's Company: United Wholesale Mortgage
Born on January 6, 1980, Ishbia is best known for being the CEO of United Wholesale Mortgage (UWM), the largest wholesale mortgage lender in the United States since 2015.
Under his leadership, UWM has experienced significant growth and has become a major player in the mortgage lending business.
UWM was established by Mat Ishbia's father, Jeff, in 1986 as a side venture while he worked as an attorney. Jeff served as the company's leader until Mat assumed the role of CEO in 2013.
Mat currently possesses a 71% ownership stake in the company, while his brother Justin holds a 22% stake. Justin also serves as alternate governor for the Suns.
UWM's primary competitor is Rocket Mortgage, owned by Cleveland Cavaliers owner Dan Gilbert. The rivalry between the two companies is intense, and Gilbert abstained from voting during the NBA's approval of Ishbia's ownership of the Suns.
Mat Ishbia's Playing Career
Ishbia played college basketball as a walk-on at Michigan State University under coach Tom Izzo from 1999 to 2002. He held the point guard position during his time on the team.
Despite his height of 5-foot-10, making him the shortest player on the squad, Ishbia was part of the Michigan State Spartans team that secured victory in the NCAA Championship during the 1999-2000 season.
Several players from that championship-winning team had NBA careers, including Jason Richardson (who played for the Suns from 2008 to 2010), Morris Peterson, Mateen Cleaves, and Charlie Bell.
After graduating with a Bachelor of Business Administration in 2003, Ishbia joined UWM and has played a significant role in its expansion and success.
In 2021, Ishbia donated $32 million to the school to construct several athletic facilities under the condition that they would be named after Izzo.
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