The Phoenix Suns and Mercury are about to be acquired by billionaire Mat Ishbia in a deal that will value the teams at $4 billion.
Mortgage executive Ishbia has made a deal in principle with Robert Sarver, who is selling after being suspended for racist and sexist behaviour.
“Both teams have an incredibly dynamic fanbase. I have loved experiencing the energy of the Valley,” said Ishbia.
The deal would set a record for the highest purchase of an NBA team.
Ishbia’s investment in a controlling stake in the Suns and WNBA side the Mercury values the franchise at $4bn, more than the $3.3bn price tag that Joe Tsai’s deal put on the Brooklyn Nets and Barclays Center in 2019.
Ishbia played college basketball at Michigan State and was a fringe player in the team’s NCAA Championship win under the long-serving coach Tom Izzo in 2000.
Writing by Muzha Kucha