Mat Ishbia reportedly buying Phoenix Suns and Mercury in record $4bn sale

Mortgage executive Mat Ishbia has agreed in principle to buy the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4bn, a person with knowledge of the negotiations told the Associated Press on Tuesday.

It is the first step in a process that is expected to take several weeks to complete, according to the person, who spoke to the AP on condition of anonymity because neither Ishbia nor the Suns had disclosed the agreement publicly.

If the sale closes at $4bn, it would be the largest purchase in NBA history. Joe Tsai bought the Brooklyn Nets and Barclays Center for $3.3bn in 2019, and Tilman Fertitta purchased the Houston Rockets for $2.2bn in 2017.

The only other NBA franchise known to be sold for $2bn or more was the Los Angeles Clippers, when Steve Ballmer acquired that team in 2014.

Shortly afterward, Sarver announced that he would be looking to sell the Suns and the Mercury.

Ishbia has been mentioned before as a possible buyer of pro franchises, and he is a prominent Michigan State donor. He helped fund the $95m deal that the Spartans gave football coach Mel Tucker last year. He played in 48 games for Izzo during his time as a walk-on guard in East Lansing.