The NBA’s Phoenix Suns are about to be sold…to some guy you’ve never even heard of. ESPN’s Adrian Wojnarowski reported Tuesday afternoon that a sale is being finalized that would transfer the team from current embattled owner Robert Sarver to Mat Ishbia, the billionaire head of Pontiac, Mich.-based United Wholesale Mortgage. Ishbia played on the 2000 NCAA champion Michigan State University team.
The deal is reportedly worth somewhere in the $4 billion range, which would put it in the vicinity of the most recent sale of an American sports team. The Denver Broncos were sold in August to a group that includes finance executive Mellody Hobson, former Secretary of State Condolezza Rice, and Formula 1 driver Lewis Hamilton for $4.65 billion, a record sale for a North American team. Read more.
