Phoenix Suns and Phoenix Mercury owner Robert Sarver, who was practically forced into selling his teams due to an NBA investigation and backlash from sponsors, is officially about to cash in despite his transgressions.
Because of course he is.
On Tuesday, Shams Charania of The Athletic and Stadium reported that Mat Ishbia, a former walk-on at Michigan State and billionaire mortgage lender, is purchasing the Suns and Mercury for $4 billion. The purchase puts an end to Sarver’s tumultuous tenure as owner, which started in 2004 and has had no shortage of controversies.
If you’re looking for a timeline of the events that led to the transaction, it goes a little something like this. In November of 2021, ESPN’s Baxter Holmes wrote an article about the Suns organization and Sarver’s promotion of a toxic workplace culture — prompting the NBA to open an investigation. In September of 2022, the NBA announced Sarver would be suspended, leading to sponsors and fellow owners calling for him to sell his teams. Later that month, Sarver relented and announced the teams would be up for sale. On Tuesday, they were reportedly sold.
The purchase price, which is said to be around $4 billion, would be the highest price paid for an NBA team, and the second highest in the history of North American sports — behind the Denver Broncos’ sale earlier this year.
