NBA Teams Phoenix Suns And Phoenix Mercury To Be Sold For $4bn

The Phoenix Suns and Mercury are about to be acquired by billionaire Mat Ishbia in a deal that would value the teams at $4 billion (£3.3 billion).

Billionaire Mat Ishbia, potential owner of Phoenix Suns and Mercury.

The potential sale of Phoenix Suns & Phoenix Mercury valued at $4 billion would be a record sale for National Basketball Association (NBA) teams.

Ishbia, a mortgage executive, has reached a preliminary agreement with Robert Sarver, who is selling the NBA teams after being suspended for using racist and sexist language.

“Both teams have an incredibly dynamic fanbase. I have loved experiencing the energy of the Valley,” said Ishbia.

The Phoenix Suns & Phoenix Mercury, are valued at $4 billion thanks to Ishbia’s investment in a controlling stake. This is higher than the $3.3 billion Joe Tsai’s deal for the Brooklyn Nets and Barclays Center in 2019.

Note that Ishbia participated in Michigan State’s 2000 NCAA Championship victory as a bench player while playing college basketball there. The team was led by longtime head coach Tom Izzo.

“Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University,” the billionaire said.

Following his failure to acquire an NFL team the Denver Broncos in August, Ishbia stated in November that he was considering making a bid to purchase the Washington Commanders of American football.

Current Phoenix Suns and Mercury owner Sarver

After being accused of being racist and misogynistic, current Phoenix owner Sarver was judged to have “engaged in conduct that breached normal workplace standards” and was given a $10 million fine and a year’s suspension from basketball in September.

Shortly after, he declared that he was considering selling the business, claiming that it was “the best course of action for everyone.”

After falling to the Dallas Mavericks in the Conference Semifinals last season, the Phoenix Suns are presently ranked fourth in the Western Conference.