United Wholesale Mortgage CEO Mat Ishbia is seeking investors for the Phoenix Suns and Mercury basketball teams. Numerous reports say Ishbia is entertaining both US and international investors, with his sights set on becoming a minority owner. He is currently the majority owner.
The specifics of ongoing exploratory conversations remain under wraps and no agreements have been made yet.
In February, Ishbia completed a $2.28 billion purchase of a 57% controlling stake in the NBA’s Suns and the WNBA’s Mercury, valuing them at $4 billion. He pledged more than half of UWM’s shares to secure loans before completing the acquisition.
Last week, Isbhia announced that he’s spending over $100 million to build a dedicated practice facility for the Mercury and a downtown campus for Suns and Mercury employees. In the eight months he’s owned the team, he’s added All-Stars Kevin Durant and Bradley Beal, reworked the team’s local TV package and updated the arena’s concessions.
Ishbia’s new focus is a new 123,000-square-foot development that includes space for company offices and more than 58,000 square feet (5,400 square meters) solely dedicated to the Mercury practice facility.
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