by The Phoenix Suns have reportedly found a buyer to buy out the struggling franchise months after current team owner Robert Sarver was suspended for one year and fined $10 million.
Billionaire mortgage lender executive Mat Ishbia and the Suns are finalizing the purchase, which would include the WNBA’s Phoenix Mercury, ESPN reported Tuesday. The deal is expected to be worth around $4 billion. Ishbia was said to have been interested in buying a sports franchise in recent years.
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The Suns logo during the game against the Orlando Magic on November 10, 2017 at Talking Stick Resort Arena in Phoenix, Arizona.
(Michael Gonzales/NBAE via Getty Images)
Ishbia is the CEO of United Wholesale Mortgage. He has been praised for his role in growing the company from 12 to about 7,000 people and for generating nearly $108 billion in mortgage originations, according to his profile on the company’s website. According to Forbes, his net worth is around $5.1 billion.
Sarver was suspended for one season and fined $10 million following the NBA’s investigation into claims he ran a toxic environment of racism and misogyny.
The NBA said in a statement that an independent investigation found Sarver “engaged in conduct that clearly violated common workplace standards, as reflected in team and league rules and policies. This conduct included the use of racially insensitive language; unequal treatment of female employees; sex-related statements and conduct; and harsh treatment of employees that at times amounted to bullying.”
Suns owner Robert Sarver during the playoff game against the New Orleans Pelicans at the Footprint Center in Phoenix, Arizona on April 19, 2022.
(Mark J. Rebilas-USA Today Sports)
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The initial allegations came to light in an ESPN report last year.
NBA commissioner Adam Silver dismissed calls to force Sarver to sell the team. Sarver would then come to his own conclusion to explore the sale.
News of the deal came a day after more Suns executives were accused of fostering a toxic work culture, including CEO and Chairman Jason Rowley.
Suns guard Chris Paul reacts to a foul during a Mavericks game at the American Airlines Center in Dallas on May 8, 2022.
(Jerome Miron-USA TODAY Sports)
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Phoenix is currently No. 3 in the Western Conference with a 19-12 record. The team reached the NBA Finals in 2021 only to lose to the Milwaukee Bucks.
