Mat Ishbia agrees to Suns purchase for record $4 billion

Billionaire mortgage lender Mat Ishbia has agreed to purchase the majority stake of the Phoenix Suns and the WNBA's Mercury for a record price of $4 billion

The deal will end Sarver's tumultuous tenure.

Ishbia is well-known and well-regarded within the league office, including with commissioner Adam Silver, and has developed relationships with a number of NBA owners.

Justin Ishbia, Mat Ishbia's brother and a founding partner in Shore Capital, will make a significant investment and serve as alternate governor.

"I am extremely excited to be the next Governor of the Phoenix Suns and Mercury," Mat Ishbia said in a statement.

Ishbia's acquisition of more than 50% of the teams will include all of Sarver's interest plus a portion of that of minority partners.