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

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The deal will end Sarver's tumultuous tenure.

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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.

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

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

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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.

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