Top Ad
I DIG Radio
www.idigradio.com
Listen live to the best music from around the world!
I DIG Style
www.idigstyle.com
Learn about the latest fashion styles and more...

NBA approves sale of Suns, Mercury to Ishbia

Written by 
Published in Basketball
Tuesday, 07 February 2023 04:33

The NBA board of governors has approved the sale of the Phoenix Suns and the WNBA's Mercury to billionaire mortgage lender Mat Ishbia, the NBA announced Monday night.

The transaction is expected to close Tuesday, sources told ESPN.

Ishbia was approved as the Suns' new governor by a 29-0 vote, league sources said, with the Cleveland Cavaliers abstaining from the vote.

The Cavaliers are owned by Dan Gilbert, who runs Rocket Mortgage. Ishbia owns United Wholesale Mortgage. The two companies are considered the top two largest mortgage lenders in America and have a fierce rivalry.

Ishbia is buying a 57% controlling stake for $2.28 billion, sources said, with Robert Sarver selling his 37% stake for $1.48 billion. Even after taxes, Sarver is expected to clear nearly double the amount that he and a group paid for the team in 2004 -- then a record $401 million from former Suns owner Jerry Colangelo.

Of the Suns' nearly 20-member ownership group under Sarver, there are only four minority partners who are retaining their full stake in the team, with their shares comprising nearly a quarter of the team. The rest of the ownership group sold 25% of their shares at the $4 billion valuation, the maximum amount allowed under the terms of the sale.

Ishbia's approval comes as he is slated to be introduced by the Suns as early as Wednesday in Phoenix, sources said.

Sarver sold the team and the Phoenix Mercury in the wake of a 10-month NBA investigation into his conduct as owner. That investigation came after a 2021 ESPN report that centered on Sarver's conduct during his tenure as majority owner, which began in 2004.

Ishbia ascends to his post as Thursday's NBA trade deadline nears, with the Suns expected to be aggressive in helping upgrade a roster that reached the NBA Finals in 2021 and posted the NBA's best regular-season record in 2021-22 before falling in the second round to the Dallas Mavericks.

Read 204 times

Soccer

Fermín signs new Barça deal with 500m clause

Fermín signs new Barça deal with 500m clause

EmailPrintOpen Extended ReactionsBarcelona have rewarded Fermín López's early-season form with a new...

Bundesliga leaders Leipzig will put Dortmund's faith in Şahin to the test

Bundesliga leaders Leipzig will put Dortmund's faith in Şahin to the test

EmailPrintOpen Extended ReactionsBorussia Dortmund have again dominated the German football headline...

Messi: Had to reinvent my style due to age, MLS

Messi: Had to reinvent my style due to age, MLS

EmailPrintOpen Extended ReactionsLionel Messi acknowledged he has reinvented his style of play since...

2026 FIFA


2028 LOS ANGELES OLYMPIC

UEFA

2024 PARIS OLYMPIC


Basketball

Jazz's Markkanen (back spasms) sits vs. Spurs

Jazz's Markkanen (back spasms) sits vs. Spurs

EmailPrintOpen Extended ReactionsSALT LAKE CITY -- Utah Jazz forward Lauri Markkanen sat out Thursda...

Sources: Lakers decline option on Hood-Schifino

Sources: Lakers decline option on Hood-Schifino

EmailPrintOpen Extended ReactionsThe Los Angeles Lakers are declining the third-year rookie option o...

Baseball

Rays' Franco sexual abuse trial to begin Dec. 12

Rays' Franco sexual abuse trial to begin Dec. 12

EmailPrintOpen Extended ReactionsTampa Bay Rays shortstop Wander Franco's trial in the Dominican Rep...

Passan: How the World Series champion Dodgers validated their era of dominance

Passan: How the World Series champion Dodgers validated their era of dominance

EmailPrintOpen Extended ReactionsNEW YORK -- Two days before the Los Angeles Dodgers' postseason beg...

Sports Leagues

  • FIFA

    Fédération Internationale de Football Association
  • NBA

    National Basketball Association
  • ATP

    Association of Tennis Professionals
  • MLB

    Major League Baseball
  • ITTF

    International Table Tennis Federation
  • NFL

    Nactional Football Leagues
  • FISB

    Federation Internationale de Speedball

About Us

I Dig® is a leading global brand that makes it more enjoyable to surf the internet, conduct transactions and access, share, and create information.  Today I Dig® attracts millions of users every month.r

 

Phone: (800) 737. 6040
Fax: (800) 825 5558
Website: www.idig.com
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Affiliated