Quick Facts: Mat Ishbia / Phoenix Suns
| Owner | Mat Ishbia (Principal Owner & Chairman) |
| CEO / Leader | Mat Ishbia (Chairman); Josh Bartelstein (President) |
| Founded | 1968, Phoenix, Arizona |
| Headquarters | Phoenix, Arizona, USA |
| Ownership Type | Private (franchise); Ishbia’s UWM Holdings trades as UWMC |
| Stock Ticker | N/A (Suns); NYSE: UWMC (Ishbia’s business) |
| Publicly Traded | No (Suns) |
Who is Mat Ishbia and How Did He Buy the Phoenix Suns?
Mat Ishbia is the current owner and chairman of the Phoenix Suns (NBA) and Phoenix Mercury (WNBA), having purchased the franchise in February 2023 for approximately $4 billion — one of the largest transactions in professional sports history at that time. Ishbia is the CEO of United Wholesale Mortgage (UWM), the largest wholesale mortgage lender in the United States, which operates through its publicly traded parent company UWM Holdings Corporation (NYSE: UWMC). His personal wealth, derived from building UWM into America’s top mortgage lender, gave him the financial firepower to close one of the NBA’s landmark ownership deals.
The sale of the Suns was forced by the departure of previous owner Robert Sarver, who agreed to sell following an NBA investigation that found he had engaged in workplace misconduct, including the use of racial slurs and inappropriate treatment of employees over his 18-year ownership tenure. The investigation by former U.S. Attorney General Eric Holder resulted in a suspension and $10 million fine for Sarver, who subsequently announced he would sell the team rather than serve the suspension. Sarver’s ownership group had paid approximately $401 million for the franchise in 2004, and the $4 billion sale price represented a near-10x return over his tenure.
Ishbia’s purchase closed in February 2023 with NBA owners voting to approve the transaction. He brought his younger brother Justin Ishbia — a managing partner at Shore Capital Partners — into the ownership group as a co-investor. Mat Ishbia has been an energetic presence at courtside since taking over, and he moved quickly to reshape the roster and management team in search of his first championship as an owner.
About Mat Ishbia
Mat Ishbia grew up in Michigan and played basketball at Michigan State University under legendary coach Tom Izzo, where he was a walk-on who earned a scholarship and won a national championship with the Spartans in 2000. That basketball background — and his close relationship with Coach Izzo — has deeply informed his ownership approach, emphasizing team culture, player relationships, and competitive drive. After graduating, Ishbia joined his father Jeff Ishbia’s mortgage company, United Shore Financial Services, and eventually rose to become CEO. Under his leadership, United Shore rebranded as United Wholesale Mortgage and grew to become the country’s largest wholesale lender, processing hundreds of billions in mortgage volume annually.
UWM went public through a Special Purpose Acquisition Company (SPAC) merger in January 2021 under the ticker UWMC on the New York Stock Exchange. The company’s public listing provided a clearer picture of Ishbia’s net worth, which Forbes has estimated in the range of $4–6 billion. His purchase of the Suns was financed through his personal wealth and the financial resources built through UWM’s success in the mortgage market.
Key Ownership Highlights
- Mat Ishbia purchased the Phoenix Suns and Phoenix Mercury in February 2023 for approximately $4 billion — one of the largest franchise sales in NBA history. The deal was valued at roughly 10 times what previous owner Robert Sarver paid for the team in 2004.
- Ishbia built his wealth as CEO of United Wholesale Mortgage (UWM), the largest wholesale mortgage lender in the United States. UWM went public through a SPAC merger in January 2021 (NYSE: UWMC), and Ishbia retains majority control of the company.
- As a former walk-on basketball player at Michigan State, Ishbia won an NCAA national championship with the Spartans in 2000. His playing experience and personal relationship with coach Tom Izzo have shaped his hands-on, basketball-first ownership philosophy.
- The $4 billion sale price for the Suns was driven by the forced sale of previous owner Robert Sarver, who was sanctioned by the NBA following a league investigation into workplace misconduct. The NBA’s action and Sarver’s subsequent decision to sell rather than serve a suspension opened the door for Ishbia’s bid.
- Ishbia moved aggressively to reshape the Suns’ roster after taking over, making significant trades and pursuing star players. His ownership tenure has been marked by high investment and high ambition, consistent with his track record of aggressive growth strategies in the mortgage business.
Frequently Asked Questions
Who owns the Phoenix Suns?
Mat Ishbia is the principal owner and chairman of the Phoenix Suns and Phoenix Mercury. He purchased both franchises in February 2023 for approximately $4 billion. Ishbia built his wealth as CEO of United Wholesale Mortgage (UWM), the largest wholesale mortgage lender in the U.S.
Is Mat Ishbia publicly traded?
The Phoenix Suns franchise itself is not publicly traded. However, Ishbia’s primary business, UWM Holdings Corporation (the parent of United Wholesale Mortgage), trades on the NYSE under the ticker symbol UWMC.
Why did the Suns sell to Mat Ishbia?
The Suns were sold because previous owner Robert Sarver faced an NBA investigation that found evidence of workplace misconduct and the use of racial slurs. Sarver was suspended and fined, then chose to sell the team rather than serve the suspension. The league approved Ishbia’s $4 billion purchase in February 2023.
Did Mat Ishbia play basketball professionally?
No, but Mat Ishbia played college basketball as a walk-on at Michigan State University, where he won an NCAA national championship under coach Tom Izzo in 2000. His college playing experience and relationship with Izzo remain central to his identity as a sports owner.
