The NBA is expected to approve billionaire mortgage lender Mat Ishbia as the new owner of the Phoenix Suns franchise before the Feb. 9 trade deadline, people familiar with the situation told The Republic.
Ishbia, 42, attended Phoenix’s back-to-back games against Indiana and Memphis last weekend. The Suns won both games.for $4 billion from Sarver on Dec. 20. It typically takes two months for the league to approve a team owner as background checks and financial checks are conducted.
Sarver chose to sell the team in September amid the backlash of criticism over his punishment by the NBA. The league suspended Sarver for one year and fined him $10 million for"workplace misconduct and organizational deficiencies'' found during a 10-month investigation. Ishbia and Sarver hadn’t previously connected before the two were introduced regarding the sale of the team.Ishbia's net worth at $5.1 billion
, which ranks No. 505 in the world, according to the site. He is the chairman and CEO of mortgage lender United Wholesale Mortgage, of which he owns a 71% stake, according to Forbes. The company, based in Michigan, now is called UWM Holdings.
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