Ishbia agrees to buy Suns, Mercury for $4 billion
A person with knowledge of the negotiations says mortgage executive Mat Ishbia has agreed in principle to buy the Phoenix Suns and Phoenix Mercury from embattled owner Robert Sarver for $4 billion.
It's the first step in a process that is expected to take several weeks to complete, according to the person who spoke to The Associated Press on condition of anonymity because neither Ishbia nor the Suns had disclosed the agreement publicly.
Ishbia is chairman, president and chief executive of United Wholesale Mortgage.
He also is a former Michigan State basketball player and a member of the Spartans’ NCAA championship team in 2000.
Sarver was suspended by the NBA in September over workplace misconduct that included racist speech and hostile behavior toward employees.