Mat Ishbia Rumors | Hoops Rumors

Mat Ishbia Officially Becomes Suns’ Owner

February 7th, 2023 at 3:11pm CST by Dana Gauruder

FEBRUARY 7: Ishbia has officially completed the purchase of a majority stake in the Suns, the team announced today in a press release.

“This is the culmination of a lifelong dream. I love the game of basketball deeply but it’s so much more than that for me,” he said in a statement. “Throughout my life, basketball has given me a second family, an education, and so much joy. I am honored to be the next steward of this community’s franchises in the Phoenix Suns and Phoenix Mercury and am totally committed to building an incredible organization on and off the floor.”

Ishbia and his group paid $2.28 billion for a 57% stake in the team, sources tell Baxter Holmes of ESPN. That’s the equivalent of a $4 billion valuation. Sarver received $1.48 billion for his 37% stake in the club, Holmes adds.

FEBRUARY 6: Mat Ishbia has been approved by the NBA’s Board of Governors as the Suns’ new owner, according to a league press release. The transaction is expected to close this week.

As Shams Charania of The Athletic tweets, the vote was 29-0 with the Cavaliers abstaining. Dan Gilbert, Cleveland’s owner, is also the majority owner of Rocket Mortgage. Ishbia is the chairman and CEO of United Wholesale Mortgage, which – like Rocket Mortgage – is based in Michigan.

Mat Ishbia and his brother Justin agreed to buy the Suns and the WNBA’s Phoenix Mercury from Robert Sarver at a valuation of approximately $4 billion. Sarver, who was suspended by the league for a year and fined $10MM for behavior that “clearly violated common workplace standards,” subsequently decided to sell his controlling stake in the franchise.

Ishbia reached an agreement with Sarver in December.

Typically, it takes at least a couple months for the NBA to officially approve and complete the sale of a franchise because the process involves extensive criminal, financial, and background checks on prospective buyers, who also have to meet with the NBA’s advisory and finance committees.

Ishbia is reportedly eager for the Suns to seek upgrades prior to Thursday’s deadline and his impact may have already been felt, as Phoenix pursued a trade for Kyrie Irving.

Ishbia’s agreement to buy the Suns will give him control of more than 50% of the franchise, as he and his group are also buying out some of the minority shareholders.

Scotto’s Latest: Reddish, Bucks, Holmes, Russell, Suns

January 28th, 2023 at 10:27am CST by Luke Adams

After reporting earlier in the week that the Knicks had expressed interest in acquiring Bucks guard Grayson Allen in a possible Cam Reddish trade, Michael Scotto of HoopsHype says Milwaukee continues to resist the idea of including Allen in any deal for Reddish.

According to Scotto, the Bucks have instead proposed a trade structure that would be centered around a 2023 second-round pick and salary filler. That “salary filler” could consist of veteran guard George Hill and big man Serge Ibaka, Scotto adds.

As for the second-round pick, the Bucks control both their own 2023 second-rounder and the least favorable of the Cavaliers’ and Warriors’ selections. Both Milwaukee and Cleveland currently have top-seven records, so those picks would both be in the 50s.

Here’s more from Scotto:

Marc Stein previously reported that rival teams were monitoring Kings center Richaun Holmes as a potential buyout candidate if he’s not moved at the trade deadline. However, league sources tell Scotto that a buyout won’t happen for Holmes this season. That’s no surprise — as I previously noted, Holmes is still owed $12MM in 2023/24 and $12.9MM on a ’24/25 player option after this season, while buyouts typically occur when a player is on an expiring deal.
Rival executives still believe that the Timberwolves will explore trading point guard D’Angelo Russell before the deadline, says Scotto. There were rumblings in December that the Heat and Wolves had at least a conversation about a swap involving Russell and Kyle Lowry, according to Scotto, but with Miami playing better, the team isn’t looking to move Lowry at this point.
Former Thunder VP and chief of staff Paul Rivers and former NBA point guard Mateen Cleaves have been mentioned by multiple NBA executives as candidates to join the Suns‘ organization, Scotto reports. Cleaves played with incoming Suns owner Mat Ishbia at Michigan State.

Suns Notes: Ishbia, Ayton, Booker, Payne

January 26th, 2023 at 5:31pm CST by Dana Gauruder

With a change in majority ownership of the Suns franchise imminent, Gerald Bourguet of GoPhnx.com offers a 10-step wish list for incoming owner Mat Ishbia. Some of the items on the list includes improving relationships with employees, resolving the Jae Crowder situation with a trade, and committing to a G League franchise.

We have more on the Suns:

Deandre Ayton indicated during the morning shootaround on Thursday that he’ll play against Dallas tonight, Bourguet tweets. Ayton, officially listed as probable, has missed the last three games due to an illness.
In the latest official update on Devin Booker‘s condition on Wednesday, the Suns said their star guard would be reevaluated in a week. Booker, who is recovering from a left groin strain suffered on Christmas Day, could return to action by the end of the month, John Gambadoro of Arizona Sports 98.7 FM tweets. Gambadoro anticipates Booker will return next week during either the home game against Toronto on Monday or Atlanta on Wednesday.
Cameron Payne missed his 10th straight game on Thursday due to a right foot injury. The team said on Tuesday that he’ll be reevaluated in a week and Payne says he’s not quite ready to play, according to Duane Rankin of the Arizona Republic. “It’s been an awkward feeling,” Payne said. “I just don’t really feel that comfortable. Like I can’t be myself. When I’m able to be myself, that’s when I want to get back out there on the court.”

Suns Sale Expected To Be Finalized Before Trade Deadline

January 25th, 2023 at 6:44pm CST by Luke Adams

6:44pm: Ishbia will be introduced as the Suns’ new owner at a February 8 press conference, tweets Baxter Holmes of ESPN.

11:44am: Mat Ishbia‘s purchase of the Suns from longtime owner Robert Sarver is expected to become official at some point in the next two weeks, ahead of the February 9 trade deadline, according to Baxter Holmes and Adrian Wojnarowski of ESPN.

The expectation is that the NBA’s Board of Governors will hold a vote to ratify the sale in early February, per ESPN’s duo.

Ishbia reached an agreement in December to buy the Suns from Sarver at a valuation of $4 billion. Typically, it takes at least a couple months for the NBA to officially approve and complete the sale of a franchise because the process involves extensive criminal, financial, and background checks on prospective buyers, who also have to meet with the NBA’s advisory and finance committees, according to Holmes and Wojnarowski.

It’s unclear if the process this time around was expedited with the trade deadline around the corner, but if Ishbia does indeed assume control of the team before February 9, it could have major implications for the Suns’ approach to the trade deadline.

For the time being, Sarver still has the final say on certain roster decisions, despite being suspended for a year, but that would no longer be the case once the NBA approves Ishbia’s purchase. There have been rumblings that – under new ownership – the Suns would be willing to take on long-term salary and give up a first-round pick at the trade deadline to make roster upgrades.

Ishbia’s agreement to buy the Suns will give him control of more than 50% of the franchise, according to Holmes and Wojnarowski. Sarver’s stake in the team wasn’t that substantial, but Ishbia and his group are also buying out some of the minority shareholders.

Suns Notes: Ishbia, S. Lee, Johnson, Okogie

January 21st, 2023 at 6:26pm CST by Arthur Hill

Mat Ishbia isn’t officially the new owner of the Suns yet, but his presence at courtside for Thursday’s game reinforced the idea that a new era is starting in Phoenix, writes Duane Rankin of The Arizona Republic. It was the first time the billionaire mortgage lender has attended a game since reaching an agreement to purchase the team last month, and the players were happy to have him there.

“He’s a cool guy,” Ish Wainright said. “I look forward to meeting him, picking his brain about not just basketball, but about business. I want to get to know him.”

Ishbia is still awaiting league approval on his $4 billion purchase, a process that Rankin notes typically takes about two months. Once the sale is official, the franchise can move on from current owner Robert Sarver, who was pressured to sell the team after being suspended for a year and fined $10MM for creating a toxic work environment. Coach Monty Williams believes Sarver shouldn’t be judged too harshly for his actions.

“Robert did a lot for this team, he did a lot for this city, he did a lot behind the scenes that people will never know about,” Williams said. “It was an unfortunate ending … but now as we turn the page, you start to look forward to what can be with the team with new ownership.”

There’s more from Phoenix:

Saben Lee is thrilled to get a second 10-day contract, Rankin tweets. Although Lee saw consistent playing time in his first four games with the Suns, averaging 11.3 points, 3.8 assists and 2.5 rebounds in 21.8 minutes per night, he didn’t take a second deal for granted. “When you expect things in this league, it usually doesn’t go the way you want it to,” Lee said.
Cameron Johnson, who played 22 minutes Thursday in his return to action following meniscus surgery on his right knee, will sit out Saturday’s game due to injury management, tweets Gerald Bourguet of PHNX Sports.
Josh Okogie, who suffered a broken nose Monday when Deandre Ayton accidentally elbowed him in the face, will be able to play Saturday night after clearing his final concussion evaluation, according to Bourguet (Twitter link).

Suns Notes: Ishbia, Lee, Paul, VanVleet

January 19th, 2023 at 8:32pm CST by Dana Gauruder

Brothers Mat and Justin Ishbia reached an agreement last month to purchase a majority stake in the Suns and the WNBA’s Mercury. Ishbia attended Phoenix’s game against Brooklyn on Thursday and is already influencing the team’s approach to the trade deadline, Shams Charania said on The Rally (video link).

“I’m told since Mat Ishbia and his announcement that he’s going to take over the Suns’ ownership has come out, the Suns have actually informed teams that they’re willing to move a first-round pick and potentially take on salary long-term for good players,” Charania said.

We have more on the Suns:

The team will have to make a decision on Saturday whether to offer Saben Lee another 10-day deal. Coach Monty Williams strongly endorses keeping Lee on the roster, Gerald Bourguet of GoPhnx.com tweets. “I’m hopeful to keep him around, because he brings something that we need,” Williams said. Entering Thursday’s game, Lee had appeared in three games with Phoenix, averaging 10.0 points and 3.0 assists in 19 minutes per game.
The Suns decided to sit Chris Paul on Thursday even though he practiced on Wednesday, Duane Rankin of the Arizona Republic tweets. “He did everything yesterday. It was just a decision that was made,” Williams said. It was Paul’s sixth consecutive missed game due to a hip issue.
Phoenix has been mentioned as a potential free agent destination for Raptors guard Fred VanVleet but as Bourguet explains in detail, that doesn’t seem feasible. The Suns don’t have the cap space to sign VanVleet in free agency and would have to blow up the roster to do a sign-and-trade. Trading for him before next month’s deadline in an attempt to re-sign him to max money also seems unwise, given their salary issues, especially if Paul remains on the roster as the starter.

Certain Suns Roster Moves Require Robert Sarver’s Approval

January 3rd, 2023 at 11:39am CST by Luke Adams

Suns owner Robert Sarver isn’t involved in the franchise’s day-to-day operations as he serves the one-year suspension handed down by the NBA in September. He’s also in the process of selling the team to billionaire Mat Ishbia, so it’s just a matter of time until he’s not part of the organization at all.

However, according to ESPN’s Brian Windhorst (Insider link), Sarver will still likely have the final say on certain Suns roster moves before he surrenders control of the club.

As Windhorst explains, Ishbia’s purchase of the franchise is unlikely to receive official approval prior to this season’s February 9 trade deadline. Until Ishbia formally takes over, the guidelines regarding Sarver’s involvement with the team call for the longtime Suns owner to sign off on any deals involving a player whose salary is worth more than the NBA’s average player salary, sources tell ESPN.

The estimated average salary for the 2022/23 season is $10,792,000, while top Suns trade candidate Jae Crowder is earning just $10,183,800. But the provision calling for Sarver’s approval on a roster move involving a player earning more than the league average includes the associated luxury tax costs, according to Windhorst. Phoenix’s team salary is currently well into the tax.

While the specifics aren’t entirely clear, Windhorst says that just about any trade involving Crowder will require Sarver’s sign-off. Acting governor Sam Garvin still has the ability to approve smaller deals without Sarver’s involvement, but Crowder has long been considered the Sun most likely to be moved. The veteran forward has been away from the club all season as president of basketball operations James Jones attempts to find a suitable trade.

As Windhorst acknowledges, if the sale of the Suns is approaching the finish line by the time a trade is sent to ownership for approval, Ishbia could end up having a significant voice in the process, despite not technically being the controlling owner yet. After all, there would be little incentive for Sarver to veto a deal that the incoming owner is fine with, since Ishbia will be the one on the hook for the end-of-season luxury tax payments.

Still, Windhorst suggests that the Suns’ “ownership morass” has been a factor in the slow-moving Crowder process, since the front office has had to attempt to negotiate possible deals while not having any contact with the person who could ultimately make the final decision.

Bucks’ Lasry Reportedly Looking To Sell Stake In Team

December 28th, 2022 at 3:03pm CST by Luke Adams

Bucks co-owner Marc Lasry is actively looking to sell his stake in the franchise, Marc Stein reports on Substack.

Stein referenced the possibility of a shake-up within the Bucks’ ownership group earlier this week, writing that “whispers have been circulating with increasing frequency” that Lasry could be open to selling his share of the team. His latest report suggests in strongest terms that it’s something to keep a close eye on in 2023.

Sources tell Stein that Lasry may end up selling his stake to his co-owner, Wes Edens, which would allow Edens to assume full controlling ownership of the franchise.

However, Lasry is also open to other options, according to Stein, who notes that The Ringer’s Bill Simmons recently reported on his podcast that Mat Ishbia spoke to Lasry about purchasing his stake in the Bucks before reaching an agreement to buy the Suns from Robert Sarver.

The Suns’ sale to Ishbia has led to speculation that we could see more NBA franchises – or minority stakes – change hands in the near future. The Suns were valued at $4 billion in that sale agreement, well above the $2.7 billion estimate Forbes published in the fall. With a new media rights deal around the corner and the possibility of expansion looming, the prices of NBA teams appear to be on the rise, which could make it a good time for current majority and minority stakeholders to cash out.

Forbes valued the Bucks at $2.3 billion in October, but presumably Lasry would be able to secure a higher valuation if he were to sell his portion of the team. He and Edens – along with a handful of minority investors, including Jamie Dinan – purchased the club from Herb Kohl for a reported sale price of $550MM in 2014.

Suns Notes: Crowder, Booker, Okogie, Ishbia

December 23rd, 2022 at 12:39pm CST by Luke Adams

A rival general manager who spoke to Steve Bulpett of Heavy.com doesn’t think that Suns forward Jae Crowder has helped himself by sitting out the season as he waits to be traded.

“He just didn’t show up,” the GM said. “He said he’s not playing unless he gets a contract extension that he wants. I think a lot of teams are turned off by that in and of itself. Like, ‘What? You don’t want to play for one of the best teams in the NBA and prove that you’re worth it so you can get a contract next year? Like, you’re not that good, bro. What are you doing?’ It’s a weird dynamic. It’s one thing if Kevin Durant‘s holding out because he’s not getting paid enough, but Jae Crowder? Seriously?

“I just don’t understand this, and I’m not alone. … He just had to play the year and show that he’s a great leader and has a great attitude.”

Crowder has been on the trade block for at least the last three months and the Suns have yet to find a deal they like. That doesn’t surprise Bulpett’s source — the GM suggested that the trade market for the 32-year-old forward hasn’t been particularly hot.

“Phoenix is leaking all sorts of things out there periodically, but I think it’s mostly just to try to stir up some interest,” he said.

Here’s more on the Suns:

The Grizzlies may be getting some reinforcements when they visit Phoenix on Friday night, but the Suns will once again be without their leading scorer. Devin Booker has been ruled out for a third consecutive game due to groin soreness, writes Duane Rankin of The Arizona Republic.
Cameron Payne (right foot strain) will also be unavailable on Friday, but one or both of Jock Landale (concussion protocol) and Josh Okogie (right hip soreness) could return. They’re both listed as questionable. Okogie told reporters today that he feels good, but will wait until closer to tip-off to make a final decision (Twitter link via Gerald Bourguet of PHNX Sports).
Jeremy Cluff of The Arizona Republic takes a look at what fans should know about Mat Ishbia, who is poised to assume control of the Suns and become the NBA’s youngest team owner at age 42. Meanwhile, Kent Somers of The Arizona Republic observes that simply not being Robert Sarver will work in Ishbia’s favor as he makes a first impression on Suns fans. Even before the investigation into his workplace misconduct and his subsequent suspension, Sarver wasn’t especially popular among fans in Phoenix due in part to his reputation for thriftiness.

Sarver Reaches Agreement For Sale Of Suns, Mercury

December 20th, 2022 at 6:15pm CST by Arthur Hill

6:15pm: Sarver has issued a statement, confirming that an agreement has been reached between him and brothers Mat and Justin Ishbia regarding the purchase of the majority stake in the Suns and WNBA’s Mercury, Charania tweets. The agreement values the Suns and Mercury at $4 billion.

The deal involves more than 50% ownership of the team, including all of Sarver’s interest, and a portion of the interest of minority partners. Mat Ishbia will serve as governor, while Justin Ishbia will serve as alternate governor, pending league approval.

12;05pm: Mat Ishbia, a billionaire mortgage lender, is finalizing a deal to buy the Suns, reports ESPN’s Adrian Wojnarowski. Ishbia will pay about $4 billion, according to Wojnarowski, which would be a record price for an NBA team. The WNBA’s Phoenix Mercury will also be part of the deal, Woj adds.

Ishbia is chairman and CEO of United Wholesale Mortgage, which is based in Michigan, and he has a net worth of $5.1 billion, per Forbes. He played college basketball at Michigan State from 1999 to 2002 and won a national championship in 2000. He was part of a group that tried to buy the NFL’s Denver Broncos earlier this year, according to Mike Florio of NBC Sports.

Mat’s brother, Justin Ishiba, will be “a significant investor” as well and will serve as an alternate governor for the team, sources tell Shams Charania of The Athletic (Twitter link).

Current Suns owner Robert Sarver decided to sell the team in September following a lengthy investigation into workplace conditions. The NBA suspended Sarver for a year and fined him $10MM for behavior that “clearly violated common workplace standards.”

The law firm of Wachtell, Lipton, Rosen & Katz, which conducted the investigation, determined that Sarver had used racially insensitive language in the workplace, made inappropriate comments about female employees and treated workers in general in a “demeaning and harsh” manner.

In a statement issued when he decided to sell the Suns, Sarver said he “deeply” regrets the comments he made to employees and vowed to “work on becoming a better person.” He also expressed disappointment at not being able to return to running the team and “make amends” for his behavior.

Sarver purchased the Suns in 2004 for $401MM, so he will realize a huge profit from the sale. The current record price for an NBA team is $2.35 billion, which Joe Tsai paid for the Nets in 2019. As Wojnarowski notes, the Lakers sold a minority share based on a $5 billion valuation, but that deal only involved a small portion of the team’s ownership changing hands.

Although Sarver only owned about one-third of the Suns’ shares, he has the authority to sell the team in full as its managing partner, sources tell ESPN. Mat Ishbia will have to undergo a background check and his purchase of the franchise will be subject to a vote by the NBA’s Board of Governors, but that’s expected to be a formality, per Wojnarowski.

Luke Adams contributed to this story.