Mortgage executive Mat Ishbia has agreed in principle to buy a majority stake of the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, the sides announced Tuesday.
If the sale closes at $4 billion, it would be the largest purchase in NBA history. Joe Tsai bought the Brooklyn Nets and Barclays Center for $3.3 billion in 2019, and Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017. Forbes recently listed Ishbia’s net worth at $5.1 billion.
The board isn’t scheduled to meet until March, though it could convene virtually if the vetting process is completed beforehand.
The only other NBA franchise known to be sold for $2 billion or more was the Los Angeles Clippers to Steve Ballmer in 2014.
AP