It was in the air since Tuesday, it is now official. The Phoenix Suns franchise will be sold to 42-year-old American businessman Mat Ishbia for a record $4 billion. The takeover also includes the Phoenix Mercury women’s team of Brittney Griner, the American superstar released from prison in Russia last month.
“Mat is the ideal leader to build on the club’s DNA of success (…) and guide the Suns and Mercury into the next era,” current owner Robert Sarver said in a statement. The deal, which will see Ishbia and her brother Justin become majority owners, still requires League approval to be fully validated. “It’s a dream come true for my entire family, including my parents, my three children and my brother Justin, who will make a significant investment with me and bring his incredible business acumen and shared passion for basketball,” said said Mat Ishbia.
The current owner Robert Sarver had been banned from the NBA for a year and ordered to pay 10 million dollars after a resounding controversy triggered by his racist and misogynistic remarks and his management based on bullying vis-à-vis his employees. Sarver said in September he would sell the franchise after NBA stars like LeBron James and Chris Paul said the penalties for him were too light. Major sponsors had also claimed they would not renew contracts with the Suns and Mercury as long as Sarver remained involved.
A rising valuation of NBA franchises
Earlier in the day, Magic Johnson had mentioned in a tweet the plan to buy Ishbia, a former basketball player who played like him under the colors of the Michigan State Spartans, the United States champion university team in 2000. “Had a great chat with my fellow Spartans Mat Ishbia congratulating him on his purchase of the Phoenix Suns,” the basketball legend tweeted. “He’s going to do great things not just for the Suns, but for the whole league. The other 29 NBA teams better watch out, because Mat is a winner! added Magic Johnson.
The $4 billion deal confirms an increased valuation of NBA clubs, already seen in the sale of the Los Angeles Clippers for $2 billion in 2014, the Houston Rockets for $2.2 billion in 2017 and the Brooklyn Nets for $2.35 billion in 2019. NBA franchises are doing well!
