Biography & Early Wealth Journey

The deal represents the highest valuation ever paid for an NBA team but it is not the most amount of money spent by an individual to become an owner. Houston Rockets owner Tillman Fertitta spent $2.2 billion on the Houston Rockets in 2017, and in 2019, Joe Tsai bought the parent company of the Brooklyn Nets and Barclays Center for $3.3 billion. In both cases, those owners were buying larger stakes in their respective teams.

Robert Sarver (Christian Petersen/Getty Images)

Perhaps the most interesting part of this story is Mat Ishbia's basketball history. He played as a walk-on at Michigan State, appearing in 48 games throughout his career and winning a national title during the 1999-00 season. He's now president and CEO of United Wholesale Mortgage. He still has ties to Michigan State, donating $32 million to the school earlier this year. He also has three former Michigan State teammates working for him, including former NBA guard Mateen Cleaves.

Primary Income Streams & Multi-Million Contracts

Before the Suns and Mercury opportunity came along, Ishbia had been trying to buy an NFL team, most recently displaying an interest in the Washington Commanders. And here's a fun fact: after this purchase, Ishbia is worth more than Michael Jordan, LeBron James, Shaquille O'Neal, and Dwyane Wade, guys who have played more than 60 collective years in the NBA.

The move from college walk-on to NBA owner is pretty impressive. While Ishbia's dad started the company, Ishbia has been largely responsible for developing the company into the behemoth it is today.

The Suns, who reached the NBA Finals in 2020, are still among the top teams in the league. If they can get over the hump and win a title this year — their first in franchise history — that would be a cool full-circle moment for Ishbia.

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