Mat Ishbia becomes latest pro sports owner from Michigan
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Mat Ishbia, president and chief executive of United Wholesale Mortgage. Photo courtesy of UWM
Mat Ishbia, the United Wholesale Mortgage billionaire who has been shopping for a pro sports team, is buying the NBA's Phoenix Suns, ESPN reports.
Why it matters: Ishbia joins a suddenly long list of NBA owners with local ties — Dan Gilbert (Cavaliers), Tom Gores (Pistons), Steve Ballmer (Clippers) and the DeVos family (Magic).
- Ishbia's addition could help get the NBA All-Star game to Detroit for the first time since 1959 (the Pontiac Silverdome hosted in 1979).
Driving the news: The former MSU basketball walk-on is expected to pay about $4 billion for the Suns and the WNBA's Phoenix Mercury, the highest-ever purchase price for an NBA team.
- His brother, Justin Ishbia, reportedly will be an investor in the deal.
What they're saying: "It would 100% make sense for Detroit to put themselves forward for hosting an All-Star game," Lisa Delpy Neirotti, sports management expert at George Washington University, tells Axios.
- "They should have the support now with all the ownerships. I see that as a real positive for Detroit."
The intrigue: Ishbia often credits lessons from MSU coach Tom Izzo for the success of his company, Pontiac-based United Wholesale Mortgage.
- He's been pushing to own a pro sports franchise all year. He and his brother were part of a group that bid on the NFL's Denver Broncos, and Ishbia also expressed interest in buying the Washington Commanders.
Between the lines: Whether intentional or not, Ishbia's career is starting to look a lot like mortgage rival and Cleveland Cavaliers owner Dan Gilbert.
- Their companies have not always been friendly.
What's next: Ishbia's background will be checked and the league's board of governors must approve the purchase before he takes over.
- Those processes are expected to be a formality, ESPN reports.