Owning two professional basketball teams will not detract from Mat Ishbia's focus on running United Wholesale Mortgage, he said.
Calling it "a lifelong dream of mine," Ishbia, along with his brother Justin, will acquire the majority ownership of the Phoenix Suns of the National Basketball Association and the Phoenix Mercury of the Women's National Basketball Association for $4 billion.
The deal is pending approval from the NBA. The transaction includes the entirety of the 30% stake held by Robert Sarver, the embattled managing partner of Suns Legacy Holdings, as well as a portion of the ownership interests of the minority partners.
"This amazing opportunity in no way changes anything for UWM or my life here in the metro Detroit area," Ishbia said in his own statement released after the deal was announced. "I will continue to live and raise my three children here, continue building UWM day to day alongside the current leadership team, stay rooted in the local community and advocate for independent mortgage brokers nationally."
Investors may be a bit skeptical. The stock price of UWM Holdings fell on Tuesday afternoon
Ishbia, a walk-on for the Michigan State Spartans
When the transaction is completed, Mat Ishbia will become the governor of the Suns and Justin Ishbia its alternate governor. Justin Ishbia is making "a significant investment" in the team, the press release announcing the transaction said.
"The success and growth of the wholesale channel is my passion as well as building great organizations and I'm looking forward to bringing my passion and expertise to the Phoenix Suns and Mercury organization as well as the Phoenix community," Ishbia said in his statement.
