$16 Billion Deal Helped 42-Year-Old Man Overtake Jeff Bezos and Shaquille O’Neal in the Race to Make NBA History

NBA and WNBA teams the Phoenix Suns and the Phoenix Mercury will reportedly have new ownership soon. 42-year-old billionaire Mat Ishbia is set to take over the franchise as the majority stakeholder. Both parties, i.e, Ishbia and current out-going owner Robert Sarver, are currently working on the deal that is expected to be completed soon. Apart from the obvious change in ownership, the mortgage lender is all set to create history in the league for another reason.

Following the Robert Sarver controversy, the Phoenix franchise searched for a new owner for several weeks. During that time, multiple big names had come up as potential buyers. Two of the most interesting names were NBA legend Shaquille O’Neal and Amazon founder Jeff Bezos. For quite a significant period of time, the two made headlines after Shaq talked about a supposed partnership deal.

After Bezos’ name came up as a possible buyer, Shaq stated that he opted out despite having an interest in the deal. Shaq later told TMZ that he didn’t want to compete with Bezos. Although, if Bezos wanted the Big Aristotle on the board, then he was up for it.

READ MORE – Billionaire Jeff Bezos “Scared” Shaquille O’Neal Away from Huge $2.5 Billion Purchase That Could’ve Put Him Alongside Michael Jordan

While such a deal seemingly never took shape, the reported new owner of the Suns and Mercury will still create NBA history, just by becoming an owner.

Meet the youngest owner of an NBA franchise

Mat Ishbia is the billionaire CEO of Michigan-based United Wholesale Mortgage. According to ESPN’s Adrian Wojnarowski, Ishbia and Robert Sarver finalized the deal for a whopping $4 billion. The deal is currently going through the paperwork process which is expected to be complete soon. Once the paperwork is done, Ishbia will also officially become the youngest franchise owner in the league’s history.

“I am extremely excited to be the next Governor of the Phoenix Suns and Mercury. Both teams have an incredibly dynamic fan base and I have loved experiencing the energy of the Valley over the last few months,” said Ishbia.

Ishbia’s brother, Justin Ishbia, who is a co-founder of Shore Capital, will be one of the investors in the franchise.

The multi-billion-dollar SPAC deal

Notably, Mat Ishbia used to be on his college basketball team. Furthermore, Ishbia was a walk-on point guard at Michigan State. Nevertheless, it meant that Ishbia’s decision to buy the Phoenix franchise was not just purely business. While he might not have had a successful basketball career, Ishbia sure does seem to have the skills of a successful businessman. United Wholesale Mortgage was founded in 1986 by Ishbia’s father, Jeff Ishbia.

According to Forbes, several years after Mat Ishbia took over the company, he made the decision to take the company public. In January 2021, Ishbia sold 6% to a SPAC and raised $925 million at a $16 billion valuation. The deal proved to be fruitful for Ishbia as it made him a billionaire with a net worth of around $12.6 billion. Additionally, Ishbia’s brother gained about $4 billion from the deal as well.

WATCH THIS STORY: Shaquille O’Neal’s bizarre pre-game ritual from his magic days

What do you think of the new Phoenix franchise owner? Let us know your thoughts in the comments section below.