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UWMC CEO Mat Ishbia set to buy the Phoenix Suns in $4 billion purchase

2
Yahoo Finance Video

Yahoo Finance Live's Dave Briggs reports on UWMC CEO Mat Ishbia's purchase of the Phoenix Suns NBA franchise.

Video Transcript

DAVE BRIGGS: Billionaire mortgage lender Matt Ishbia is planning to buy the Phoenix Suns, according to ESPN's Adrian Wojnarowski. The deal expected to be completed in the near future, according to the report, and could close at an NBA record $4 billion. Now the Suns sale includes the WNBA's Phoenix Mercury, but still dwarfs the next highest NBA purchase ever, which was $2.35 billion for the Brooklyn Nets in 2019.

And the deal is actually in the vicinity of the record sports purchase, which was 4.65 billion for the Denver Broncos recently. So, wow, this is a huge number for an NBA team not in a marquee market. Ishbia, the CEO and president of publicly traded UWMC Holdings, will be buying the Suns from Robert Sarver, who put the team up for sale after an investigation found he created a toxic, hostile work environment.

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