The sale of the and the to billionaire mortgage lender Mat Ishbia is expected to be finalized within the next two weeks, according to .
The NBA owners will reportedly ratify Ishbia’s purchase during a vote in early February, which puts Ishbia on track to assume control of team operations before the NBA trade deadline on Feb. 9.
Ishbia from ousted team owner Robert Sarver a month ago at a $4 billion valuation. That number was confirmed in ESPN’s report and set up the sale to become the highest in league history. Sarver announced he would sell the Suns and Mercury in September after the NBA following a 10-month investigation into claims of workplace misconduct.
Ishbia has been the CEO and chairman of United Wholesale Mortgage since 2013, when he took over for his father. He took the company public last year at a valuation of $16.1 billion. At 43 years old, Ishbia will be the youngest owner in the NBA — narrowly beating out 44-year-old Memphis Grizzlies owner Robert Pera.
Suns head coach Monty Williams told reporters he spoke with the team’s future owner after Ishbia attended Phoenix’s home game this past Friday. Williams called it “great for the team, the organization and the community to have someone like Mat in place.”