By Duane Rankin | AZ Central
BROOKLYN – Mat Ishbia grew up in Birmingham, Mich., wanting to be an NBA player.
Now he owns a team.
The billionaire mortgage lender has received final transaction approval from the NBA to become the majority team owner of the Phoenix Suns and WNBA’s Phoenix Mercury. The NBA announced late Monday its Board of Governors approved the sale. Sources informed The Republic the team owners voted 29-0 for approval, with Cleveland abstaining.
Ishbia bought the two franchises for a record $4 billion. The 43-year-old is chairman, president and CEO of Michigan-based United Wholesale Mortgage, the leading mortgage lender in America.
“We are going to make it the elite NBA franchise and that’s the goal,” Ishbia said. “Why not us.”