The NBA approved the bid led by Mat Ishbia, CEO of mortgage lender United Wholesale Mortgage, to purchase the Phoenix Suns, a league source confirmed Monday to The Detroit News.
Ishbia, a former walk-on for the Michigan State basketball team and avid supporter, had long sought to buy a professional sports team, including bids for the Washington Commanders and Denver Broncos in recent years. The purchase also includes the Phoenix Mercury of the WNBA.
A vote by the NBA’s Board of Governors approved the sale, 29-0, with the Cleveland Cavaliers — owned by Dan Gilbert of rival Rocket Mortgage — abstaining.