The NBA and WNBA Board of Governors approved the sale of the Phoenix Suns and Phoenix Mercury to businessman Mat Ishbia for $4 billion. This acquisition is the most expensive in NBA history. The new owner dedicated a few words after fulfilling his dream of joining the exclusive fraternity of NBA and WNBA owners:
Honored & grateful to achieve a life-long dream today by officially becoming the new owner of the @Suns and @PhoenixMercury. Truly excited to do great things with these two franchises, our business team, and our amazing fans for decades to come. https://t.co/U8RomWBFIm
— Mat Ishbia (@Mishbia15) February 7, 2023
The Phoenix Suns and Mercury also celebrated the acquisition.
“This is the culmination of a lifelong dream. I love the game of basketball deeply but it’s so much more than that for me."
Mat Ishbia has completed the acquisition of the controlling ownership interest in the Phoenix Suns and Phoenix Mercury. pic.twitter.com/kgoKYQMEtv
— Phoenix Suns (@Suns) February 7, 2023
“This is the culmination of a lifelong dream. I love the game of basketball deeply but it’s so much more than that for me."
Mat Ishbia has completed the acquisition of the controlling ownership interest in the Phoenix Suns and Phoenix Mercury. pic.twitter.com/nMldn22wxr
— Phoenix Mercury (@PhoenixMercury) February 7, 2023
The Suns had been for sale since September. The previous owner, Robert Sarver, owned the franchises for nearly 19 years. He led an investment fund that acquired the franchise for $401 million in 2004.
On the verge of 55 years of history, the Phoenix Suns are opening a new chapter in their story. They have never won an NBA championship, although they do have three conference titles to their credit. Basketball legends such as Charles Barkley, Shaquille O'Neal and Steve Nash have all donned the purple and orange.
Phoenix Suns: a record sale
The Phoenix Suns' sale price is a new record for an NBA franchise, surpassing that of the Brooklyn Nets in 2019, when Chinese businessman Joe Tsai bought the team for 2.35 billion. The Nets' sale surpassed that of the Houston Rockets in 2017 ($2.2 billion) and the Los Angeles Clippers in 2014 ($2 billion).
One of the NBA's most storied franchises, the Los Angeles Lakers, entered into an acquisition deal valuing the team at $5 billion, but the purchase was only partial, unlike that of the Suns.
