Billionaire mortgage lender finalizing purchase of Phoenix Suns, Mercury for NBA record price

Mat Ishbia going through finals steps to purchase Suns and Mercury for $4 billion

(KYMA, KECY/ AP News) - Following a tumultuous couple of months within the Suns and Mercury organizations, a giant step forward was taken Tuesday in the future of the Phoenix franchises.

Billionare mortgage lender Mat Ishbia is finalizing a $4 billion purchase of the franchises, which is a new NBA record - surpassing Joe Tsai's purchase of the Brooklyn Nets in 2019 for $2.3 billion.

Ishbia is reportedly well known and regarded in the league office where he formed relationships with many front office faces. He is also a former college player, winning a national championship as a walk on with Michigan State in 2000.

Ishbia will also become the league's youngest owner, at the age of 42.

Now, the sale won't be made official quite yet. Ishbia will have to undergo a background check and vote of approval from the league's board of governors which is expected to be a formality. 

After a complete investigation into former owner Robert Sarver, which unveiled a toxic workplace culture for the organization, a sale for the franchise was being explored.

Now in a short few weeks, the two franchises may be changing hands.