Breaking: Matt Ishbia's $4 billion Phoenix Suns and Mercury purchase to be official in next 2 weeks

Back in December, news broke of Mortgage Lender tycoon Matt Ishbia agreeing to buy the Phoenix Suns. It was unclear when the deal was going to be finalized, but new developments have emerged regarding the sale.

According to ESPN's Adrian Wojnarowski, the sale of the Phoenix Suns to Matt Ishbia is set to be official in two weeks' time. The new majority owner is set to take over just before the Feb. 9 trade deadline. Since the initial reporting, the price has remained the same at $4 billion.

The Phoenix Suns were one of the NBA's top teams when the deal was first agreed upon, but have been trending in the wrong direction. Currently, they are one game over .500 (25-24) and sit in seventh place in the Western Conference standings.