Phoenix Suns' sale price of $4 billion sets NBA record: All you need to know

The Phoenix Suns of the NBA and Phoenix Mercury of the WNBA are set to be sold to United Wholesale Mortgage CEO Mat Ishbia, according to multiple sources.

Ishbia made his fortune in mortgage lending and has an estimated net value of $5.1 billion. ESPN journalist Adrian Wojnarowski broke the news on Tuesday. The reported sale is set to be confirmed in the coming days with details about the finances of the deal also expected. If the rumored $4 billion valuation is true, it will make the sale the most expensive in the history of the NBA and the second most-expensive sale in the history of North American sports.

The Denver Broncos sold for a whopping $4.65 billion earlier this year. Mat Ishbia had earlier been rumored to be in the running to buy the NFL’s Washington Commanders. However, his reported purchase of the Suns is set to result in his name being taken out of the running to acquire the Commanders.

This article looks at everything that is known about the sale so far.

Phoenix Suns to be sold to Mat Ishbia for an NBA record $4 billion

The sale of the Phoenix Suns will comprehensively be the second most expensive price for which a North American sports franchise. If the reported price is true, the ranking of teams according to sale price will be as follows:

1, $4.6 billion, Denver Broncos

2, $4 billion, Phoenix Suns

3, $2.4 billion, New York Mets

4, $2.35 billion, Brooklyn Nets

5, $2.275 billion, Carolina Panthers.

Current Phoenix Suns owner Robert Sarver had put both of his Phoenix-based teams, the Suns and the WNBA's Phoenix Mercury, for sale earlier this year. The sale followed an investigation finding the two teams to be sexually and racially insensitive workplaces.

The $4 billion price also includes the WNBA team.

Mat Ishbia’s company has a market capitalization of more than $6 billion.

Ishbia has some basketball experience. He was a walk-on for Michigan State's national championship team in 2000. He played 48 games in three seasons, totaling of 28 points and 13 assists.

Most NBA teams are currently valued much less than $4 billion. The Brooklyn Nets are valued at $3.3 billion, with Houston Rockets having the second-highest valuation of $2.2 billion. Of course, prospective sales tend to have a higher value than the valuation, and if another NBA team is sold, it can also be expected to command a similar price.