What is Mat Ishbia's net worth: Looking at Phoenix Suns' prospective new owner's business empire

This just in! The Phoenix Suns could be under new ownership sooner rather than later. According to reports, United Wholesale Mortgage President and CEO Mat Ishbia is nearing a deal to purchase the team for around $4 billion. The news comes on the heels of a spirited debate surrounding who would take ownership of the franchise from Robert Sarver.

Naturally, fans have been wondering about Mat Ishbia's net worth given that he could wind up paying billions for the franchise. Bloomberg currently estimates his net worth at $5.59 billion, while other outlets have estimated his net worth as high as $11 billion. Ishbia was hired on in 2003 after graduating from Michigan State, and worked his way up over the next ten years until he was named CEO in 2013.

After the company went public last year, his 71% majority stake in the company became worth even more as his fortune grew. Ishbia is more than just a sports fan, however, back in 2000 he was on the Michigan State NCAA Championship team. Before going to work for his father, he allegedly spent time alongside head coach Tom Izzo.

Mat Ishbia's net worth lands him not one, but two teams

The report from Woj didn't give a specific timeline for when the deal would be finalized, however, it sounds like things will be wrapped up sooner rather than later. It's also important to note that the Phoenix Mercury, which Sarver also owns, will be included in Ishbia's buyout.

With Mat Ishbia's net worth being so high, it's no surprise that he has been attempting to purchase a professional sports team for quite some time. According to Woj, Ishbia had been looking into both NBA and NFL teams prior to reaching a deal to buy the Suns.

As the purchase marches closer to being finalized, other hopefuls such as Floyd Mayweather have now seemingly lost out on the opportunity to own an NBA team.