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Phoenix Suns coming under new ownership, sources say

ESPN reports that billionaire mortgage lender Mat Ishbia is finalizing a purchase of the team.

PHOENIX — The Phoenix Suns may have a new owner soon: a former college walk-on turned billionaire.

Mortgage lender Mat Ishbia is reportedly in the final stages of purchasing the team, according to reports from ESPN.

Ishbia was a walk-on of the Michigan State basketball team, which went on to win the NCAA men's basketball championship in 2000. He would then go on to join United Wholesale Mortgage (UWM), founded by his father, and would later be named chairman and CEO.

Forbes estimates Ishbia has a net worth of $5.1 billion.

The purchase would be the final nail in the coffin for the team's connection to former owner Robert Sarver, who announced he would be selling the team after the NBA released the findings of an investigation on Sarver reported multiple instances of alleged workplace racism and sexism.

The 43-page long report was made up of interviews with 320 people, including people who worked under Sarver during his 18-year tenure with the team.

READ MORE: Six things you need to know about the NBA's report on Robert Sarver

Arizona sports

The city of Phoenix is home to five major professional sports league teams; The NFL's Arizona Cardinals, NBA's Phoenix Suns, WNBA’s Phoenix Mercury, MLB's Arizona Diamondbacks and NHL's Arizona Coyotes.

The Cardinals have made the State Farm Stadium in Glendale their home turf and the Footprint Center in downtown Phoenix is home to both the Suns and the Mercury. The Indoor Football League’s Arizona Rattlers also play at the Footprint. Phoenix has a soccer team with the USL's Phoenix Rising FC.

The Valley hosts multiple major sporting events on a yearly basis, including college football's Fiesta Bowl and Cactus Bowl; the PGA Tour’s highest-attended event, the Waste Management Phoenix Open; NASCAR events each spring and fall; and Cactus League Spring Training.

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