UWM's Mat Ishbia reportedly buying the Phoenix Suns

UWM Holdings Chairman and CEO Mat Ishbia has reportedly entered into an agreement to purchase the National Basketball Association's Phoenix Suns for a record $4 billion, according to ESPN.

Currently Robert Sarver, who has come under fire for allegations of racism and misogyny, placed the Suns up for sale. He owns about a third of the franchise, but has the authority to sell the team in full, sources told ESPN. 

Calls to UWM and the Suns have not been returned at press time.

After news of the potential sale broke, UWM's common stock, which was trading at $4.13 per share at 12:10 eastern time on Tuesday, fell to $3.78 at closing, near its low point for the day.

Previously, Ishbia was a bidder for the Denver Broncos, along with his brother Justin and Alec Gores, who was behind the special purpose acquisition company that took UWM public.

A Securities and Exchange Commission filing from April said Ishbia owned over 94% of UWM's Class A publicly traded common stock and 100% of the Class D that gives him 10 votes per share, but he is limited to 79% voting power.

The ESPN report lists Justin Ishbia as a partner and alternative governor for the Suns. Whether Alec Gores is a part of this deal isn't clear as he is the brother of Detroit Pistons owner Tom Gores.

Justin Ishbia serves on UWM's board. He owns 1,000 shares in the company but also has a nonvoting 23% interest in a related company, SFS Corp.

In 2021, UWM became the uniform sponsor of the Pistons. In addition, former Pistons player Isiah Thomas is on UWM's board.

Ishbia's ties to basketball and sports in general are well-known. He was a walk-on for the Michigan State Spartans 2000 national champions, and explored a career in coaching before returning to his family's mortgage business.

When name, image and likeness payments became available for college athletes, UWM sponsored Michigan State players, first on the men's basketball and football teams, and then on the women's basketball and volleyball teams.

Published reports state Ishbia is also helping fund football coach Mel Tucker's 10-year $95 million contract extension.

In addition, owning a NBA team puts Ishbia on par with another MSU backer, Dan Gilbert, the majority shareholder in Rocket Cos., and the owner of the Cleveland Cavaliers.

The Detroit-area rivals have been feuding for the past couple of years. In the third quarter, UWM moved ahead of Rocket as the nation's No. 1 mortgage originator.