NEW YORK: Mortgage executive Mat Ishbia has agreed in principle to buy a majority stake of the Phoenix Suns and Phoenix Mercury from the embattled owner Robert Sarver for $4 billion, the sides announced Tuesday.
The sale is expected to take several weeks to complete. Ishbia — who is chairman, president and chief executive of United Wholesale Mortgage, which bills itself as the nation’s largest mortgage lender — will be subjected to a vetting process by the NBA, and once that is complete, the league’s board of governors will have to approve the sale.
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