The Phoenix Suns and Mercury are about to be acquired by billionaire Mat Ishbia in a deal that would value the teams at $4 billion (£3.3 billion).
Ishbia, a mortgage executive, has reached a preliminary agreement with Robert Sarver, who is selling after being demoted for using racist and sexist language.
“Both teams have an incredibly dynamic fanbase. I have loved experiencing the energy of the Valley,” said Ishbia.
The deal would set a new record for buying an NBA team.
The Suns and WNBA team the Mercury are valued at $4 billion thanks to Ishbia’s investment, which is higher than the $3.3 billion Joe Tsai’s transaction valued the Brooklyn Nets and Barclays Center at in 2019.
Ishbia participated in the team’s 2000 NCAA Championship victory under longtime coach Tom Izzo while playing collegiate basketball for Michigan State.
“Basketball is at the core of my life, from my high school days as a player to the honour of playing for Coach Izzo and winning a national title at Michigan State University,” he added.