Phoenix Suns Owner Mat Ishbia Faces Pressure to Sell NBA Franchise
The Phoenix Suns are facing uncertainty after owner Mat Ishbia's financial issues with his company, United Wholesale Mortgage, have put him under pressure to sell the franchise. Ishbia purchased the Suns from Robert Sarver for $4 billion in 2023, promising to lead the team to a championship.
What happened?
Ishbia used UWM stock to secure his purchase of the Suns in 2023, but the stock has dropped significantly since then. According to reports, Ishbia put up roughly $4.6 billion of UWM stock as collateral with JPMorgan, but those shares are now worth just $1.15 billion. This means that Ishbia has no choice but to repay the JPMorgan loans with cash, which could force him to sell equity stakes in his sports teams.
Why it matters for Phoenix Suns
The difference between Ishbia and Mark Walter, who was forced to sell his LA Lakers franchise, is that Ishbia's potential debts are a fraction of the size of Walter's. However, one bank is after Ishbia, and it's unclear how much direct cash he could have access to right now. Ishbia might have already taken home about $6 billion in cash personally from his business, but he would still need to repay roughly $2.3 billion in remaining loans to the bank.
What comes next?
Ishbia was trying to find ways to become the sole owner of the Suns, but the financial pressure might force him to reconsider his plans. He currently owns 87% of the team and has aggressively pursued purchasing the remaining 13% from Scott Seldin and Andy Kohlberg. Ishbia's passion for basketball, which dates back to his days as a D1 NCAA player for Michigan State, might make it difficult for him to sell the franchise.
The Phoenix Suns' recent form has been poor, with a record of 1-4 in their last five games, including a 122-131 loss to the Oklahoma City Thunder on April 28, 2026. The team's struggles on the court might be compounded by the uncertainty surrounding Ishbia's ownership.
It remains to be seen how Ishbia will navigate this financial crisis and whether he will be forced to sell the Suns. One thing is certain, however: the future of the franchise hangs in the balance.
