Phoenix Suns owner Mat Ishbia is in 'zero' danger of having to sell the team in the coming months, despite his company's recent $452 million quarterly loss, sources say. Ishbia is in the process of buying out longtime Suns and Phoenix Mercury minority owners Scott Seldin and Andy Kohlberg, bringing his family's total ownership to essentially 99%, a source said.
What happened?
The financial breakdown will have Mat Ishbia at 78% ownership of the franchise; his brother, Justin, at 20%; and his father, Jeff, at 1%, a source said. Companies owned by Seldin and Kohlberg now own approximately 14% of the teams, but a legal fight between them appears to be on a path toward settlement. Ishbia bought the Suns and Mercury from Robert Sarver for a then-record $4 billion during the 2022-23 season.
Why it matters for Phoenix Suns
Recent losses for Ishbia's United Wholesale Mortgage, Inc., along with the drama surrounding the pending sale of the Los Angeles Lakers, has kept NBA ownership in the spotlight this offseason. UWM suspended its quarterly dividend and reported about $452 million in losses for the second quarter of 2026. It also announced a $2.05 billion capital partnership with Oaktree Capital Management. The proceeds will be used to repay existing debt, according to Nicole Roberts, a UWM spokesperson.
What comes next?
The Suns begin the 2026-27 regular season on the road Oct. 21 against the Portland Trail Blazers. Phoenix is coming off a 45-win season and a playoff appearance. Player 15 Group announced Aug. 18 the Suns would have the largest exterior LED videoboard for an NBA and WNBA arena placed outside of Mortgage Matchup Center's plaza entrance. Measuring 226 feet wide by 41 feet tall, the 9,266-square-foot installation is a multi-million-dollar project, a source informed The Republic on Aug. 18.
And, as of Aug. 24, 2026, the Phoenix Suns are coming off a 5-game losing streak, with their last result being a 122-131 loss to the Oklahoma City Thunder on Apr. 28, 2026.
Ishbia could pay off the $700 million loan from JP Morgan at any time, but keeping the debt is helpful for tax purposes, a source said. JP Morgan isn’t in a rush for Ishbia to pay it back, either, the source said. The stock market has typical peaks and valleys, and a rise could address UWM’s recent losses.
The Suns' recent form has been poor, with a record of 0W-0D-5L (LLLLL, most recent first) in their last 5 games. The team will look to bounce back in the new season, with a strong roster and a new LED videoboard to boost their home advantage.
In a statement, Ishbia said, "We want everyone who visits Mortgage Matchup Center to have a memorable experience, and that starts the moment they arrive." The new LED videoboard is a key part of this vision, providing a state-of-the-art experience for fans and players alike.
The Suns' ownership situation is now stable, with Ishbia's family set to own 99% of the team. This should provide a sense of security for the team and its fans, as they look to build on their recent success and compete for a championship in the years to come.
