The Phoenix Suns haven’t had a lot go right for them lately, and there’s more bad news coming now. The Athletic’s Zach Harper revealed on the Basketball Illuminati podcast that the Suns’ majority owner, Mat Ishbia, is struggling in terms of liquid cash.
“People have no idea what money is,” Harper said. “… There were rumors within the last year that the Suns [ownership] might not have money. Ishbia might not have cash… There’s questions about his business [United Wholesale Mortgage] and how liquid it was.”
Ishbia purchased the Suns from Robert Sarver for $4 billion in February 2023. He was able to pull that off thanks to his company, United Wholesale Mortgage, which was founded by his father, Jeff, in 1986. According to Bloomberg, Ishbia pledged shares worth $4.6 billion.
“Mat Ishbia, the new owner of the Phoenix Suns, pledged more than half of mortgage giant UWM Holdings Corp.’s outstanding shares to secure loans before buying the NBA team for a record $4 billion.
“Ishbia, UWM’s chairman and chief executive officer, pledged stock he controls currently worth about $4.6 billion to back two loans that were finalized days before his purchase of the Suns was approved.”
Ishbia joined UWM after graduating from Michigan State. He would succeed his father as President and CEO in 2013, and the company would grow tremendously under his leadership. UWM became the largest mortgage lender in the United States in 2024, and Ishbia was lauded for his acumen.
It would appear, though, that all might not be well behind the scenes. According to Forbes, Ishbia does have a net worth of $7.3 billion, so this is not a dire situation as such, but a concerning one.
One wouldn’t think that money is really a problem for Ishbia, as the Suns paid the most luxury tax in the NBA this season at $152.2 million. That might not be a sustainable approach, though, and it will be interesting to see what happens moving forward.
This isn’t the only big news involving an Ishbia that has come out lately. Mat’s brother, Justin, CEO and Founder of Shore Capital Partners, has “reached a long-term investment agreement with Jerry Reinsdorf that establishes a framework for him to obtain a future controlling interest in the [Chicago] White Sox.”
Justin is the second-largest shareholder and Alternate Governor of the Suns. You’d reckon the brothers aren’t getting out of the ownership business anytime soon.
While what’s happening at the upper level would be troubling for Suns fans, they’d be more worried about what has been happening on the court. The team finished with a 36-46 record in 2024-25 and missed the playoffs.
Kevin Durant appears to be on his way out, while the Suns do not want Bradley Beal to return. Devin Booker seems to be the only big name that’s still going to be on the team next season, and another disappointing season awaits Phoenix.
