Billionaire mortgage lender Mat Ishbia’s majority stake purchase of the Phoenix Suns and Phoenix Mercury is expected to transition into official effect in the next two weeks, sources told ESPN’s Adrian Wojnarowski and Baxter Holmes.
With the said timeline, Ishbia is very much expected to take over as the new governor of both franchises before the Feb. 9 trade deadline. The NBA’s Board of Governors is anticipated to approve his purchase in the early part of the said month.
Should he finally become the owner, Ishbia will have the full authority of the two teams as the majority owner, with expectations going in that he will be a hands-on owner in terms of constructing the club.
In the meantime, Robert Sarver remains in charge of the overall operations of the Suns which includes approval in trades, signings, and player acquisitions.
Last December, it was announced that Ishbia bought the Suns and Mercury franchises for $4 billion from Sarver. Sarver ultimately decided to sell the teams due to public pressure after being found guilty of workplace misconduct and suspended by the league.
The Suns are currently seventh in the Western Conference with a 25-24 record.