(Bloomberg) — Mat Ishbia, the billionaire chief executive officer of United Wholesale Mortgage, agreed to buy a majority stake in the Phoenix Suns in one of the biggest deals in National Basketball Association history.

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The deal involves more than 50% ownership of the Suns and the WNBA’s Mercury and values the teams at $4 billion, according to a statement confirming earlier reports by Bloomberg News and others. It includes the entire stake of current owner Robert Sarver, as well as a portion of holdings by minority partners.

Ishbia is buying the teams with his brother, Shore Capital Managing Partner Justin Ishbia, according to the statement. Mat Ishbia will serve as governor and Justin Ishbia will be alternate governor.

Sarver said in September that he was seeking buyers for the teams as he faced pressure to step down after an NBA investigation found he used racist slurs and harassed female employees.

‘The Right Leader’

“Mat is the right leader to build on franchise legacies of winning and community support and shepherd the Suns and Mercury into the next era,” Sarver, who acquired control of both teams in 2004, said in the statement.

If approved by the NBA and team owners, the deal would rank in the top tier of pro basketball deals. That would be alongside Alibaba Group Holding Inc. co-founder Joe Tsai’s $3.3 billion purchase of the Brooklyn Nets and the Barclays Center in 2019.

It’s been a banner year for sports team sales. A group led by Rob Walton bought the National Football League’s Denver Broncos for $4.65 billion in June, the most ever paid for a US professional sports team. Todd Boehly led a consortium that purchased Chelsea FC of the English Premier League for £4.25 billion ($5.2 billion).

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Mat Ishbia, 42, is worth $5.3 billion, according to the Bloomberg Billionaires Index. His personal fortune has fallen about $2 billion this year.

Spartans Walk-On

He was a walk-on basketball player at Michigan State University under famed coach Tom Izzo. In 2021 he donated $32 million to his alma mater, which at the time was the school’s largest-ever one-time commitment from a single person.

“Basketball is at the core of my life, from my high school days as a player to the honor of playing for Coach Izzo and winning a national title at Michigan State University,” Ishbia said in the statement. “I’ve spent the last two decades building my mortgage business, United Wholesale Mortgage, into the No. 1 mortgage lender in America and I’m confident that we can bring that same level of success to these great organizations on and off the floor.”

Sarver selected Moelis & Co. to run a sale of the Phoenix franchises as criticism mounted from mega NBA stars including LeBron James and Chris Paul.

The Mercury’s players include Brittney Griner, who was freed from a Russian prison this month.

Basketball legend Earvin “Magic” Johnson, who also attended Michigan State, said on Twitter that he had spoken with Ishbia.

“He’s going to do great things not only for the Suns organization, but for the entire league,” Johnson said. “All of the other 29 NBA teams better watch out because Mat’s a winner!”

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