Another American sports franchise has been sold for yet another record price.
Mat Ishbia, a billionaire mortgage lender, is finalizing the purchase of the Phoenix Suns and the WNBA's Phoenix Mercury for $4 billion, a record for an NBA team, sources told ESPN's Adrian Wojnaroski on Tuesday.
Ishbia, president and CEO of United Wholesale Mortgage, a Michigan-based company, was a walk-on for Michigan State and part of the Spartans' 2000 national championship team.
The sale, which could be approved as early as Tuesday, would end the tumultuous Robert Sarver era for the Suns, which dates to 2004 when Sarver bought the team from Jerry Colangelo.