Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns and the WNBA's Mercury for a record price of $4 billion, sources told ESPN on Tuesday.
The deal, expected to be announced as soon as Tuesday, will end the tumultuous tenure of owner Robert Sarver.
Ishbia is well-known and well-regarded within the league office, including with commissioner Adam Silver, and has developed relationships with a number of NBA owners. He will have to undergo a background check and a vote of approval from the board of governors, but that's expected to be a formality, sources said.