Sources: Mat Ishbia finalizing Suns purchase for $4 billion

Billionaire mortgage lender Mat Ishbia is finalizing a purchase of the Phoenix Suns and 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.

Justin Ishbia, a founding partner in Shore Capital, will make a significant investment and serve as alternate governor, sources told ESPN.

The Suns' record sale marks a new day in the escalating valuations of NBA teams. Joe Tsai bought the Brooklyn Nets for an NBA-record $2.35 billion in 2019. Prior to that sale, Tilman Fertitta purchased the Houston Rockets for $2.2 billion in 2017, with Steve Ballmer buying the LA…