Mat Ishbia’s transaction for the purchase of the Phoenix Suns and Phoenix Mercury has been approved by the NBA, the league confirmed Monday. Its statement says the transaction is expected to close this week.
Yahoo! Sports’ Vincent Goodwill and The Athletic’s Shams Charania first reported the news.
Arizona Sports’ John Gambadoro reports Ishbia and his brother, Justin, will own 57% of the team for the payment that values the Suns at $4 billion and that it should close by the end of business on Tuesday. Three minority owners from the current ownership group of the team, including Jahm Najafi, will not be selling any of their shares. Many of the remaining partners, however, are selling 25% of their stakes, which will triple their initial investments. Only one minority owner has sold the entirety of their stake.
Outgoing owner Robert Sarver’s stake is 37% and puts the payment for his chunk at roughly $1.5 billion.
The timing of the move is critical, as the NBA’s trade deadline is on Thursday. A deal for the Suns could shift their luxury tax bill, and Mat Ishbia signing off on a larger payment would give Phoenix more possibilities in potential acquisitions.