Phoenix Suns majority owner Mat Ishbia is reportedly facing financial concerns, according to information shared by The Athletic’s Zach Harper on the Basketball Illuminati podcast.
Harper indicated there are rumors questioning the liquidity of Ishbia’s assets, specifically related to his mortgage company, United Wholesale Mortgage (UWM), per Fadeaway World.
Ishbia purchased the Suns for a record $4 billion in February 2023, leveraging shares of UWM, which was founded by his father in 1986. Bloomberg reported that Ishbia pledged more than half of UWM’s outstanding shares, valued at about $4.6 billion, as collateral for loans finalized just before the team’s acquisition.
While Forbes lists Ishbia’s net worth at $7.3 billion, concerns about cash flow could impact his ability to support the Suns at the current luxury tax level. This season, Phoenix paid $152.2 million in luxury tax, the highest in the NBA, raising questions about whether that spending model is sustainable going forward.
Ishbia’s financial situation contrasts with the team’s recent coaching changes and roster uncertainty. After a disappointing 36-46 season that ended with the Suns missing the playoffs, Phoenix hired Cleveland assistant Jordan Ott as head coach. Ott’s appointment comes amid strong rumors that stars Kevin Durant and Bradley Beal may leave, leaving Devin Booker as the team’s lone confirmed cornerstone.
The Suns face a critical offseason with questions about ownership liquidity, player personnel, and coaching direction all in flux.
