Mat Ishbia


Mat Ishbia


Mathew Randall Ishbia (born in 1980) is an American billionaire businessman who is CEO and chairman of mortgage lender United Wholesale Mortgage. He is the majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA alongside his older brother, Justin.

Early life and education

Ishbia was raised in a Jewish family in Birmingham, Michigan. He played basketball as a walk-on point guard for Michigan State from 1999 to 2002 and was a member of the team that won the national championship in 2000.

Career

In 2013, Ishbia became the CEO of United Wholesale Mortgage, a mortgage lender founded by his father in 1986. In 2015, under his leadership, the company became the leading wholesale mortgage lender in the country. In 2019, Ishbia published his debut book titled "Running the Corporate Offense: Lessons in Effective Leadership from the Bench to the Board Room."

He became a billionaire in 2021 when United Wholesale Mortgage became a publicly traded company. In 2021, Ishbia announced that United Wholesale Mortgage would no longer do business with any broker doing business with competitors Rocket Mortgage and Fairway Independent Mortgage, leading to a lawsuit filed by brokers a month later.

In December 2022, Ishbia's bid was accepted to purchase the NBA's Phoenix Suns and WNBA's Phoenix Mercury basketball teams for $4 billion, pending league approval. The NBA approved the sale on February 6, 2023. Cleveland Cavaliers owner Dan Gilbert, who is also the CEO of Rocket Mortgage, abstained from voting.

During Game 4 of the Suns 2023 playoff series against the Denver Nuggets, Ishbia was involved in an altercation with Nuggets player Nikola Jokić. During the game, Suns player Josh Okogie crashed into the seats while trying to save a loose ball. He landed in a group of fans on the baseline that included Ishbia, who grabbed the basketball. Jokić tried to take the ball away from Ishbia, resulting in the ball flying backward into the crowd and Ishbia being knocked backward by Jokić's elbow. Jokić was then assessed a technical foul and was fined $25,000 the next day.

Forbes lists his net worth as of May 2024 at $10.1 billion USD.

Philanthropy

On February 4, 2021, Ishbia donated $32 million to Michigan State University, the largest one-time commitment from an individual. $20 million of the donation was earmarked for a new Tom Izzo Basketball Building. A month later, on March 12, Ishbia donated $1 million to the V Foundation for Cancer Research. In November 2021, Ishbia agreed to donate an additional $14 million to Michigan State University. He disclosed the donation was to retain head football coach Mel Tucker which was later confirmed through a legal battle to obtain donation records originally denied by MSU through a FOIA.

Personal life

Ishbia is divorced and has three children.

References

External links

  • Inside new Suns owner Mat Ishbia's drive to direct ‘an elite NBA franchise’ in Phoenix
  • Stats at Sports Reference

Text submitted to CC-BY-SA license. Source: Mat Ishbia by Wikipedia (Historical)



 


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