Mat Ishbia faces major losses at his company, UWM, but, despite raised questions, reports suggest his ownership of the Phoenix Suns is secure. Bolstered by personal wealth and distributions, Ishbia is currently buying out minority shareholders rather than selling the club.
Phoenix Suns owner Mat Ishbia is dealing with major problems at United Wholesale Mortgage, the company that helped build his fortune, but that does not appear likely to force him to sell the NBA franchise.
According to Joe Pompliano of The Huddle Up, Ishbia used loans backed largely by his UWM stock to help finance his $4 billion purchase of the Suns and Phoenix Mercury in 2023.
Since then, UWM's stock price has fallen by more than 70%, while the company recently reported a roughly $600 million loss and had to bring in new outside funding.
That combination has led to questions about whether Ishbia could eventually need to sell part of his sports holdings to raise cash.
Nick Richards, Phoenix Suns
Nick Richards, Phoenix Suns
Why a Suns sale still looks unlikely
Pompliano argues that Ishbia's personal financial situation is much stronger than UWM's problems might suggest.
Ishbia and his family have received billions of dollars in distributions from UWM over the years, giving him significant personal liquidity. He has also personally committed additional money to help stabilize the company.
UWM has publicly pushed back against speculation that Ishbia's ownership of the Suns is in danger, saying the remaining balance on his loans could be paid off at any time.
Perhaps most importantly, Ishbia is reportedly moving in the opposite direction of a sale. He is finalizing a deal to buy out the remaining minority shareholders in the Suns and Mercury, which would increase his family's ownership stake to nearly 99%.
Pompliano's main conclusion is therefore simple: Ishbia has a serious UWM problem, but not necessarily a Suns problem. For now, there is little indication that he will be forced to sell the franchise.
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