The Phoenix Suns have faced a turbulent season, and now, concerns about their ownership’s financial stability are adding to the uncertainty.
According to Zach Harper of The Athletic, whispers have emerged suggesting that Mat Ishbia, the Suns’ majority owner, might not have the cash flow many assumed he had when he purchased the team. Questions have also surfaced regarding the liquidity of his business, United Wholesale Mortgage (UWM), which played a crucial role in his acquisition of the franchise.
Ishbia bought the Phoenix Suns from former owner Robert Sarver in February 2023 for a record $4 billion. His ability to secure the deal was largely tied to UWM, the mortgage company founded by his father, Jeff Ishbia, in 1986. Under Mat’s leadership, UWM became the largest mortgage lender in the United States by 2024, earning him praise for his business acumen.
However, reports indicate that Ishbia pledged more than half of UWM’s outstanding shares—valued at $4.6 billion—to secure loans before finalizing the Suns purchase. While this allowed him to complete the transaction, it has raised concerns about how much liquid cash he actually has.
Despite these rumors, the Suns have not shied away from spending. They paid the highest luxury tax in the NBA this season, totaling $152.2 million. However, analysts question whether this aggressive spending is sustainable, especially given the financial uncertainty surrounding Ishbia’s business.
While Forbes estimates Ishbia’s net worth at $7.3 billion, liquidity concerns remain. If UWM faces financial difficulties, it could impact Ishbia’s ability to fund the Suns at a competitive level.
The Suns are already dealing with on-court struggles, finishing the season with a 36-46 record and missing the playoffs. With Kevin Durant reportedly on his way out and Bradley Beal’s future uncertain, the franchise is at a crossroads.
If the rumors about Ishbia’s financial situation prove true, the Suns may need to rethink their long-term strategy, particularly when it comes to big-money contracts and luxury tax spending.
