Mat and Justin Ishbia have taken a big step in the world of professional sports, becoming the controlling owners of the Phoenix Suns and Phoenix Mercury. The brothers have an impressive estimated net worth of $12.6 billion and $4 billion respectively, and they have purchased the teams at a record cost of $4 billion. Mat, at 42 years old, will become the youngest controlling owner in the NBA.
The Ishbia brothers owe their success to their father, Jeff. He started a variety of businesses, including a mortgage company, which Mat and Justin later took over. The brothers were able to grow their business to the point where they were issuing more than $1 billion in mortgages each month and earning $100 million in profits annually in 2015. After that, the brothers went public by launching a special purpose acquisition company and are now looking to capitalize on the record revenue brought in by the NBA through sponsorships and advertising.
The Ishbia brothers' purchase of the Phoenix Suns and Phoenix Mercury is a great example of a family business succeeding. It is also a testament to the potential of the NBA, as the brothers have paid a record price to become owners of the teams. It will be interesting to see what the Ishbia brothers can do to build the Suns and Mercury into successful franchises.