United Wholesale Mortgage CEO Mat Ishbia and brother Justin have reportedly joined a group bidding for the Broncos, according to Denver TV station 9News.
The group includes Alec Gores, the brother of Detroit Pistons owner Tom Gores, and Greek-American billionaire investor Dean Metropoulos.
Ishbia and Gores working together on the Broncos bid comes as no surprise after United Wholesale went public in 2021 via a reverse merger with blank-check company Gores Holdings, which valued the combined entity at $16 billion.
- The sale price for the Broncos will be “at least $5 billion,” according to ProFootballTalk.
- Gores, Metropoulos, and the Ishbia brothers have a combined net worth of $10 billion, per Forbes.
The trio faces stiff competition in their bid for the Broncos.
Earlier this week, five ownership groups bidding for the team reportedly submitted proposed amendments to the sale contract after their lawyers were asked to mark up the agreements before any exclusive negotiations are determined.
The groups include a consortium led by Philadelphia 76ers part-owner Josh Harris and another that includes Rob Walton, heir to Walmart founder Sam Walton, whose net worth is $60 billion.
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Mat Ishbia, who won a national championship in 2000 under Tom Izzo at Michigan State, is up against fellow Spartan in Earvin “Magic” Johnson, who has joined Harris’ bidding group.
Johnson owns stakes in the Los Angeles Dodgers, Los Angeles Lakers, and Los Angeles FC.
