With a new season tipping off in less than two weeks, NBA franchises are as hot a commodity as ever — the latest being the Phoenix Suns.
Mat Ishbia — who led the recent $4 billion purchase of the Suns and the WNBA’s Mercury — could be bringing on new minority investors
The first-year owner has fielded interest from U.S. and international investors, according to Bloomberg. It’s possible the team stakes could already be more valuable than $4 billion.
Already this year, the Washington Wizards saw new investment from the Qatar Investment Authority, which paid about $200 million to purchase about a 5% stake in the team’s parent company, Monumental Sports & Entertainment.
Michael Jordan sold his majority stake in the Charlotte Hornets as part of a deal that valued the team at $3 billion and brought on new limited partners like rapper J. Cole, country music star Eric Church, and sports-focused private equity firm Dyal HomeCourt Partners.
A 10% minority stake in the Golden State Warriors is reportedly up for sale at a price tag of $700 million, valuing the team at $7 billion.
It’s been a busy year for Ishbia, who’s making his mark in Phoenix.
The Suns and Mercury partnered with Gray Television after the bankrupt Diamond Sports Group didn’t make an offer to continue broadcasting games on Bally Sports Arizona.
Meanwhile, Ishbia’s ownership group is spending over $100 million to build a new business headquarters and practice facility for the two teams.