Mat Ishbia has offered to purchase the Phoenix Suns for $4 billion.
Mat Ishbia, a billionaire mortgage lender, has offers to purchase the Phoenix Suns and the WNBA's Mercury for a record $4 billion.
If sale takes place, the team will be transferred from current owner Robert Sarver to Mat Ishbia. Ishbia was a member of Michigan State University's NCAA championship team in 2000.
Denver Broncos were sold in August for $4.65 billion to a group led by finance executive Mellody Hobson, former Secretary of State Condolezza Rice.
Sarver bought the Suns for $401 million in 2004, an NBA record at the time.
The Lakers' minority stake was sold for a higher price than the Suns' $4 billion purchase, resulting in a $5 billion valuation.
Sarver was fined $10 million and suspended for a year as part of the league's punishment, which was announced on September 13.
though growing outrage led to him announcing that he was selling the Suns and the Mercury in mid-September