Billionaire Mat Ishbia, owner of the Phoenix Suns and Mercury, says he is not building a sports empire but focusing on winning. He predicts the Suns will win their first playoff series this season and dismisses concerns that a sharp decline in his mortgage firm's shares could affect team ownership.
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01Summary
- 01Ishbia predicted the Suns will make the playoffs and win their first-round series this season, despite a stacked Western Conference.
- 02UWM shares have fallen about 80% in the past year; Ishbia said the decline will not affect his ownership of the teams.
- 03He turned down an offer for a small minority stake that would have valued the Suns and Mercury together at more than $8 billion.
- 04Ishbia said he is involved 'in the weeds' with both teams and has no interest in building a sports conglomerate.
- 05He plans to own the Suns for the next '40, 50 years' and promised never to purposefully tank a season.
02Why it matters
This matters because a major sports owner with a publicly traded mortgage company is making bold claims about his team's performance while his personal wealth is tied to a stock that has lost most of its value. Investors and fans will watch whether his financial or sporting bets pay off.
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