Mat Ishbia

Last updated

Mat Ishbia
Mat Ishbia.jpg
Ishbia in 2020
Born
Mathew Randall Ishbia
EducationMichigan State University
Known forCEO and chairman of United Wholesale Mortgage
Majority owner of the Phoenix Suns of the NBA and the Phoenix Mercury of the WNBA
Family Justin Ishbia (brother)
Basketball career
Personal information
Listed height5 ft 10 in (1.78 m)
Listed weight175 lb (79 kg)
Career information
High school Seaholm
(Birmingham, Michigan)
College Michigan State (1999–2002)
Position Point guard
Number11
Career highlights and awards

Mathew Randall Ishbia (born in 1980) [1] is an American billionaire businessman who is CEO and chairman of mortgage lender United Wholesale Mortgage. He is the majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA alongside his older brother, Justin. [2]

Contents

Early life and education

Ishbia was raised in a Jewish family in Birmingham, Michigan. [3] He played basketball as a walk-on point guard for Michigan State from 1999 to 2002 and was a member of the team that won the national championship in 2000. [4] [5] [6]

Career

In 2013, Ishbia became the CEO of United Wholesale Mortgage, a mortgage lender founded by his father in 1986. [3] In 2015, under his leadership, the company became the leading wholesale mortgage lender in the country. [7] [8] In 2019, Ishbia published his debut book titled "Running the Corporate Offense: Lessons in Effective Leadership from the Bench to the Board Room."

He became a billionaire in 2021 when United Wholesale Mortgage became a publicly traded company. [3] In 2021, Ishbia announced that United Wholesale Mortgage would no longer do business with any broker doing business with competitors Rocket Mortgage and Fairway Independent Mortgage, leading to a lawsuit filed by brokers a month later. [9] [10]

In December 2022, Ishbia's bid was accepted to purchase the NBA's Phoenix Suns and WNBA's Phoenix Mercury basketball teams for $4 billion, pending league approval. [11] The NBA approved the sale on February 6, 2023. [12] Cleveland Cavaliers owner Dan Gilbert, who is also the CEO of Rocket Mortgage, abstained from voting. [13]

During Game 4 of the Suns 2023 playoff series against the Denver Nuggets, Ishbia was involved in an altercation with Nuggets player Nikola Jokić. During the game, Suns player Josh Okogie crashed into the seats while trying to save a loose ball. He landed in a group of fans on the baseline that included Ishbia, who grabbed the basketball. Jokić tried to take the ball away from Ishbia, resulting in the ball flying backward into the crowd and Ishbia being knocked backward by Jokić's elbow. Jokić was then assessed a technical foul and was fined $25,000 the next day. [14] [15]

Forbes lists his net worth as of May 2024 at $10.1 billion USD. [1]

Philanthropy

On February 4, 2021, Ishbia donated $32 million to Michigan State University, the largest one-time commitment from an individual. [16] $20 million of the donation was earmarked for a new Tom Izzo Basketball Building. [17] A month later, on March 12, Ishbia donated $1 million to the V Foundation for Cancer Research. [18] In November 2021, Ishbia agreed to donate an additional $14 million to Michigan State University. He disclosed the donation was to retain head football coach Mel Tucker which was later confirmed through a legal battle to obtain donation records originally denied by MSU through a FOIA. [17]

Personal life

Ishbia is divorced [1] and has three children. [19]

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References

  1. 1 2 3 "Mat Ishbia". Forbes - The World's Billionaires . Retrieved 20 December 2022.
  2. ↑ "Sources: Mat Ishbia's purchase of Suns, Mercury to be official soon". espn.com. 25 January 2023. Retrieved 30 January 2023.
  3. 1 2 3 Keene, Louis (20 December 2022). "Phoenix Suns' new owner played for his hometown Maccabi team". Jewish Daily Forward . Ishbia, 42, who will also acquire the WNBA's Phoenix Mercury in the deal, grew up in a Jewish family in Birmingham, Michigan, a suburb of Detroit.
  4. ↑ Deb, Sopan; Ganguli, Tania (20 December 2022). "Mat Ishbia Nears $4 Billion Deal for Phoenix Suns and Mercury". The New York Times .
  5. ↑ Jemele Hill (29 March 2001). "Ishbia is the clown prince of Spartans' bench". Detroit Free Press . p. 13G. Retrieved 8 May 2023– via Newspapers.com. Open Access logo PLoS transparent.svg
  6. ↑ Jack Ebling (2 March 2002). "Spartan favorite says farewell". Lansing State Journal . pp. 1C, 6C. Retrieved 8 May 2023– via Newspapers.com. Open Access logo PLoS transparent.svg
  7. ↑ "UWM the Nation's #1 Wholesale Lender for 2015". prnewswire.com.
  8. ↑ "Mat Ishbia - How a Former NCAA Champion Built a Billion-Dollar Empire". CasinoReviews.net.
  9. ↑ "UWM says it won't do business with brokers working with Rocket, Fairway". Detroit Free Press. 5 March 2021.
  10. ↑ "United Wholesale Mortgage says its crosstown war with Quicken Loans is paying off". CNBC. 24 March 2021.
  11. ↑ "Ishbia agrees to Suns purchase for record $4B". ESPN.com. 20 December 2022. Retrieved 21 December 2022.
  12. ↑ "NBA approves sale of Suns, Mercury to Ishbia". espn.com. 7 February 2023.
  13. ↑ "Rivalry between Suns' Ishbia, Cavs' Gilbert reportedly carries over to NBA". arizonasports.com. 6 February 2023. Retrieved 9 February 2023.
  14. ↑ "Nuggets 124-129 Suns (May 7, 2023) Game Recap". espn.com. Retrieved 8 May 2023.
  15. ↑ Owens, Jason (8 May 2023). "Nikola Jokić fined, not suspended for Game 4 altercation with Suns owner Mat Ishbia". Yahoo Sports. Retrieved 9 May 2023.
  16. ↑ "Mat Isbia Makes $32M donation to Michigan State University". Detroit News. 4 February 2021. Retrieved 9 May 2023.
  17. 1 2 Guillen, Joe (6 June 2023). "FOIA Friday: Contracts with MSU boosters revealed". Axios. Retrieved 9 May 2023.
  18. ↑ Ex-Michigan State hoops player donates $1 million to V Foundation
  19. ↑ Pekmic, Asmir (20 January 2023). "Who is Mat Ishbia's wife Emily Ishbia? All you need to know". Sportskeeda. Retrieved 9 May 2023.
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