Mat Ishbia is finalizing the purchase of the Phoenix Suns and Phoenix Mercury at a valuation of approximately $4 billion. 

Ishbia is a billionaire mortgage lender as the President and CEO of United Wholesale Mortgage. UWM was founded by Ishbia's father, Jeff Ishbia, in 1986.

Ishbia played college basketball at Michigan State and has a reported net worth of approximately $5.1 billion.

Justin Ishbia, a founding partner in Shore Capital and the brother of Mat Ishbia, will make a significant investment and serve as alternate governor.

The sale of the Suns will end the tenure of Robert Sarver as owner. Sarver bought the Suns in 2004 for $401 million and he was suspended by the NBA for one year in September due to his conduct as owner.