Mat Ishbia is in “zero” danger of being forced to sell the Phoenix Suns in the coming months despite a $452 million quarterly loss at UWM Holdings, according to league sources cited by The Arizona Republic. The report comes after questions about whether the decline in UWM’s stock price could put pressure on the Suns owner to raise liquidity.
The concern stems partly from the financing of Ishbia’s $4 billion purchase of the Suns in 2023. Joe Pompliano reported that Ishbia secured loans from JPMorgan before the acquisition and pledged 805 million shares of UWM stock as collateral.
UWM’s share price has fallen sharply since those shares were pledged, while the company has also faced significant financial losses tied to a failed acquisition and an interest-rate hedge. UWM subsequently received a $1.5 billion capital infusion from Oaktree, with Ishbia’s holding company contributing another $150 million, and the company planned a $400 million rights offering.
Those developments prompted speculation that Ishbia could eventually need to sell part of his sports portfolio. However, the Arizona Republic reported that league sources see no immediate threat to his ownership of the Suns, noting that UWM generates between $100 million and $200 million per quarter and that Ishbia owns nearly 90% of the company.
The source added that Ishbia could sell a minority stake in the Suns if additional liquidity were ever needed, suggesting that a 20% share could potentially be worth around $1 billion given the franchise’s valuation. Such a transaction would be significantly different from a forced sale of the team.
The precise terms of Ishbia’s JPMorgan loans have not been publicly established, including the outstanding balance and the complete package of assets securing the debt. Recent filings have indicated that the collateral may extend beyond UWM shares to include future distributions from the Suns and other private-equity investments.
UWM has also pushed back against suggestions that Ishbia’s ownership position is under immediate threat. The company said claims regarding his financial position or control of the Suns were “clearly ignoring the facts” and stated that the outstanding loan balance was low enough to be repaid at any time.
Ishbia and his family have received more than $6 billion in UWM distributions over the past five years, according to Pompliano. His personal $150 million contribution alongside Oaktree’s investment also indicates that he currently has access to substantial liquidity.
Meanwhile, Ishbia appears to be increasing rather than reducing his investment in Phoenix. Bloomberg reported this week that he is finalizing a transaction to buy out the remaining Suns and Mercury shareholders, a move that would raise his ownership stake to approximately 99%.
The Suns finished 45-37 last season, seventh in the Western Conference, before being swept 4-0 by the eventual Western Conference champion Oklahoma City Thunder in the first round. Devin Booker averaged 26.1 points and 6.0 assists in 64 games, while Dillon Brooks posted a career-high 20.2 points per game.
Phoenix has continued reshaping its roster this offseason by acquiring Miles Bridges, signing Luke Kennard and retaining Collin Gillespie, Mark Williams and Jordan Goodwin. Brooks also agreed to a three-year, $73 million extension, further underscoring that the organization continues to operate aggressively despite questions surrounding Ishbia’s broader financial position.
