How did a Jewish kid from Michigan become a billionaire and a basketball champion? Meet Mat Ishbia, the co-owner of the Phoenix Suns and the CEO of United Wholesale Mortgage. His story is one of perseverance, passion, and success. From playing as a point guard in high school to joining the legendary coach Tom Izzo at Michigan State University, Mat never gave up on his dreams. He also inherited his father’s entrepreneurial spirit and transformed a small side business into a mortgage giant. Read more about his amazing journey and how he made history in the NBA.
Now, breaking the sound barrier of financial records, Ishbia embarks on a groundbreaking journey, snatching the Phoenix Suns from the clutches of mediocrity for an unprecedented $4 billion. As the latest star to grace the NBA’s constellation of owners, Mat Ishbia’s meteoric rise captivates the imagination and leaves us wondering: what’s next for this remarkable visionary? In this article we look at how Mat is and his rise to the top.
How Mat Ishbia Is Changing The Face Of NBA
Phoenix Suns owner Mat Ishbia announced earlier this year that the team would remove its games from cable. By making the games free to watch on local channels, roughly 2 million more people could watch Suns games. “We’re not focusing on money. We’re focusing on winning, success, and taking care of fans.”
But now Mat Ishbia is taking it a step further. The Suns are giving away free indoor TV antennas to any fans who don’t already have a pay TV subscription. You just go to their website, fill out a form, and they will ship the antenna to your house.
This will be a game changer not just in the NBA but in sports viewership as well.
Early Life And Education
Born in 1980 in Birmingham, Michigan, Mat Ishbia was raised in a Jewish family alongside his brother Justin, who also shares the billionaire status and is a co-owner of the Suns. Their father, Jeff Ishbia, initially founded United Wholesale Mortgage (UWM) as a side venture while practicing law. Mat’s passion for basketball blossomed at a young age, leading him to become a point guard for Seaholm High School. Despite not being recruited by major college programs, he defied the odds and joined Michigan State University’s team under the guidance of renowned coach Tom Izzo.
From 1999 to 2002, Ishbia showcased his dedication and team spirit as a Spartan, ultimately contributing to their NCAA championship victory in 2000. Despite limited playing time, he left an indelible mark on the team’s success. Ishbia’s commitment extended beyond the basketball court, as he pursued a bachelor’s degree in business administration from MSU.
Mat Ishbia Career And Wealth
Following his graduation, Ishbia embarked on a remarkable career trajectory at UWM. Joining the company as an account executive in 2003, he quickly ascended through the ranks, ultimately assuming the role of CEO in 2013. Under his visionary leadership, UWM soared to become the nation’s largest wholesale lender and a prominent force in the mortgage industry.
Ishbia’s ingenious business strategies, characterized by lower rates, expedited closing times, technological advancements, and incentive-driven partnerships, solidified UWM’s position as a game-changer. Notably, his decision in 2021 to sever ties with brokers associated with competitors Rocket Mortgage and Fairway Independent Mortgage stirred controversy, resulting in a legal battle.
You can read about Ishbia’s feud with Rocket Mortgage Owner Dan Gilbert that has span decades here.
Philanthropy And Sports Ownership
Beyond his professional endeavors, Ishbia’s philanthropic endeavors exemplify his commitment to giving back. Generously donating millions of dollars, he has made a significant impact on various causes, notably supporting his alma mater, MSU. In a groundbreaking display of support, he pledged a remarkable $32 million to the university’s athletic department, with $20 million dedicated to a football building named in honor of Tom Izzo. Additionally, Ishbia played a pivotal role in facilitating football coach Mel Tucker’s contract extension through a $14 million donation in 2021.
In December 2022, Ishbia’s enterprising spirit reached new heights as he acquired ownership of the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury from Robert Sarver, pending league approval. This monumental deal, sanctioned by the NBA on February 6, 2023, cemented Ishbia’s majority ownership alongside his brother Justin, who holds a 22% stake. The transaction shattered previous records, with a staggering $4 billion price tag, surpassing the $2.35 billion paid by Joe Tsai for the Brooklyn Nets in 2019. The sale heralded a fresh era for the Suns and Mercury, who had endured Sarver’s controversial ownership since 2004.
Unveiling his ambitious vision for the teams, Ishbia expressed unwavering excitement and optimism, vowing to cultivate a culture of excellence and pursue championships for Phoenix. His unwavering dedication is evident through his active involvement in games, forging connections with players and fans alike.
However, Ishbia’s ownership journey encountered a noteworthy incident during Game 4 of the Suns’ playoff series against the Denver Nuggets in June 2023. A confrontation unfolded between Ishbia and Nuggets star Nikola Jokić when Suns player Josh Okogie crashed into the stands. 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.
Mat Ishbia Personal Life
In his personal life, Ishbia is married to Fashion Model Emily Clarke Ishbia and together have three children. There have been rumours of a divorce between Mat and Emily Ishbia but no evidence has been provided to ascertain the rumours. Residing in Bloomfield Hills, Michigan, he stands as a testament to perseverance, resilience, and the pursuit of dreams. Mat is 5 ft 10 in (1.78 m) tall and 43 years old as of 2023.
Online reports estimate Mat Ishbia’s wife, Emily Ishbia, has a net worth ranging from $1 million to $5 million as of June 2023. Her main source of income is her career as a model and blogger.
Frequently Asked Questions:
- Who is Mat Ishbia? Mat Ishbia is an American billionaire businessman who is the chairman and CEO of United Wholesale Mortgage, a mortgage lender based in Michigan. He is also the majority owner of the Phoenix Suns of the NBA and Phoenix Mercury of the WNBA alongside his brother Justin.
- How old is Mat Ishbia? Mat Ishbia was born in 1980, making him 43 years old as of 2023.
- How tall is Mat Ishbia? Mat Ishbia is 5 ft 10 in (1.78 m) tall.
- Where did Mat Ishbia go to college? Mat Ishbia graduated from Michigan State University with a degree in business administration. He also played basketball for the Spartans and was part of the team that won the NCAA championship in 2000.
- How did Mat Ishbia become a billionaire? Mat Ishbia became a billionaire in 2021 when United Wholesale Mortgage went public through a merger with a blank check company, valuing the company at $16 billion. Ishbia owns a 71% stake in UWM, which made him a billionaire overnight.
- How much is Mat Ishbia worth? According to Forbes, Mat Ishbia’s net worth as of May 2023 is $6 billion.
- How did Mat Ishbia buy the Suns? Mat Ishbia bought the Suns in December 2022 from Robert Sarver for $4 billion, pending league approval. The deal was approved by the NBA on February 6, 2023, making Ishbia the majority owner of both the Suns and Mercury. The sale set a new record for the highest price paid for an NBA franchise, surpassing the previous record of $2.35 billion paid by Joe Tsai for the Brooklyn Nets in 2019.
- Who is Mat Ishbia’s wife? Mat Ishbia is married to Emily Clarke and has three children though there have been rumours of them having divorced. He lives in Bloomfield Hills, Michigan.
- Who is Mat Ishbia’s father? Mat Ishbia’s father is Jeff Ishbia, who founded United Wholesale Mortgage in 1986 as a side gig while working as an attorney.
- What are some of Mat Ishbia’s philanthropic activities? Mat Ishbia is a generous philanthropist who has donated millions of dollars to various causes, especially his alma mater MSU. In 2021, he pledged $32 million to MSU’s athletic department, the largest one-time commitment from an individual. $20 million of the donation was earmarked for a new football building named after Tom Izzo. He also helped fund football coach Mel Tucker’s $95 million contract with an additional $14 million donation in 2021.
Conclusion
Mat Ishbia’s journey represents the convergence of business acumen, athletic prowess, and a relentless pursuit of excellence. As a self-made billionaire who revolutionized the mortgage industry, he defies convention and serves as an emblem of leadership and innovation. With his eyes set on bringing glory to the Suns and Mercury, Mat Ishbia stands as an inspirational figure, shaping the future of both sports and success.
