The brothers are acquiring about 60% of the NBA team, according to people familiar with the deal. Sarver owns about 35%. Among the minority investors in the team, only Dyal HomeCourt Partners has tagalong rights.
In October, Forbes valued the Suns at $2.7 billion. The new price for the Suns breaks the record for an NBA team sale previously held by Joe Tsai, who paid $3.2 billion for the Brooklyn Nets in 2019. The only team in any sport to sell at a higher price was the Denver Broncos, purchased by the Walton family for $4.65 billion in August.
Sarver put the Suns up for sale in September after he was hit with a one-year suspension and a $10 million fine for workplace misconduct, including allegations of racist speech and hostile behavior toward employees.
Sarver paid $401 million for the Suns in 2004.
News that Mat Ishbia would buy the Suns was first reported by ESPN’s Adrian Wojnarowski.
Forbes estimates Mat Ishbia’s net worth at $5.1 billion and Justin Ishbia’s at $2.2 billion.