PHOENIX (AP) — It's well-known at this point that billionaire Mat Ishbia's mortgage company has had a rough financial stretch.
The owner of the Phoenix Suns said Monday that will have “zero” effect on his spending habits when it comes to basketball. In fact, the 46-year-old said he's working on purchasing 14% more of the team, bringing his total to roughly 80%.
Ishbia's company — United Wholesale Mortgage — suffered a reported $450 million net loss
in the second quarter this year, calling into question if the sizable dip would affect his basketball business. The outspoken Ishbia was adamant that nothing would change for the NBA franchise when it comes to spending on players or the fan experience.
“How does it affect the Phoenix Suns when (the mortgage company has) a bad month, or a bad quarter, or a bad year, or a bad three years?” Ishbia said. “It affects zero. Absolutely zero. It's got nothing to do with anything."
Ishbia added that UWM still employs 9,000 people and is in a fine position going forward. He bought the Suns and the WNBA's Phoenix Mercury in 2022 for $4 billion and has quickly developed a reputation for spending money.
“We had a bad quarter,” Ishbia said of UWM. “People like to create stories out of thin air and create a bunch of negativity. When we have a great quarter this quarter I don't think I'll see all the articles. But anyway, it's part of my life and part of what it is. The mortgage company's doing great — not that anyone really cares.”
The Suns are coming off a 45-37 season and return most of the team, including star guard Devin Booker, forward Dillon Brooks and guard Jalen Green.
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